Zelle, U.S. banks’ answer to mobile payment services like PayPal and Venmo, claims that nearly 100,000 consumers, on average, are signing up for its service per day.
So, which of these innovations work, which don’t and how can banks and FIs know the difference?
NACHA, the Electronic Payments Association’s API Standardization Industry Group (ASIG), and Accenture announced Wednesday they are joining forces to create a community of API resources.
ACHA, the electronic payment association, announced news on Thursday (Jan. 11) that same-day ACH debit and credit transactions hit 15.2 million in December, marking a 51 percent month-over-month increase.
From market pressures in the U.S. that have encouraged data sharing between banks and FinTechs to regulations in the U.K. and EU like Open Banking and PSD2 that require such cooperation, APIs are emerging as an essential piece of the equation for payments innovation.
According to a NACHA survey, 82 percent of financial institutions surveyed anticipate that Same Day ACH debit volume will grow at a rapid or steady rate. A similar number of institutions — 78 percent — expect credit volume will grow at a steady rate over the next six to nine months.
The past year in cybersecurity has been one of combating ransomware extortion attacks, bracing systems against DDoS attacks and securing internet of things (IoT) systems. Looking to next year, cybersecurity experts at McAfee Labs laid out their predictions for the industry’s top concerns in 2018.
ACH payments are not a new concept, nor are they the sexiest trend in the rapidly-evolving FinTech ecosystem. Electronic checks have received a bad rap for not being innovative enough, but advancements and investments in the ACH payment network has taken this technology back to the forefront of many B2B payments discussions.
Introduction to Implementing IBM Financial Transaction Manager for Immediate Payment or ACH Services with High Availability and Minimizing Downtime
In recent years, the underlying technology used for direct-deposit transactions has slowly become more “instant,” and now allows for same-day transactions. The electronic payments association NACHA is making the case that nonprofits could benefit from this shift.