Payment processing

Some companies cut off the flow of cash to insurrectionists, while others put a halt to their political spending. Their actions came quickly after the events of Jan. 6.

Smaller financial institutions and fintechs need to work together to continue closing the unbanked gap through expanded digital banking capabilities.

What started as Mezu and went through 18 difficult months competing as a payments offering has now rebranded as Alviere, with a broader range of digital banking services.

Self-service payments require investment by the biller, but the payoffs can be huge, says PayNearMe's John Minor.

By focusing on "available near me" functions, retailers can combine digital with the need to boost small businesses, says Qualpay's Penny Townsend.

Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.

Some categories of businesses, such as restaurants, have different needs the program doesn't adequately address, says LendingFront's Jorge Sun.

Citizens Financial Group has branded its point of sale lending software as Citizens Pay, saying it wants to more clearly define it as a merchant tool for "budget-friendly payment options" for customers who want a transparent and predictable way to finance purchases.

Careful due diligence is required when picking technology to expedite accounts payable automation, says Kofax's Michelle Trapani.

While instant payments and open banking have been gaining momentum across the globe, payments providers have established digitally backed services that not only facilitate seamless financial operations but also help generate revenue, says AFEX Americas' Christian Spaltenstein.