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Revolutionizing the Way We Pay: The Top Payment Industry Trends You Need to Know in 2023

Perficient

Here are some of the biggest payment trends we’re forecasting for the new year. Security/Biometric Payments With the widespread popularity of digital payments continuing to grow, security remains at the forefront of concern for payment companies and their vendor partners.

Industry 471
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OCC Highlights, AML & CRA Risks

Perficient

Manage third-party risks, especially for relationships involving higher-risk or critical activities. YOU MAY ENJOY: Regulatory Reporting in Financial Services Modernizing CRA Regulations Managing compliance risk frameworks in alignment with existing risk profiles is crucial as customer needs evolve.

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The Future of Checks – Tales From The Crypt

South State Correspondent

Checks are dying and about to die quicker, given the rise of instant payments. After World War II, checks were the hot payment technology and helped fuel the boom that followed. At its height, checks accounted for 86% of all payments in the U.S. Now, a paper check could be scanned and turned into an electronic payment.

Fraud 195
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CurrencyFair Launches Cross-Border Collections Solution

PYMNTS

International payments and money transfer service CurrencyFair has announced Friday (Nov. The partnership will enable Buy-World to transition to a full-service online model, and outsource its global payment management to CurrencyFair. This partnership follows its acquisition last year of Hong Kong business Convoy Payments.

Community 167
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Why Communication Is Key To Faster Construction Payments

PYMNTS

Late payments are a headache for any industry, but the construction sector has seen some particularly detrimental effects from cash-flow bottlenecks. the collapse of construction conglomerate Carillion pulled back the curtains on the corporate’s B2B payment practices. In the U.K.,

Payments 125
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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts

South State Correspondent

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. FedNow: Along with lots of sessions and talk around instant payments and its various use cases. Maybe a topic for next year?

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Is India’s ATM Disappearing Act A Digital Payments Boon?

PYMNTS

Chalk it up to “unviability of operations” in the wake of new regulatory guidelines, mandating upgrades that focus on the actual management of the physical cash at those machines. The domestic digital payments market is projected to rise to a value of $1 trillion by 2023 , as estimated by Credit Suisse , up fivefold from recent tallies.

ATM 187