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Posted: Nov 29, 2018
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The EMV migration and fraud liability shift continue in the United States, and some issuers are still going through a natural re-issue process for both debit and credit card products to issue chip cards to their cardholders.  Many national issuers implemented chip card technology utilizing a mass re-issue strategy, while a small number of issuers haven’t started issuing chip cards. Others never plan to issue chip cards as there is no mandate requiring issuers to do so.  Issuers who choose to continue to issue magstripe cards instead of chip cards, and issuers who have not completed a natural re-issue, are deciding to accept the risk of the liability shift for fraudulent transactions. They are also taking the risk of losing cardholder transaction volume. 

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Posted: Sep 12, 2018
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Author: Lou Grilli

Debit Push Payments Will Revolutionize Getting Paid, Instantly

[Editor’s Note: This article was previously published in the Payments Journal, and has been modified]

Using a debit card to pay a merchant, in a store or online, is standardized and intuitive. But getting paid is neither. Receiving and depositing a check, getting the money “Venmo’d” to you, by ACH (including direct deposits), and of course, cash, are all options. These options require the payee to wait - until they receive the check, wait until the ACH clears or wait until the Venmo payment can be pushed to a bank account. There is an alternative: debit push payments. The “rails” that debit transactions use to make a purchase from a merchant can be used in the reverse direction, that is, the same rails can be used to push a payment to the debit cardholder’s account, pretty much instantly. Visa calls the capability “Visa Direct” and Mastercard calls it “Mastercard Send”. Both work the same; to allow funds to be pushed by a financial institution or a business to a cardholder knowing only the debit card number; no more having to provide the credit union’s routing number and checking or saving account number.

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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: Mar 19, 2018
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Faster payments mean a vendor getting paid by its customer quicker, or getting a P2P transfer into the recipient’s bank account the same day. Automated Clearinghouse (ACH), the network that connects every financial institution, and makes payroll deposits, bill pay and business settlements possible, has been undergoing changes in phases. The phases represent incremental steps in the process to shorten the length of time it takes to make payments, from days to hours. The third phase of this transition went into effect March 16, 2018, and credit unions and their members, especially business owners, need to be aware of the impact. 

 

 

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Posted: Feb 13, 2018
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The Practicality of AI for Voice Banking

In a recent article on ThePaymentsReview.com titled Trellance Predictions for 2018, Artificial Intelligence (AI) was touted as having “become a must-have in the everchanging market. Credit unions need to make AI a part of their strategy to continue competing in the payments and lending space.”

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