Menu
Posted: Jan 18, 2017
Comments: 2
Author: Lou Grilli

Imagine a day when data breaches yield no usable card numbers.

While many authors are making their predictions for 2017, predictions for battling payment fraud need to take a much broader view. Imagine a safer world of payments where credit and debit card fraud is mitigated through technologies. The mag stripe is gone forever, and mobile payments as well as terminal-free check-outs rely on tokens instead of an actual 16 digit Primary Account Number (PAN). And for those who still insist on holding a piece of plastic in their wallet, cards will have smart security measures – a biometric scan device on the card to prevent lost/stolen usage; geolocation capability built into the card to assist in POS authorization; and a dynamic PAN and CVV displayed on a screen on the card for use in ecommerce purchases to prevent fraudulent online use.
Read more
Posted: Jan 12, 2017
Comments: 0
Author: Lou Grilli

Mobile P2P users in the U.S. will grow from 69 million to 126 million by 2020

Credit and debit cards have become the non-cash standard way to pay merchants, due to ubiquitous acceptance and worldwide standards. But when it comes to paying another person, there is no standard way to do so, and many hurdles stand in the way of completing a person-to-person (P2P, sometimes called peer-to-peer) transaction. It certainly is not due to lack of need. Roommates splitting the rent and the utilities, diners sharing the bill, friends sending monetary gifts for a birthday, and travelers splitting vacation costs are the top 5 use cases for P2P payments, which represents $50 - $80 billion in payments. This number is hard to pinpoint, since the vast majority of these P2P payments are still being made using cash and to a decreasing extent, personal checks.
Read more
Posted: Jan 6, 2017
Comments: 0
Author: Tom Davis

CSCU's Tom Davis self grades his 2016 predictions. What grades would you give him?

At the beginning of 2016, I made several predictions about what would be happening in payments and how they would impact credit unions. With 2016 now in the rear view mirror, it is time to take a look back at what happened in 2016 and grade my predictions – the original article can be found here.

Mobile wallets

My Prediction: “MasterCard Digital Enablement Service (MDES) and Visa Digital Enablement Program (VDEP) have streamlined credit unions’ enrollment in mobile wallets.  In 2016, we expect as more mobile wallets become available from smartphone makers such as LG and HTC, this process will become even more efficient” “

How I Did: ‘B’ I correctly called the role that MDES and VDEP had in enabling credit unions to enroll in the “Pays” – by the end of the year more than half are enrolled. But I missed the mark on LG and HTC releasing their pays.

Read more
Posted: Nov 7, 2016
Comments: 0
Author: Paul Castner

CSCU was in attendance and found the following topics of interest to credit unions

Editor's Note: CSCU was on the scene at this year's Money 20/20 in Las Vegas.  Billed as the world's largest payments and financial services innovation event, Money 20/20 attracted 11,500 attendees this year while drawing more than 400 fintech vendors.  As our experts saw it, a few themes emerged such as APIs, blockchain, bots, and the critical need for financial institutions to think and act differently to keep up with the changes in technology.  Following is a recap of some of the sessions and announcements with links to relevant articles.

Read more
Posted: Oct 18, 2016
Comments: 0
Author: David Stern

Helpful Insights by Transpay's Manager of Strategy and Partnerships

While consumer confidence in traditional banks have waned, shares and deposits in federally insured credit unions grew past $1 trillion in the fourth quarter of 2015. For more than 100 years credit unions have provided affordable financial services for US consumers, ranging from checking accounts to auto loans.  However, one internalized service that a majority of credit unions still lack is the ability to send payments internationally in a cost-effective manner. The regulatory hassle and limited returns have largely dissuaded credit unions from getting their own SWIFT/BIC code. Instead, credit unions turn to correspondent banks to complete international wire requests.

Read more
RSS
123

search

Featured Stories