After delivering an action plan to move the industry forward in 2017, the heavy lifting begins to make a 2020 goal.
Even as the U.S. makes initial moves towards a real-time payments system, industry experts acknowledge that the transformation will be slow.
To help increase the use of mobile wallets by consumers, banks should consider beaming technology that can transmit barcodes into the POS system.
Mitek’s Mobile Verify captured the BAI Innovation Showcase Award at BAI Payments Connect 2016 for automating ID authentication to boost mobile account opening success rates.
Although interest in digital payments increases rapidly, the use of old-fashioned cash is likely to persist for a good while longer.
If rising interest rates do indeed become the ‘new normal,’ community banks should consider reviewing their strategies for loan/deposit re-pricing, bond/wholesale funding and the use of interest rate derivatives.
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.