Technology

It's not always fun to be the butt of a joke, but in the financial services industry, it's often unavoidable. Some companies are embracing this role to turn the mockery into marketing.

Intuit Inc. has dipped its toe in the payments pond often, and now the business software provider wants to make a bigger splash by enticing more merchants to use QuickBooks Online.

Sibling rivalry can be fierce. While Visa Europe pushes its own technology for online and mobile commerce — setting the stage for Apple Pay in the U.K. — its brother VocaLink is readying the launch of Zapp, a payment system that that cuts the card networks out of the equation by directing purchases through bank accounts.

Smaller banks need to develop detailed marketing plans to reach out to cardholders, while also working with their processors to prepare for the transition to EMV cards.

The merchant acquiring industry faces continuing pressure from shrinking margins and disruptive competitors, but it has used the past five challenging years to seek out a position of strength.

When it comes to protecting sensitive payment data, call centers are often the forgotten operation, and card data leaks out unintentionally. Protected data spoken in one cubicle can be overheard by 20 nearby reps, along with any customers on the phone with those reps.

The check may not be in the mail. Today’s consumer uses an average of three different payment methods each month, from online to mobile to walk-in and yes, even the occasional check, according to Seventh Annual Billing Household Survey from Fiserv.

Community banking groups have recently struck referral deals with marketplace lenders that could add revenue in the short run, but they might be giving away potentially valuable data and customers in the process.

Square has boosted its technology capabilities while expanding its presence in Canada through the acquisition of Toronto-based Kili Technology Corp.

Apple Pay and cryptocurrencies such as Bitcoin have a lot of appeal for banks looking to stay at the cutting edge of digital payments. But security and compliance risks are part and parcel of these innovations.