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April 4, 2022

On the wires

March 30, 2022

On the web

ECB Publishes Report on Payment Preferences As Part of Digital Euro Investigation Phase

European Central Bank

“The European Central Bank (ECB) published today the findings of its commissioned research on citizens’ payment habits and their attitudes towards digital payments in order to gain a deeper understanding of user preferences as part of the digital euro project . Based on the responses of focus groups and online communities across all euro area countries, the report shows a strong preference for payment methods with pan-European reach and universal acceptance in physical shops and online.”

On the wires

March 2, 2022

On the web

CFPB Estimates $88 Billion in Medical Bills on Credit Reports | Consumer Financial Protection Bureau

Consumer Financial Protection Bureau

“The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are common, and where patients often have difficulty getting these errors corrected or resolved.”

February 16, 2022

On the web

Assessment of Risks to Financial Stability From Crypto-assets


“This report examines developments and associated vulnerabilities relating to three segments of the crypto-asset markets: unbacked crypto-assets (such as Bitcoin); stablecoins; and decentralised finance (DeFi) and other platforms on which crypto-assets trade. These three segments are closely interrelated in a complex and constantly evolving ecosystem and need to be considered holistically when assessing related financial stability risks. The report notes that although the extent and nature of use of crypto-assets varies somewhat across jurisdictions, financial stability risks could rapidly escalate, underscoring the need for timely and pre-emptive evaluation of possible policy responses.”

February 10, 2022

On the web

AFP Survey Finds Major Shift to Electronic B2B Payments | Nacha


“Evidence is mounting that businesses are increasingly moving to ACH payments and away from paper. The latest proof comes from the Association for Financial Professionals (AFP) in its 2022 Payments Cost Benchmarking Survey . The survey found that 73% of organizations are now transitioning their B2B payments from checks to electronic payments. For publicly owned firms, the figure is 80%. As for motivating factors, AFP found two primary reasons that should come as no surprise to anyone in the payments industry.”

Behind the Scenes of Central Bank Digital Currency


“Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps.”

February 2, 2022

On the wires

I2c Releases First-of-its-Kind Crypto Card Program Report

i2c Inc. , a leading provider of digital payment and banking technology, today released a first-of-its-kind report on crypto-backed cards, one of the world’s fastest-growing card categories. The report examines account and transactional data from more than 4,000 traditional and crypto-backed card programs, across 40 countries and three continents.”

January 20, 2022

On the web

Federal Reserve Board Releases Discussion Paper That Examines Pros and Cons of a Potential U.S. Central Bank Digital Currency (CBDC)

Board of Governors of the Federal Reserve System

“The Federal Reserve Board on Thursday released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome.”

January 18, 2022

On the wires

New Research Shows Leading Global Banks Expect Request to Pay to Challenge Direct Debits and Payment Cards – Icon Solutions

“A survey of leading global banks by Icon Solutions has revealed that Request to Pay is widely expected to challenge established payment methods, with 87% of respondents viewing it as a good alternative to direct debits and 71% expecting it will reduce merchant’s dependency on payment cards. Yet 67% also identify bank readiness as the main barrier impacting adoption of Request to Pay services, with the limitations of existing technology and a lack of clear strategy seen as the key inhibiting factors.”

January 7, 2022

On the wires

Fraud Costs and Volumes Remain Significantly Higher Than Pre-Pandemic for Financial Services and Lending Firms, According to New LexisNexis Risk Solutions Report | LexisNexis Risk Solutions

“LexisNexis® Risk Solutions today released the 2021 edition of the LexisNexis® True Cost of Fraud™ Study: Financial Services & Lending, the 5th edition of the report. The study examines fraud trends for the United States and Canadian financial services and lending sectors and key pain points related to adding new payment mechanisms, transacting through online and mobile channels and international expansion.”

January 3, 2022

On the web

December 15, 2021

On the wires

Nacha’s Payments Innovation Alliance Releases 2021 Annual Report | Nacha

“Today, Nacha announced the release of the Payments Innovation Alliance’s 2021 Annual Report , detailing how the Alliance continued to offer critical thought leadership on emerging topics impacting the payments industry this year. The Alliance is a diverse membership organization that seeks to grow and advance payments innovation to better meet the needs of the modern ACH Network and the evolving payments industry worldwide.”

December 13, 2021

On the wires

Reserve Bank and Industry Partners Complete Wholesale CBDC Research Project | Media Releases

“The Reserve Bank of Australia, Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys, with input from King & Wood Mallesons, today jointly released a report to mark the successful conclusion of Project Atom. Project Atom was a collaborative research project undertaken during the past year that examined the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT).”

December 8, 2021

On the wires

Economic Outlook 2022: Digital Resilience and a Return to the Experience Economy

“Released today, Mastercard Economics Intitute’s “ Economy 2022 ” is a global outlook for the coming year based on critical trends as seen through the lens of the consumer. With a team of data scientists and economists and drawing on aggregated and anonymized sales activity in the Mastercard network among other sources, we’ve assessed how five fundamental factors — savings and spending, supply chains, digital acceleration, global travel, and a growing list of economic risks — will continue to shape the global economy.”

December 2, 2021

On the wires

November 29, 2021

On the web

When It Comes to Paying for Online Purchases, Debit Tops the List, Says a Fiserv Report

Digital Transactions

“Debit cards have become the preferred payment method among Millennials and Gen Zers for online purchases and for use in digital wallets. A recent Carat Insights Report from Fiserv Inc. reveals that 59% of Millennials and Gen Zers use debit online because they prefer the financial control debit cards provide over their finances. Overall, 48% of consumers say they prefer using a debit card when making a purchase online, compared to 36% preferring credit and 11% favoring digital wallets.”

November 10, 2021

On the web

UK Regulator Raises Concerns Over Cost of Processing Card Payments

Pinsent Masons

“The cost to businesses of processing card payments in the UK is greater than it should be, and it is too difficult for those businesses to switch between intermediaries that link them into card payment systems, a UK regulator has found following an extensive review. The Payment Systems Regulator (PSR) has published its final report into the card-acquiring market (146 page / 1.85MB PDF). The review found that businesses that record annual sales from customer card payments of between £15,000 and £50 million are not benefitting from interchange fee caps introduced in 2015.

November 4, 2021

On the web

JPMorgan Estimates CBDCs Could Save Corporates £100 Billion in Transaction Costs

Finextra Research

“A full-scale, multiple central bank digital currency (mCBDC) network could potentially save global corporates up to $100 billion in transaction costs annually, according to a joint research report from Oliver Wyman and JPMorgan. The report estimates that of the nearly $24 trillion in wholesale payments that moved across borders via the correspondent banking network each year, global corporates incur more than $120 billion in total transaction costs; this excludes potential hidden costs in trapped liquidity and delayed settlements.”

November 3, 2021

On the wires

Discover Global Network Study Finds Nearly Half of Global Consumers Are More Comfortable Making Digital Payments As a Result of COVID-19

“A new research paper by 451 Research, a part of S&P Global Market Intelligence, and commissioned by Discover® Global Network found digital payment services and financial technology partnerships are reshaping the way in which consumers around the world send, spend and store their money. The findings come as the payments industry converges on Las Vegas for Money 20/20 to discuss the latest trends, innovations and ideas.”

October 25, 2021

On the wires

Discover Global Network Study Finds Nearly Half of Global Consumers Are More Comfortable Making Digital Payments As a Result of COVID-19

“A new research paper by 451 Research, a part of S&P Global Market Intelligence, and commissioned by Discover® Global Network found digital payment services and financial technology partnerships are reshaping the way in which consumers around the world send, spend and store their money. The findings come as the payments industry converges on Las Vegas for Money 20/20 to discuss the latest trends, innovations and ideas.”

October 7, 2021

On the wires

As Use of Alternative Payments Is Skyrocketing, Banks Must Urgently Embrace the Next Generation of Payments to Stay in the Race: Capgemini’s World Payments Report 2021

“The report found that nearly 45% of consumers frequently use mobile wallets to make payments (>20 transactions a year) up from 23% in the 2020 poll. Furthering this trend, global B2B non-cash transactions will increase to reach nearly 200 billion transactions by 2025, from 121.5 billion in 2020, according to Capgemini estimates.”

October 1, 2021

On the web

Card Issuers Resisted Slashing Credit Limits During Pandemic: CFPB

American Banker

“In a shift from the previous U.S. economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. The report, one of the most extensive analyses of credit card trends during the pandemic, found a significant tightening of credit availability as lenders lessened their appetite for new business. But the stricter credit criteria mostly appeared to affect potential new customers rather than existing ones, the CFPB’s biennial report to Congress on credit cards indicated.”

September 28, 2021

On the wires

LexisNexis® Risk Solutions Study Reveals Sharp Rise of Financial Crime Compliance Costs, Now Nearly $49.9 Billion Per Year for Financial Institutions in the United States and Canada

“LexisNexis® Risk Solutions revealed the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region in 2021 is approximately $49.9 billion, up 19% from 2020 and up 58% compared to 2019. The new edition of the survey illustrates the sharp increase in financial crime compliance costs, compared with both the pre- and early pandemic timeframes. This rise is attributed in part to labor costs, increasing regulations and evolving criminal threats.”

New Digital Commerce Alliance Annual Study Data Shows Strong Card-linking Growth During Pandemic

  • Thirty-five percent of study participants indicated their card-linking programs grew by more than 100% in the past year.
  • E-commerce and grocery topped restaurants as best-fitting card-linking merchant categories for the first time, as COVID-19 kept consumers home.
  • Support is gaining for privacy rules—including those in place in California and the EU—that put data ownership and control in the hands of consumers.
  • Seventy-nine percent of respondents reported that they personally increased their use of mobile wallets in the past year, and more than 65% reported they took advantage of their mobile wallets’ discounts and offers.

September 21, 2021

On the web

September 20, 2021

On the web

CCAF, World Bank and World Economic Forum Call on Fintechs to Uncover Covid-19 Impact

Finextra Research

“In its second year, the study aims to provide greater insights into the short to medium term impact of the global pandemic on fintechs, how they have performed in the face of global and local market conditions, what steps they have taken to respond to customer requirements and how the regulatory response to Covid-19 has affected their development and growth…The CCAF at the University of Cambridge Judge Business School is encouraging fintechs to take just 20-30 minutes to complete its survey before the 1 October 2021 closing deadline. The survey can be found here.

August 19, 2021

On the wires

“The State of Automation in Finance: What Comes After Digitization?”

Yooz , the simplest, most powerful, and easiest-to-use Cloud-based Purchase-to-Pay (P2P) automation software company, commissioned the first edition of their global report based on the largest exclusive survey of over 1,000 Finance and Accounting decision-makers across eight countries (US, France, UK, Ireland, Spain, Switzerland, Luxembourg and Belgium). The findings will be unveiled on August 18, 2021 with a sneak peek webinar in partnership with IOFM on August 17.”

July 27, 2021

On the wires

Juniper Research: Contactless Card Transaction Values to Reach $2.5 Trillion in 2021, Dominating the Contactless Landscape

“A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases will be sustained beyond 2021 and into the future. The new research, Contactless Payments: Trends, Opportunities and Market Forecasts 2021-2026 , found that the combination of accelerated card issuance and usage during the pandemic with a series of global transaction limit increases have unlocked significant growth potential for contactless payments, fundamentally changing the payments paradigm.”

July 22, 2021

On the wires

Full Service Restaurant Transaction Volumes Climb Dramatically in Second Quarter

TableSafe, Inc. , a leading innovator of pay-at-the-table technology designed for the hospitality industry, today shared insight into customer payment transaction data indicating that the recovery of the full-service restaurant industry continued in the second quarter of 2021. TableSafe’s data, gathered from full-service restaurants across the United States, reveals that customer transaction volume increased 47% over the first quarter of 2021. Additionally, transaction revenue increased 55% from the first quarter of the year.”

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