In an era of mobile payments and online banking, checks—and the availability of funds—are still the lifeblood of small businesses.
While same-day ACH transactions offer the promise of expedited payments, the need for upgraded fraud protection poses serious cost issues for community banks.
Direct Insite won the Payments Innovation Track award at BAI Payments Connect 2015 for developing a product that helps banks trim their accounts receivable costs.
Real-time payments are feasible in the U.S. based on lessons learned in the U.K., according to BAI Payments Connect 2015 speaker Ann Caple.
Lessons learned while introducing remote deposit capture (RDC) services can help bankers handle the auditing requirements for mobile RDC.
Given all the uncertainties surrounding person-to-person payments, bankers would be well advised to be careful about signing long-term contracts with vendors.
To keep their payments operations from getting lost in a fog of buzzwords and fancy technology, bankers need to work from a payments playbook that focuses on revenue.
While many small businesses remain wedded to paper checks, banks should move now to offer them electronic alternatives, says BAI Payments Connect 2014 panelists.