The payment news articles we curated for this week focus on the future of payments and the importance of PCI compliance.
Fed Reaches Toward Real-Time Payments
According to PaymentsDive, the Federal Reserve is making progress towards its FedNow program, which facilitates instant payments. It is currently on track to debut in 2023.
The Fed wants in on the instant payments space - and for a good reason. Having a real-time payments system run by the central bank means financial institutions across the US will be able to have payments settle instantaneously. It removes the chances that customers receiving payments will be without funds due to inconvenient settlement periods. Use cases include bill payments, payroll, and account transfers, to name a few.
We look forward to when real-time payments become available, as it should alleviate cash flow issues that impact businesses and consumers alike.
4 Fintech Leaders On The Future Of Payments
Business Insider asked four fintech executives about the shift to digital payments, what their businesses are doing to make payments seamless, unique payment trends, and their thoughts on cryptocurrency acceptance in business.
Two of the executives mentioned buy now pay later solutions as a new feature gaining traction with their customers. It’s worth noting that installment payments aren’t only for big businesses; ISVs can offer this option to small businesses through our alternative financing solution.
Embedded Payments Are A 2021 Payment Trend
PaymentsDive did a deep dive into what they think are the six payment trends to expect in 2021. A notable trend they called out is the rise of eCommerce and embedded payments.
An expert noted that consumers could change their habits quickly out of necessity or with the right incentives. For example, store closures and vulnerability to Covid-19 forced older customers to turn to online shopping to get what they need while reducing risk.
With an increase in online shopping across all age groups, businesses see the need to invest in the user experience on their mobile and web platforms to ensure everything from browsing to transactions is seamless.
Learn more about embedded commerce.
Report: B2B’s Year Of Payments Change
PYMNTS and Visa collaborated on a report around B2B payments, exploring the challenges companies face if they resist digital payments.
The case for faster payments is alluring: when suppliers get paid quickly, goods and services can freely flow, making supply chains more efficient while improving cash management. If B2B companies insist on cutting and mailing checks, they cannot achieve this.
Digital makeovers are in order. The report shared that companies realize that to get into new markets, participate in cross-border trading, and make and accept payments 24/7, they cannot rely on “the way it’s always been done.” Learn more about the ISV benefits of integrating digital B2B payments.
Account Takeover Remains A Major And Underestimated Problem
Account takeover fraud is when a thief gets access to an account that they do not own, changes information such as log-in credentials, and continues to make unauthorized transactions in the account.
An article in Digital Transactions talks about the harsh realities of the frequency and cost of these attacks. It also discusses how affected businesses suffer from brand reputation damage and higher compliance costs from regulators.
No ISV wants their customers to be a victim of payment fraud. Test your knowledge on PCI compliance, or reach out to our sales team to learn more about PCI DSS certification.
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