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Posted: Jul 5, 2018
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Author: Lou Grilli

Two years ago, ThePaymentsReview published an article asking the question “Will contactless payment cards catch on in the United States?” So far, they have not. But if it is up to the major card brands, that will change very soon. 

Most Americans are not familiar with contactless cards, which allow the cardholder to “tap-to-pay”, just like tapping a phone to pay. These cards are also called dual-interface cards, since they can still be used like traditional cards, but also have an antenna that can communicate with a point-of-sale terminal without being inserted or swiped; tapping to pay is the second interface.

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Posted: Jun 22, 2018
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Credit Unions Can Offer Members Affluent Cards and Increase Their Bottom Line

Wealthy Americans love credit card rewards. These cardholders can also be the most profitable for a credit union issuer – but only with the right card product.

The battle to acquire cardholders is being won by issuers who use rewards as ammunition. Both Visa and Mastercard report card growth in the low double digits, with the lion’s share of that coming from reward cards. It’s no secret that Americans love their reward cards. According to Brian Riley of The Payments Journal, more households have credit card rewards than have 401k plans. And the rewards continue to grow. In 2008, the average credit card bonus offer was 16,050 points. Today, the average offer is 40,556 points.

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Posted: Jun 8, 2018
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Author: Lou Grilli

[Editor's Note: This article was previously published in CUInsight, and has been modified.]

Credit unions think of branding in terms of advertising, mailings, inserts, logos and social media. However, payments, and all the touch points associated with digital and plastic payments, are an equally important part of a credit union’s brand.

Credit Union marketers are diligent in ensuring that the brand is consistent throughout all aspects of member contact. So, signage, logos, websites, mobile and online banking platforms are all inspected for consistency with the brand. Payments should also be included in this thought process.

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Posted: May 24, 2018
Comments: 0
Author: Lou Grilli

ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

A major change to Remote Deposit Capture is coming this July, which may have an impact on whether financial institutions want to continue offering this service.

Mobile Remote Deposit Capture, or mRDC, is one of the shortest adoption curves of any aspect of online and mobile banking. Despite the slight decline in the number of checks written, recipients overwhelmingly prefer to deposit checks from the comfort of their phone, rather than going to a branch or ATM.  RDC was initially developed as a convenience for a business that received checks to deposit the checks electronically (typically using a scanner provided by its bank), and was made possible by Regulation CC, which implements the Expedited Funds Availability Act of 1987 (“EFA Act”) and the Check Clearing for the 21st Century Act of 2003 (“Check 21 Act”). Mobile remote deposit capture, and specifically, the ability for a fraudster or forgetful person to deposit a check by taking a picture using their smart phone, and then depositing the paper copy at a different financial institution or check-cashing business, was not taken into consideration by these two pieces of regulation. How often does this happen? 3.5 of every 10,000 checks deposited to banks and credit unions are duplicates according to the 2017 Mobile Remote Deposit Capture Industry Report.

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Immersion18, the first conference for the Trellance team under their new brand, incorporated the same insightful, educational and informative information as in the previous twenty-six years, but with a lot more collaboration and fun.

Tom Davis, President and CEO, kicked off this year’s annual conference stating “We have to be independent to be your best advocate.” Tom went on to explain that “While Trellance provides many of the same services it offered before, such as card processing; three words will drive its future: Independent, unbiased advocate.” Tom gave the four key factors toward credit union success: Hiring top talent, collaboration, having vision, and using data analytics. Bill Lehman, SVP of consulting services, spoke next, introducing some of the 17 new services offered by Trellance.

 

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