Checking

The failure to bring decades-old processes into the digital era not only continues to cost companies dearly but has become increasingly disruptive in the current COVID-19 environment.

There is a need and opportunity here to rebuild the aging, legacy infrastructure in payments, at the IRS, and within the banking system. It is not a technology problem. It is an opportunity, says payments consultant Collin Canright.

Whether presented at the teller line or through digital channels, the best way to prevent fraud is by triangulating items in real-time against a robust fraud database. To strengthen the database, fraud data needs to be contributed in return, says Advance Fraud Solutions' Ted Kirk.

PayPal is temporarily waiving fees for consumers using its app to accept government and payroll checks during the coronavirus pandemic.

The trend to mobile is accelerating due to government stimulus checks, closed bank branches and the move to e-commerce, sayd Mitek's Michael Diamond.

As millions of U.S. consumers are beginning to see stimulus checks electronically deposited into their bank accounts as part of the CARES Act, many companies are wondering how Americans will spend these funds.

The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

Credit unions intensified their focus on gathering deposits in 2019 but many institutions are still looking for cheaper core funding.

If a checking account doesn’t come with checks anymore, can it still be called a checking account? It’s a valid question that the financial services industry should be asking itself.

Deluxe has spent many years working to diversify beyond paper checks, which are in an inevitable decline. But that diversity led to confusion.