Payment processing

It’s likely that our dependence on digital channels will have become the norm, which means that security protocols like EMV 3-D Secure should also become part of the new status quo, says Entersekt's Simon Armstrong.

The point of sale terminal industry was already under pressure to go digital before the coronavirus pandemic made this transition much more crucial to its survival.

Home-service providers using Jobber software to manage their businesses now have access to Stripe Capital to obtain funds.

Scams have ranged from false, pseudo-scientific charities raising money for “cures” or “medical research," to fraudsters preying on individuals who want to donate to medical and emergency staff in hospitals or care facilities, says The ai Corporation's James Crawshaw.

EventBot is a particularly frightening development since it hides in an altered version of an app that seems legitimate and steals unprotected information in banking, wallet, payment and cryptocurrency mobile apps, says Appdome's Tom Tovar.

The increased use of technology, along with holistic data points, can eradicate racial and gender disparity for fintech lenders in small business, says Become’s Eden Amirav.

Citigroup plans to let credit card customers finance big purchases on Amazon.com over longer periods of time — a deal that may spur sales at the e-commerce giant while boosting the bank’s interest-bearing balances.

Banks are utilizing an array of overlay services to address historical market challenges, such as the continued use of checks among businesses that do not have the information or capabilities to send digital payments.

The major card networks have heavily invested in broader services as transaction processing loses its luster, a strategy that’s provided a ray of hope as retail and travel industries remain sidelined.

The measure would release $2 million in funding for the U.S. Postal Service to launch pilot programs to provide basic services such as checking accounts and bill payment.

A public listing would improve Affirm’s competitive position against other point of sale credit providers, which have made recent deals to cement their scale among global merchants.

The pandemic will have an impact on customer adoption of digital technologies. Financial institutions and fintechs can achieve growth by gaining consumers' trust and changing their mindset about new platforms.

Cross-border payments do not and should not exist in a vacuum, says Veem's Marwan Forzley.

If bankers have learned anything from treading a pandemic, it’s that providing personal services at the moment of need has become even more essential than it was before, says Jack Henry's Tede Forman.

As demand for secure and seamless digital payments increases, financial institutions must prioritize a digital-first payments strategy that incorporates the latest trends, says CSI's Matt Herren.

As more payment enterprises embrace the ecosystem model, we will continue to see a shift toward composable and dynamic operations flows supported by an engineering-first approach and a smart digital core, Andres Ricaurte of Mphasis says.

The agency's voice carries even more weight in light of the coronavirus pandemic, which has hastened the transition to digital and remote payments.

In the same manner as its previous plans for a fintech charter, the Office of the Comptroller of Currency is getting some pushback from banking trade groups on its idea to establish a payments charter.

One way banks can prepare for a smooth cutover to new standards is by implementing a core banking / payment solution that uses ISO 20022, says Infosys Finacle's Peter Ryan.

Business size and payment volume all play a role in what's needed for compliance, says 2Checkout's Madalin Cojocariu.