More than ever, customers are looking toward faster payments, at least, this is what was discovered by a survey conducted by the Federal Reserve Banks. What Are Faster Payments? Before we dive into the key findings of the Federal Reserve survey, let’s talk about what faster payments entail. According to the Federal Reserve, “faster payments” comprise electronic payment services that...
With the latest innovation in technology, Mastercard has released a new way to pay at the checkout line. Mastercard has launched the Biometric Checkout Program. This is a “first-of-its-kind” technology to help formulate standards for a new way to purchase, whether at a big box store or even your local mom-and-pop establishment. The program clearly defines a specific set of...
A recently formed trade group called the Third Party Payment Processors Association (TPPPA) is battling hard against the US Treasury department regarding what they call unjust attacks on third-party payment processors. Collection agencies, payday lenders, and even payroll companies are vulnerable to the Federal initiatives regarding the industry despite household names such as PayPal, Intuit, MoneyGram, and Western Union representing...
According to the Federal Reserve, the industry across our land has been mostly left alone for the private sector. In their words, “The Federal Reserve recognized that the success of the payments industry has been largely driven by private industry and market forces, with little government direction necessary. However, new technologies and processes impacting payments today could use the guiding...
