The vision for a robust faster payments ecosystem in the United States is well-established. There are multiple contenders to bring it to life – from private offerings like The Clearing House (TCH) to the Federal Reserve’s continuing efforts into FedNow – but achieving true ubiquity can seem like an elusive target. How is that gap from vision to reality going to be … [Read more...] about Bridging the Gap to Faster Payments
Payments
Addressing the Challenges of Synthetic Identity Fraud
The Federal Reserve recently released a white paper sharing insights on combating the risk of synthetic identity fraud. As we noted in an earlier article on the subject, this type of fraud is particularly difficult for traditional detection methods to flag, and it represents the fastest-growing type of financial crime in the United States. It’s a problem uniquely built for … [Read more...] about Addressing the Challenges of Synthetic Identity Fraud
Emerging Cannabis Market Presents Opportunities for Payments Trailblazers
In January 2020, Illinois joined 10 other states in the country (along with the District of Colombia) by legalizing recreational marijuana. While this has presented an immediate business opportunity that many have taken advantage of, the continued federal ban on the drug has led to unique challenges for both business owners seeking ways to process payments, as well as for … [Read more...] about Emerging Cannabis Market Presents Opportunities for Payments Trailblazers
Payments in a Pandemic
There's a theme in payments media and marketing that contactless payments are growing as a result of the ongoing pandemic to protect both cashiers and customers. Indeed, Mastercard and Visa both reported increases in contactless cards and usage since March. A cursory look at the data suggests that, like many trends, the pandemic is speeding up increases that were already … [Read more...] about Payments in a Pandemic
FinTech Offers New Tools in Fighting Fraud
Cybercrime continues to become more sophisticated and more prevalent as ecommerce accelerates. Synthetic identities are being used to open accounts, and account takeovers can be automated by networks of bots. Fraud targeting businesses will likely only continue to expand as the post-Covid world turns increasingly to online business, and staying on top of those attacks will … [Read more...] about FinTech Offers New Tools in Fighting Fraud
Illinois’s Post-Corona Virus Economy Begins to Open
My wife and I drove out of Chicago for the first time in months today (Saturday, May 30). Illinois cities and towns, with the exception of Chicago, took their first steps to reopen. We were anxious to enjoy it. Restaurants and bars in Ottawa, Ill., were opening with outdoor seating, with some streets closed to accommodate additional seating with proper social distancing. The … [Read more...] about Illinois’s Post-Corona Virus Economy Begins to Open