Financial services providers face many choices when determining the best way to offer customers money-out mobility, and the temptation to lean too heavily on in-house solutions may cause some to overlook the benefits of partnerships. Lack of familiarity with the work that comes after a...
“Citizens expect that their government is an efficient steward of its financial resources; provides financial information that is accurate; and offers financial interactions that are modern, seamless, inclusive and secure.” — Federal Financial Management Vision, 2022 When we think of efficiency and cutting-edge technologies, government...
The share of disbursements received via instant payment rails has tripled since 2020, approaching even that of the most common method, same-day automated clearing house (ACH), which commands 22% of disbursements received. In 2021, 17% of all disbursements received were through instant payment channels, compared...
For all our tech advances, moving money quickly and reliably is still a challenge — especially on a global scale. In the latest "Money Mobility Tracker," Wise’s Sharon Kean looks at how integrating domestic financial systems, working with local partners and automating risk management can...
Consumers are increasingly dependent on digital channels for financial accounts but often still want to use nondigital channels when dealing with complex or unfamiliar areas. While 71% of surveyed consumers said they would be comfortable opening a new credit card account digitally, just 23% said...
The number of registered mobile money accounts grew 13% in 2020 to 1.2 billion accounts worldwide — double the expected growth for that period. The number of active accounts rose as well, with consumers using their accounts more frequently and for new and more advanced...
Banking customers are increasingly coming to expect better money mobility solutions from their financial institutions, such as early access to direct deposits and fee-free overdraft protections. In the Money Mobility Tracker, Current’s Josh Stephens discusses how neobanks have driven those expectations, as well as the...
Even for the significant number of consumers who still prefer opening accounts with traditional financial institutions (FIs), most new accounts opened by consumers are via digital channels. At the same time, those consumers frequently link new accounts — whether they be digital wallets, peer-to-peer (P2P)...
Cash flow had become a significant problem for businesses since the pandemic began. Of the approximately $1.2 trillion in outstanding receivables that small- to medium-sized businesses (SMBs) in the United States obtain each year via ad hoc payments, PYMNTS’ research indicates that 30% are paid late....
