PayThink

The move toward a cashless economy in China reveals a boom in actionable data, says Azoya USA's Franklin Chu.

Like their counterparts in the U.K., U.S. regulators should be working closely with the private sector to establish principles and guardrails to direct and focus tech advancements in ways that will protect consumers and financial stability.

There are ways to remove bad actors from the industry — such as reinstating the Consumer Financial Protection Bureau’s payday lending rule and banning certain fees and collection practices — without hindering consumers’ access to emergency credit.

With this sudden and swift shift that is generating thousands more digital payment transactions per day than even just a few months ago, the opportunities for fraud are rising exponentially, says the FIDO Alliance's Andrew Shikiar.

Credit unions were already transforming their home loan operations before COVID-19, but many of the adjustments made as a result of the outbreak are likely to become permanent.

By purchasing additional assets and securities, the Federal Reserve provided the financial markets with enough liquidity to weather the pandemic recession. But with the economy starting to recover, it needs to reduce such funding before it creates dangerous bubbles over the long term, say two former bankers.

Even before digital transactions took off as a result of the pandemic, chargebacks were becoming more common, says Chargehound's Pallavi Kuppa-Apte.

Visibility, compliance and processing can differ widely in different regions, says Payslip's Fidelma McGuirk.

The pandemic changed consumer priorities quickly--and payment companies need to keep up since the trend is likely permanent, says Signifyd's Indy Guha.

As accounts payable departments add robotics and other innovation, workflows and skill sets will adjust--but people won't disappear, says Nvoicepay's Lauren Ruef.