Interest in instant payments is growing across the U.S. banking sector, but limited infrastructure and a lack of standardization is hindering payment choices and traceability. In the Disbursements Tracker, Valley Bank’s Walt Cox explains why FIs see ISO 20022's messaging and interoperability standards as key.
The pandemic has pushed payors and businesses across various industries to accelerate their digital transformation efforts, especially as a rising number of consumers expect faster and faster payment experiences, regardless of use case. For example, one recent PYMNTS study found 46% of consumers would choose...
By July of 2020 the U.S. government had made roughly 171 million payments valued at $400 billion as COVID aid was disbursed, of which less than 6% were instant. By 2021, the number of consumers receiving instant disbursements tripled, with 17% of the 11 billion...
Approximately 158 million U.S. consumers received roughly 11 billion disbursements in 2021, whether from the government, their employers, their insurance companies or others, according to The State of Consumer Disbursements, a PYMNTS and Ingo Money collaboration based on a survey of 2,951 U.S. consumers. Get...
As much as we’d like to think the day of writing and mailing checks to pay bills is over — or even close to being over — there’s still plenty of reason for businesses to pay attention to those who prefer to settle their debts...
Insurance companies could make payouts of up to $5 billion from last week’s deadly tornadoes in the Midwest. As The Wall Street Journal reported Friday (Dec. 17), that number would make these storms — which struck six states and killed dozens of people — among...
Significant strides have occurred in recent years toward more streamlined and automated digital lending processes and disbursements. Marrying automation with data and improving workflows can enable personalized approaches that create a better customer experience. The move to digital lending has enabled FinTech lenders to use automation to...
For millions, the pandemic has provided a new appreciation for how to send and receive money. That action was already extant when COVID-19 hit, but the ensuing 20-odd months since have changed some opinions, particularly around how disbursements are handled. The State Of Consumer Disbursements...
Technological improvements across the financial sector have revolutionized the industry, and recent events surrounding the pandemic have only accelerated advancements. In response to the changing expectations of an increasingly digital-savvy customer base and the need to improve efficiencies and experiences, the financial sector increasingly is...
