Payments

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

Acting Comptroller of the Currency Brian Brooks’ focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency’s regulatory focus.

Blockchain's cross-border power eliminates the intermediary and solves the problem of rendering the traditional processing system redundant, and processes the payment on a chain with no middleman intervention, says ForumPay's Joshua Tate.

Integrated payments have rapidly become critical to maintaining, and in some cases improving, operational stability, says Paya's Jeff Hack.

With businesses requiring stronger liquidity, BMO will use its online platform and Interac's receivables service to support simultaneous near real-time payment requests to multiple recipients.

As the coronavirus began to sweep through Europe and the U.S. during the early spring, Phillip McGriskin was in the middle of a crucial funding round.

While companies may already have technology in place that supports efficient payments and collections in their home region, treasurers and finance managers need to reflect the diverse and evolving payment and collection demands of customers and suppliers in each market, says Standard Chartered's Tarek Elyafi.

It could take years for the air travel industry to recover from the pandemic, but some of the airlines' responses could fuel other payment streams.

Many of the changes on the horizon were inevitable, but the pandemic has accelerated the shift to digital payments and finance, forcing banks to reevaluate their models and pivot toward faster technology adoption.

Business-to-consumer payments are rapidly shifting to digital channels, replacing paper checks with a variety of instant-payment methods for gig work and corporate reimbursements.