Thursday , March 28, 2024

Electronic Bill Payment

Seeking to Streamline Transactions, NACHA Drops Opt-Outs for ARC And BOC

Starting in March, checks sent to lockboxes and some point of sale transactions can be processed by merchants and billers through the automated clearing house system without offering consumers a chance to opt out under new rules set by NACHA, the ACH’s regulatory organization. The new rules, which will be …

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Consumers Still Skeptical of Mobile Payments, But Attitudes May Change Soon

Despite the hype about mobile payments, most consumers still aren't comfortable using smart phones to pay for things, according to new research from the Bank Administration Institute and Hitachi Consulting. That, however, could change, and change soon. The study also shows that debit remains consumers' preferred payment choice, though its …

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Treasury Department Likely To Be in Driver’s Seat on Prepaid Card Program

The final rule from the U.S. Treasury Department mandating electronic payment of Social Security and other benefits, which was announced on Tuesday, is likely to greatly expand a federal prepaid card program that has already racked up impressive results. It could also lead Treasury to look for more features and …

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Once ‘Bearish,’ a Payments Researcher Smiles on Mobile Payments

The rapid development of mobile payments in the U.S. is starting to make believers out of skeptics. Boston-based Aite Group LLC, a payments consulting and research firm, had been one of those skeptics, but it released a report on Wednesday predicting U.S. mobile payments of all kinds will total $214 …

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Mitek Books a Profit As Mobile Demand Perks up

Mobile remote deposit capture software provider Mitek Systems Inc. posted a profitable last quarter of fiscal 2010 as more resellers and financial institutions adopted its products for taking pictures of checks from smart phones. And while San Diego-based Mitek has big expectations for its flagship Mobile Deposit application, the company …

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With U.S. Bank, Newly Commercial SVP Picks up Momentum

Secure Vault Payments (SVP), a method of e-commerce payment that relies on the automated clearing house, secured its first big-bank supporter on Wednesday with the announcement that U.S. Bank has agreed to offer the service to both consumer and merchant clients. The fifth largest bank in the country, the Minneapolis-based …

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Smart Phone Enthusiasts Will Shape Bill Pay, Report Says

Banks, billers, and processors seeking to boost electronic bill-payment usage would do well to cast their lot with young, affluent consumers who are heavy users of smart phones, according to new research from Aite Group LLC. This cohort, whom Aite dubs “smartphonatics,” accounts for just 7% of consumers but make …

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Mitek Systems Aims To Make Bill Payment Go Mobile

Mitek Systems Inc., the pioneering developer of remote deposit capture software for mobile devices, is now moving into mobile capture for bill payments. With San Diego-based Mitek’s new Mobile Photo Bill Pay application, a consumer could take a picture of a paper bill with his camera-equipped smart phone, and then …

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Suddenly, Mobile Banking Is Now a ‘Baseline Expectation’

Mobile banking, and by extension mobile payments, have rapidly crossed the line from add-on to necessary products for financial institutions, speakers and other sources at a banking-technology expo said on Wednesday. The primary reason mobile has assumed such importance has more to do with fear of attrition than with revenue …

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Smart Phones Will Jumpstart Mobile Banking, Report Says

A dramatic downdraft in overall mobile-phone ownership has robbed mobile banking of its forward thrust, but the rapid rise of smart phones is compensating for much of that loss, a new research report says. Indeed, smart phone ownership will exceed that of so-called feature phones as soon as next year, …

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