The survey of over 500 SMEs found that international payments are increasing, with 46% expecting to increase volumes this year compared to only 28% for domestic payments. Firms anticipate faster growth internationally than domestically despite market volatility. Key challenges with international payments included FX volatility (43%), costs (26%), and payment accuracy (18%). Nearly half of firms valued ease and automation (47%) when making payments. In response, 28% plan to adopt online automated payment tools this year to improve efficiency, deliver payments in real-time (39%), and reduce costs (33%) and time spent on payments (46%). While most firms were satisfied currently, proactive upgrades of payment systems will help companies address challenges as international payment volumes rise
Automation of business-to-business (B2B) payments continues to remain elusive. While checks are stubbornly pervasive, there is promising news in the vision for processing data and dollars among business partners. This session will detail NACHA and other industry organizations’ initiatives leading the way in facilitating the move from paper instruments to electronic payments by mid-sized and smaller businesses. Learn about opportunities for electronic disruption and where financial institutions might begin to gain traction in B2B ACH payments.
With the unpredictable economic environment and the importance of cash and liquidity on the corporate agenda, finance executives are evaluating the effectiveness of current operations across payables and receivables. Many companies are turning to payment factories to deliver value across the entire organization.
The European Commission’s new rule on credit cards will cut 200 million commissions in Italy: will a subscription fee be introduced? With a contribution by Gabor Friedenthal, Dep. Managing Director, and Daniele Pontecorvo, SEM
The document discusses revenue assurance and fraud management in the telecom industry. It outlines various points in the service cycle where revenue leakage and fraud opportunities can occur, including developing and pricing products, network infrastructure, service provisioning, rating and billing, collections, and revenue reporting. Examples of past corporate frauds like Enron and Worldcom are provided as warnings. Prevention techniques for common frauds are also suggested.
Report 2008. Electronic Breaches Top All RecordsAndres Baytelman
The document summarizes a report from Verizon Business on data breaches in 2008. Some key findings from the report include:
- More electronic records were breached in 2008 than the previous four years combined, fueled by targeting of financial services and credit card transactions.
- 81% of organizations subject to PCI security standards were found non-compliant before being breached.
- 31% of breaches were in retail, and 93% of compromised records were related to financial services/credit cards.
- Nearly nine out of 10 breaches were considered avoidable if basic security practices had been followed.
The team recommends benching Visa due to overblown financial regulation risks, increased regulation reducing payment volumes, and potential decreases in consumer spending hurting Visa's revenue. Visa is a global payments company that connects consumers, businesses, and financial institutions through digital currency processing. It has strong international growth but faces risks from new financial laws, its dependence on consumer spending, and regulation of payment networks. The team proposes replacing Visa with Fiserv to gain more exposure to business and consumer spending.
The survey of over 500 SMEs found that international payments are increasing, with 46% expecting to increase volumes this year compared to only 28% for domestic payments. Firms anticipate faster growth internationally than domestically despite market volatility. Key challenges with international payments included FX volatility (43%), costs (26%), and payment accuracy (18%). Nearly half of firms valued ease and automation (47%) when making payments. In response, 28% plan to adopt online automated payment tools this year to improve efficiency, deliver payments in real-time (39%), and reduce costs (33%) and time spent on payments (46%). While most firms were satisfied currently, proactive upgrades of payment systems will help companies address challenges as international payment volumes rise
Automation of business-to-business (B2B) payments continues to remain elusive. While checks are stubbornly pervasive, there is promising news in the vision for processing data and dollars among business partners. This session will detail NACHA and other industry organizations’ initiatives leading the way in facilitating the move from paper instruments to electronic payments by mid-sized and smaller businesses. Learn about opportunities for electronic disruption and where financial institutions might begin to gain traction in B2B ACH payments.
With the unpredictable economic environment and the importance of cash and liquidity on the corporate agenda, finance executives are evaluating the effectiveness of current operations across payables and receivables. Many companies are turning to payment factories to deliver value across the entire organization.
The European Commission’s new rule on credit cards will cut 200 million commissions in Italy: will a subscription fee be introduced? With a contribution by Gabor Friedenthal, Dep. Managing Director, and Daniele Pontecorvo, SEM
The document discusses revenue assurance and fraud management in the telecom industry. It outlines various points in the service cycle where revenue leakage and fraud opportunities can occur, including developing and pricing products, network infrastructure, service provisioning, rating and billing, collections, and revenue reporting. Examples of past corporate frauds like Enron and Worldcom are provided as warnings. Prevention techniques for common frauds are also suggested.
Report 2008. Electronic Breaches Top All RecordsAndres Baytelman
The document summarizes a report from Verizon Business on data breaches in 2008. Some key findings from the report include:
- More electronic records were breached in 2008 than the previous four years combined, fueled by targeting of financial services and credit card transactions.
- 81% of organizations subject to PCI security standards were found non-compliant before being breached.
- 31% of breaches were in retail, and 93% of compromised records were related to financial services/credit cards.
- Nearly nine out of 10 breaches were considered avoidable if basic security practices had been followed.
The team recommends benching Visa due to overblown financial regulation risks, increased regulation reducing payment volumes, and potential decreases in consumer spending hurting Visa's revenue. Visa is a global payments company that connects consumers, businesses, and financial institutions through digital currency processing. It has strong international growth but faces risks from new financial laws, its dependence on consumer spending, and regulation of payment networks. The team proposes replacing Visa with Fiserv to gain more exposure to business and consumer spending.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
This study investigated consumers' level of satisfaction with point of sale (POS) terminals in Nigeria. A survey of 650 bank customers found that 66.2% had adopted POS terminals. Consumers were highly satisfied with the convenience, quality, usefulness and selection of POS terminals. However, fewer consumers were satisfied with the speed of transactions, level of merchant service, awareness of POS, and security. Statistical analysis revealed that consumer satisfaction significantly affects adoption of POS terminals. The findings suggest opportunities to improve the customer experience with POS technology to further its adoption.
Creating payment energy research report (Mastercard, Basware 2014)Paypany
This document discusses the findings of research on business payment practices and cash management. Some key findings include:
- Many businesses have more cash on hand than a year ago but do not fully utilize it, focusing instead on hoarding cash.
- Most businesses feel pressure to lower prices but many also resort to delaying payments to suppliers.
- Late payments are widely seen as an unavoidable reality, despite acknowledgments of social responsibility to pay suppliers promptly.
- Cash management practices can have unintended negative consequences for business relationships and the wider commercial environment.
- There are opportunities to improve payment processes through technology and reviewing payment strategies.
Accenture conducted interviews with music rights stakeholders to understand how they foresee the music industry evolving and their openness to partnerships. Key findings include:
1) Music repertoires aggregation is seen as important for increasing royalty rates from digital service providers but challenges include negotiation power.
2) New online music services are seen as threats but still fragmented. Aggregation could create new competitors.
3) Documentation standardization is improving but full implementation of a global repertoire database faces challenges.
4) Online music licensing reach, royalty rates, and disputes resolution were the top concerns. Transparency and speed of payments were also priorities.
Bill paying habits among accounting and accounts payable professionals are far more advanced at home, where they use a number of electronic payment methods, than at work, where they overwhelmingly rely on paper checks.
India Fraud Indicator 2012 is a first-of-its kind initiative in India conducted by the Fraud Investigation & Dispute Services team to look into fraud in all spheres of society, including the business and government segments, as well as in the case of financial institutions and individuals. In-depth analysis of the report suggests that businesses are continuously exposed to fraud risks, with losses recorded in this edition accumulating to around INR66 billion.
For further information on EY's fraud investigation and dispute services, please visit: http://www.ey.com/IN/en/Services/Assurance/Fraud-Investigation---Dispute-Services
The document summarizes key findings from the World Payments Report 2014 regarding global non-cash payment markets and trends. It finds that while global non-cash transaction growth rates slowed in 2012 compared to 2011, growth is expected to have accelerated in 2013. Growth continues to be driven by debit and credit cards, though at a slower pace. Developing markets are establishing initiatives to boost non-cash volumes and some countries may surpass North America and Europe in non-cash transactions over the next five years. Hidden payments are also growing as payments move away from regulated banking, though data on these markets remains limited.
This document discusses problems that banks have encountered when implementing electronic funds transfer systems (EFTS). It finds that banks have often underestimated costs and failed to consider customer needs and wants. While EFTS promise benefits like cost savings, many early systems have failed due to high costs and lack of consumer acceptance. The document argues that for EFTS to be successful, banks must carefully evaluate costs, consider consumer concerns, and determine which systems consumers will actually want to use through marketing research rather than just waiting to see what becomes popular. Overall adoption of EFTS will be slower than initially expected due to the difficulties many early systems have faced.
The document summarizes the key findings of a survey conducted in Australia and New Zealand on B2B payments. The survey found that electronic payment methods like card-based solutions are seen as better, faster and cheaper than traditional purchase order processes. Respondents experienced benefits like improved cash flow, reduced administration costs, and better visibility and controls. However, opportunities still exist to increase the use of card-based solutions for B2B payments, as only a small portion of commercial spending is currently paid through these methods. Both buyers and suppliers can benefit from further optimizing the use of cards and digital accounts.
This document summarizes findings from the 2017 ICC Trade Register report. It finds that trade finance remains a low-risk product with exposure-weighted expected losses remaining low due to low default rates. Default rates have been declining across most trade finance products and regions from 2013-2016. Export finance default rates also remain low, though sovereign defaults have contributed to a slight increase overall. The Americas and Africa saw the largest increases in export finance default rates.
Singapore Post Limited (SingPost) provides mail, logistics, and retail services in Singapore and Asia Pacific. The document analyzes SingPost's business using Porter's 5 forces model and examines its financial performance over several years. SingPost faces challenges from declining mail volume but is diversifying into e-commerce logistics through strategic acquisitions and investments in infrastructure and technology. Overall, SingPost shows steady revenue growth and operating cash flows despite decreasing profits as it invests for the future.
Trends in the European Fixed Income MarketBroadridge
Explore the leading trends shaping the fixed income landscape in Europe in the next several years. Key issues explored: rising trend to move towards electronic trading; improving post-trade infrastructure, rollout of new solutions in fixed income and impact on the back office. The paper concludes with the effect of MiFID on fixed income markets.
Banks in the UK saw increased profits in 2014 but challenges remain. While pre-tax profits rose 62% to £20.6 billion, conduct costs were still high at £9.9 billion and return on equity remained below 8% for all banks. Banks continue to reshape their balance sheets to meet regulatory requirements by decreasing risk-weighted assets but this has reduced income and impacted profitability. Overall, UK lending fell 2% as banks maintained a low-risk appetite in a mixed economic environment.
Based on our review of financial data, our discussions with law firm leaders, and other economic data available to us, we project that 2015 revenue for the law firm industry will likely rise in the six percent range, and PPEP in the five percent range. We also project expenses to rise in 2015 more so than in 2014, due to lawyer, staff and technology-related expenses. We believe transactional work will continue to drive growth, and litigation demand is likely to remain flat, placing continued pressure on firms with a strong dependence on litigation.
We expect that behind the 2015 industry profit growth
noted above, there will be firms significantly outperforming and lagging the industry average, based on their practice
mix, brand, focus on client service delivery, and approach
to innovation.
The document discusses Direct Insite, a company that provides cloud-based accounts payable and accounts receivable automation solutions. It notes that some statements may be forward-looking and discusses risks associated with such statements. It then provides an overview of Direct Insite's solutions, customers, and competitive advantages. Key points include its large network of over 450,000 suppliers and customers transacting over $130 billion annually, and its goal to achieve over 10% annual revenue growth through 2015 by expanding its sales force and introducing new products.
The survey found that while 58% of respondents reported actively preparing for the EMV transition deadline in October, 42% had either not taken steps or were unsure about preparations. The top obstacles cited were lack of time (19%) and access to deployment expertise (17%). Additionally, 66% of respondents believed that chip and signature technology did not offer sufficient security compared to chip and PIN. Over half of respondents thought the liability shift deadline should be delayed, though delay appears unlikely. In conclusion, the survey revealed that many businesses may miss the deadline due to delays in preparation and lack of expertise as the deadline approaches.
SEPA promotes greater efficiency in business processes by standardizing payments across Europe which removes national exceptions. This allows companies to optimize cash management, improve visibility, and reduce costs. While the deadline for compliance is February 2014, companies should view SEPA not just as a regulatory requirement but as an opportunity to improve operations and leverage new technologies like XML to drive further automation and centralization.
Croissance et innovation dans la banque de détail en AfriqueOthmane Ghailane
Le cabinet McKinsey Global Banking a tout juste publié un nouveau rapport sur la banque de détail en Afrique sous le thème : Rugir à la vie, croissance et innovation dans la banque de détail en Afrique. Plus d'infos : http://bit.ly/2tgrUzw
This 77-page report from Euromonitor International analyzes the financial cards and payments market in Australia. It provides historical data from 2007-2012 on metrics like the number of transactions, cards in circulation, and transaction values. It also includes forecasts for 2012-2017. The report profiles the major players in the Australian market like the Big Four banks and establishes the size and structure of the market for different card types. It aims to help readers understand trends, identify growth areas, and assess the competitive landscape and major players.
Managing Accounts Payable_IOMA's Institute of Finance and Management Septembe...Debra Nielsen CAPP, APM
This document contains summaries of multiple articles from a publication about managing accounts payable. The main articles discuss how one company reduced check runs by implementing an electronic payments system using ACH; the importance of complying with unclaimed property laws and avoiding audits; ensuring accurate vendor data in the master vendor file; and recognizing outstanding AP managers and departments. It also previews upcoming AP conferences and trainings.
The document discusses the ICC Trade Register, a partnership between ICC, BCG, and GCD to collect and analyze trade and export finance data from banks. It provides high-level details on the project governance, data collection and validation process, product scope, and membership benefits. The goals are to improve data quality and enable individual benchmarking reports to help members with credit risk modeling. Advocacy efforts have led to adjustments in capital regulation to better align with the risk profile of trade finance.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
This study investigated consumers' level of satisfaction with point of sale (POS) terminals in Nigeria. A survey of 650 bank customers found that 66.2% had adopted POS terminals. Consumers were highly satisfied with the convenience, quality, usefulness and selection of POS terminals. However, fewer consumers were satisfied with the speed of transactions, level of merchant service, awareness of POS, and security. Statistical analysis revealed that consumer satisfaction significantly affects adoption of POS terminals. The findings suggest opportunities to improve the customer experience with POS technology to further its adoption.
Creating payment energy research report (Mastercard, Basware 2014)Paypany
This document discusses the findings of research on business payment practices and cash management. Some key findings include:
- Many businesses have more cash on hand than a year ago but do not fully utilize it, focusing instead on hoarding cash.
- Most businesses feel pressure to lower prices but many also resort to delaying payments to suppliers.
- Late payments are widely seen as an unavoidable reality, despite acknowledgments of social responsibility to pay suppliers promptly.
- Cash management practices can have unintended negative consequences for business relationships and the wider commercial environment.
- There are opportunities to improve payment processes through technology and reviewing payment strategies.
Accenture conducted interviews with music rights stakeholders to understand how they foresee the music industry evolving and their openness to partnerships. Key findings include:
1) Music repertoires aggregation is seen as important for increasing royalty rates from digital service providers but challenges include negotiation power.
2) New online music services are seen as threats but still fragmented. Aggregation could create new competitors.
3) Documentation standardization is improving but full implementation of a global repertoire database faces challenges.
4) Online music licensing reach, royalty rates, and disputes resolution were the top concerns. Transparency and speed of payments were also priorities.
Bill paying habits among accounting and accounts payable professionals are far more advanced at home, where they use a number of electronic payment methods, than at work, where they overwhelmingly rely on paper checks.
India Fraud Indicator 2012 is a first-of-its kind initiative in India conducted by the Fraud Investigation & Dispute Services team to look into fraud in all spheres of society, including the business and government segments, as well as in the case of financial institutions and individuals. In-depth analysis of the report suggests that businesses are continuously exposed to fraud risks, with losses recorded in this edition accumulating to around INR66 billion.
For further information on EY's fraud investigation and dispute services, please visit: http://www.ey.com/IN/en/Services/Assurance/Fraud-Investigation---Dispute-Services
The document summarizes key findings from the World Payments Report 2014 regarding global non-cash payment markets and trends. It finds that while global non-cash transaction growth rates slowed in 2012 compared to 2011, growth is expected to have accelerated in 2013. Growth continues to be driven by debit and credit cards, though at a slower pace. Developing markets are establishing initiatives to boost non-cash volumes and some countries may surpass North America and Europe in non-cash transactions over the next five years. Hidden payments are also growing as payments move away from regulated banking, though data on these markets remains limited.
This document discusses problems that banks have encountered when implementing electronic funds transfer systems (EFTS). It finds that banks have often underestimated costs and failed to consider customer needs and wants. While EFTS promise benefits like cost savings, many early systems have failed due to high costs and lack of consumer acceptance. The document argues that for EFTS to be successful, banks must carefully evaluate costs, consider consumer concerns, and determine which systems consumers will actually want to use through marketing research rather than just waiting to see what becomes popular. Overall adoption of EFTS will be slower than initially expected due to the difficulties many early systems have faced.
The document summarizes the key findings of a survey conducted in Australia and New Zealand on B2B payments. The survey found that electronic payment methods like card-based solutions are seen as better, faster and cheaper than traditional purchase order processes. Respondents experienced benefits like improved cash flow, reduced administration costs, and better visibility and controls. However, opportunities still exist to increase the use of card-based solutions for B2B payments, as only a small portion of commercial spending is currently paid through these methods. Both buyers and suppliers can benefit from further optimizing the use of cards and digital accounts.
This document summarizes findings from the 2017 ICC Trade Register report. It finds that trade finance remains a low-risk product with exposure-weighted expected losses remaining low due to low default rates. Default rates have been declining across most trade finance products and regions from 2013-2016. Export finance default rates also remain low, though sovereign defaults have contributed to a slight increase overall. The Americas and Africa saw the largest increases in export finance default rates.
Singapore Post Limited (SingPost) provides mail, logistics, and retail services in Singapore and Asia Pacific. The document analyzes SingPost's business using Porter's 5 forces model and examines its financial performance over several years. SingPost faces challenges from declining mail volume but is diversifying into e-commerce logistics through strategic acquisitions and investments in infrastructure and technology. Overall, SingPost shows steady revenue growth and operating cash flows despite decreasing profits as it invests for the future.
Trends in the European Fixed Income MarketBroadridge
Explore the leading trends shaping the fixed income landscape in Europe in the next several years. Key issues explored: rising trend to move towards electronic trading; improving post-trade infrastructure, rollout of new solutions in fixed income and impact on the back office. The paper concludes with the effect of MiFID on fixed income markets.
Banks in the UK saw increased profits in 2014 but challenges remain. While pre-tax profits rose 62% to £20.6 billion, conduct costs were still high at £9.9 billion and return on equity remained below 8% for all banks. Banks continue to reshape their balance sheets to meet regulatory requirements by decreasing risk-weighted assets but this has reduced income and impacted profitability. Overall, UK lending fell 2% as banks maintained a low-risk appetite in a mixed economic environment.
Based on our review of financial data, our discussions with law firm leaders, and other economic data available to us, we project that 2015 revenue for the law firm industry will likely rise in the six percent range, and PPEP in the five percent range. We also project expenses to rise in 2015 more so than in 2014, due to lawyer, staff and technology-related expenses. We believe transactional work will continue to drive growth, and litigation demand is likely to remain flat, placing continued pressure on firms with a strong dependence on litigation.
We expect that behind the 2015 industry profit growth
noted above, there will be firms significantly outperforming and lagging the industry average, based on their practice
mix, brand, focus on client service delivery, and approach
to innovation.
The document discusses Direct Insite, a company that provides cloud-based accounts payable and accounts receivable automation solutions. It notes that some statements may be forward-looking and discusses risks associated with such statements. It then provides an overview of Direct Insite's solutions, customers, and competitive advantages. Key points include its large network of over 450,000 suppliers and customers transacting over $130 billion annually, and its goal to achieve over 10% annual revenue growth through 2015 by expanding its sales force and introducing new products.
The survey found that while 58% of respondents reported actively preparing for the EMV transition deadline in October, 42% had either not taken steps or were unsure about preparations. The top obstacles cited were lack of time (19%) and access to deployment expertise (17%). Additionally, 66% of respondents believed that chip and signature technology did not offer sufficient security compared to chip and PIN. Over half of respondents thought the liability shift deadline should be delayed, though delay appears unlikely. In conclusion, the survey revealed that many businesses may miss the deadline due to delays in preparation and lack of expertise as the deadline approaches.
SEPA promotes greater efficiency in business processes by standardizing payments across Europe which removes national exceptions. This allows companies to optimize cash management, improve visibility, and reduce costs. While the deadline for compliance is February 2014, companies should view SEPA not just as a regulatory requirement but as an opportunity to improve operations and leverage new technologies like XML to drive further automation and centralization.
Croissance et innovation dans la banque de détail en AfriqueOthmane Ghailane
Le cabinet McKinsey Global Banking a tout juste publié un nouveau rapport sur la banque de détail en Afrique sous le thème : Rugir à la vie, croissance et innovation dans la banque de détail en Afrique. Plus d'infos : http://bit.ly/2tgrUzw
This 77-page report from Euromonitor International analyzes the financial cards and payments market in Australia. It provides historical data from 2007-2012 on metrics like the number of transactions, cards in circulation, and transaction values. It also includes forecasts for 2012-2017. The report profiles the major players in the Australian market like the Big Four banks and establishes the size and structure of the market for different card types. It aims to help readers understand trends, identify growth areas, and assess the competitive landscape and major players.
Managing Accounts Payable_IOMA's Institute of Finance and Management Septembe...Debra Nielsen CAPP, APM
This document contains summaries of multiple articles from a publication about managing accounts payable. The main articles discuss how one company reduced check runs by implementing an electronic payments system using ACH; the importance of complying with unclaimed property laws and avoiding audits; ensuring accurate vendor data in the master vendor file; and recognizing outstanding AP managers and departments. It also previews upcoming AP conferences and trainings.
The document discusses the ICC Trade Register, a partnership between ICC, BCG, and GCD to collect and analyze trade and export finance data from banks. It provides high-level details on the project governance, data collection and validation process, product scope, and membership benefits. The goals are to improve data quality and enable individual benchmarking reports to help members with credit risk modeling. Advocacy efforts have led to adjustments in capital regulation to better align with the risk profile of trade finance.
Pay stream and basware einvoicing trends and truths 12.11.14 finalJustin Combs
PayStream Advisors and Basware teamed up for a live webcast featuring eInvoicing Trends & Truth for 2014.
Through our research PayStream Advisors has seen tremendous developments in Global eInvoicing. This webcast educated AP, Purchasing and IT professionals with the information they need in order to make the right eInvoicing decisions for their company.
The document describes an aggregator of financial services that brings together different financial organizations and opportunities in one platform. It allows users to easily search for and compare financial products while saving time. The platform generates requests for financial products on behalf of users and provides analytics on market trends. It generates income through commissions, subscriptions, advertisements, and data services to both customers and partners.
Digitised Trade: connecting markets and supply chain financeMisys
This webinar presentation was hosted by both Misys and the ICC Academy. We explore the driving forces, challenges and opportunities for digitised trade. And The future of digital trade and supply chain finance.
Beyond Payment - E-Commerce Trends and Payment Challenges for Online Merchant...Lawrence Cheok
Written with e-commerce finance professionals in mind, this paper provides insights and recommendations for businesses interested in expanding their e-commerce operations internationally. It relates to online merchants needing to look beyond the web front-end and consider additional factors like back-office operations and banking infrastructure. Payment options discussed include e-wallets and mobile wallets, e-banking, and escrow payments, which are gaining favor in developing markets like China
The survey received 740 responses from diverse companies to gauge liquidity strategies and challenges. Key findings show that 36% of respondents increased cash balances in the past year primarily due to higher operating cash flows. Safety remains the top priority for short-term investments, with 52% of cash held in bank deposits. Regulatory uncertainty around money market funds continues to impact investment decisions.
Apple Capital Group provides low-cost, streamlined equipment financing for small and medium sized businesses, focusing on high potential sectors like transportation, construction, and cannabis. It offers aggressive financing fees and works for the buyer, not the vendor. The company was founded in 2014 and has originated over $20 million in leases. It aims to generate $500,000 in revenue by end of 2017 through loan origination fees and portfolio income.
Policy makers as marketers of the industry - key considerations for desired i...Simon Aderinlola
Policy making tips the scale either for or against the ease of doing business and of general industry growth. This document - with examples of Nigerian opportunities for policy done well - makes the case for policy-crafting and -shaping professionals to assume their role, not as aloof umpires, but as stakeholders who ensure mobile-driven industries succeed.
The Art and Science of Implementing Faster DecisioningExperian
Living in a digital world means consumers expect rapid responses - in all facets of their lives. How are credit unions living up to this challenge? Are they utilizing technology to auto-decision more loans? This presentation reviews the current state and provides insights into how more financial companies can speed up their decisioning process to better service customers and become more efficient.
A 3 minute guide to The Peer-to-Peer Finance AssociationMarketInvoice
The Peer-to-Peer Finance Association is the UK industry body for P2P finance providers and platforms. Here's a short guide to their purpose and history.
This document provides a comparative analysis of three UK neo-banks: Monzo, Starling Bank, and Revolut. It includes sections on their executive teams, go-to-market strategies, product portfolios, key app features, customer acquisition strategies, marketing and branding, funding and valuation, financial performance, and unit economics. The analysis finds that while all three neo-banks have experienced rapid customer growth, Revolut has achieved customer milestones the fastest and has the highest valuation at $5.5 billion. However, all three currently operate at a net loss due to high operating expenses compared to revenue.
Finance for strategic managers Part 3 of 4Parag Tikekar
The document provides information about Prof. Parag Tikekar and the agenda for the second day of a four-part finance course. It introduces various tools for financial analysis including risk management, trend analysis, balance sheets, profit and loss statements, and cash flows. It discusses how to analyze and interpret these tools. The document also outlines who uses financial information both internally and externally.
This document provides a summary of new credit card products launched in the first half of 2015 by American Express, Citibank, Discover, and U.S. Bank. It highlights the key features of each new card, including rewards programs, interest rates, and annual fees. The document was authored by Michelle Ammirati of Corporate Insight, a firm that provides competitive intelligence on the financial services industry.
The document discusses opportunities in fintech and focuses on invoice trading. It notes that invoice trading platforms help unlock cash from unpaid invoices. Workinvoice is an Italian invoice trading platform that has funded over €30 million in invoices. It outsources some functions like credit ratings, payments, and collections to specialized providers to increase flexibility and efficiency in a regulated environment. The document emphasizes that invoice trading addresses the large amount of commercial receivables generated in Italy that are sitting on corporate balance sheets.
This document provides an overview and summary of Demand Media's performance in Q2 2016. It discusses the company's portfolio of marketplaces and content & media properties, key metrics such as traffic and revenue, and the financial performance of its marketplaces and content businesses. It also provides an overview of recent transactions, including the sale of Cracked to The E.W. Scripps Company.
- The document discusses Intuit's transition to a cloud and platform business model between FY12-FY16 which successfully increased connected services revenue and global customers. Intuit executed its "Focus & Accelerate" strategy to shift to a product and platform company.
- In FY16, Intuit exceeded financial targets and saw continued momentum with 41% growth in QuickBooks Online subscribers. The CEO reflected that while progress was made, more work is needed in areas like speed, customer delight, and data-driven innovation.
- Looking ahead, Intuit will focus on priorities like delivering awesome product experiences, enabling network effects through contributions from others, using data to create delight, and technology to accelerate growth. The strategy
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
Similar to Payments Operations Potentials for Modernizing the Check Process (20)
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART KALYAN CHART
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART INDIA MATKA KALYAN SATTA MATKA 420 INDIAN MATKA SATTA KING MATKA FIX JODI FIX FIX FIX SATTA NAMBAR MATKA INDIA SATTA BATTA
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
Payments Operations Potentials for Modernizing the Check Process
1. Payments Operations:
Potentials for Modernizing
the Check Process
•David Walker, NCP
•Tiller Endeavors, LLC
April 26, 2018
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the
Association for Financial Professionals.
2. NOTICES
Nothing in these comments should be understood as
legal advice!
I am not an attorney and I am not providing legal
advice!
Should you or your company require legal counsel, you
should consult with competent legal counsel!
The opinions expressed here are mine unless
otherwise noted!
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 2
3. Who Is Tiller Endeavors?
• New Consulting Company
– Formed when ECCHO sold its assets to The
Clearinghouse
– My relationship with ECCHO
• Formerly the President & CEO for 17 years
• Currently have a short-term consulting agreement
with ECCHO
• Why Tiller Endeavors?
– Is this about gardening?
– Tiller is also a sailing term and a tiller is used in
steering the boat
– Tagline: To steer the course you need a Tiller!
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 3
4. Topical Agenda
• Payment Trends
• Business Payment Options
• Faster Payments in the United Kingdom
• Debit vs. Credit Payments
• Economics of Changing Business
Payments
• Alternative Business Payments
• Concluding Comments
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 4
5. Measuring the Value of
Payments
• How to Measure the Importance of
Payment Systems?
– One measure is the volume of payments
• This is most important in managing the
cost/capacity of the system for the providers
– Another is the $ amount of the payments flowing
through a system!
• This is most important in managing the value of the
system to the users
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 5
7. $-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2015 2016
$27.3 $27.4
$18.0 $18.6
$ Amount of Checks vs. US
GDP*
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
*Sources: GDP –Bureau of Economic Analysis, Dept of Commerce Check Image Collaborative
At $27.4 Trillion,
Checks Totaled 147%
of U.S. GDP in 2016!
*GDP- Gross domestic
product is the monetary
value of all finished goods
and services.
$inTrillions
GDP
ChecksPaid
7
8. US Check Vs. World GDP*
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 8
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
U.S.Checks
U.S.
China
Japan
Germany
UK
France
India
Italy
Brazil
Canada
Korea
Russia
Australia
Spain
Mexico
U.S.Checks2016
Aggregate GDP of These 7 Countries
= < U.S. Check Dollars
In 2016 UK Faster Payments
Totaled $1.5 Trillion or 5.5% of
U.S. Check Dollars
In$Billions
2016 GDP Comparisons
*Sources: GDP –Bureau of Economic Analysis, Dept of Commerce and 2016 Federal Reserve payments Study
9. Current Check System
• Current Check Payment System
– FIs and intermediaries are all processing electronics –
only paper handled is for exceptions
• Fed reports 99.9% of checks cleared through it are
cleared electronically
– Check users are the only parties with paper
processes
CHECK
WRITER
PAYING
BANK
INTERMEDIAR
Y BANK
COLLECTING
BANK (BOFD)
Image Statement
Image
RDC
DEPOSITOR
CHECK
WRITER
Remittance
Data
Image Image
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 9
10. Current Check System
• Comments on Check Payments
– “Check are now effectively all processed
electronically once they enter the banking system and
are increasingly being scanned and deposited
electronically by businesses…”- From Federal
Reserve
– “The decline of checks over the period (2012 – 2015)
was slower than previous studies had shown for prior
periods since 2003” – From AFP
– On interbank checks – “…fell at an annual rate of
3.4% while growing at an annual rate of 1.1% by
value from 2012 to 2015”
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 10
11. AFP - Business Checks
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
Percentage of Organization’s B2B
Payments Made by Checks
(Percentage of B2B Payments Made by Organizations)
What Has Happened?
• “Declining Trend from 2004 is Broken!"
• “Check Use is Not Declining Anymore!”
• “To Switch from Checks to Electronic
Payments May Be More Difficult Than
First Anticipated.”
81%
74%
67%
50% 51%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2004 2007 2010 2013 2016
Source: 2016 Electronic Payments, Association for Financial Professionals
11
12. Business Payments
• Sources Other Than AFP
– Show that use of check payments:
• Among large businesses total about 50% of all
payments
• Among mid-size businesses total about 66% of all
payments
• Among smaller businesses check payments are >
80% of all payments
• Phoenix-Hecht
– Over 40 years of market research
– Conducts an annual survey of businesses to
determine how they use payments
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 12
13. Business Use of Checks
2013 - 2016
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 13
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Check ACH Wire Cards
66.1%
19.0%
8.0% 6.7%
65.5%
19.7%
6.6% 8.2%
“Although there is a slight
movement down in the use of
check in the middle market, we
would argue that it is no more
than 1% per year…”
Middle Market Corps ($20 - $500 MM in Sales)
Note: In 2016,
checks = 3.3 times
the next largest
payment type
%ofTotalPayments
*Phoenix-Hecht 2016 Treasury Management Monitor
2013
2016
2014
2015
14. 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Check ACH Wire Cards
50.6%
33.7%
9.5%
5.8%
48.7%
35.3%
9.7%
6.3%
Business Use of Checks
2013 - 2016
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 14
%ofTotalPayments
Large Corporate (>$500 MM in Sales)
“The documented trend of little or
no contraction in B2B check
usage over the past three years
may continue into the future.”
Note: In 2016,
checks = 1.4 times
the next largest
payment type
2013
2016
2014
2015
*Phoenix-Hecht 2016 Treasury Management Monitor
15. Polling Question #1
• What Type of Organization is Your
Organization?
– Depository financial institution (FI)
– Non-FI
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 15
16. Polling Question #2
• Are Significant Savings Available to
Businesses that Transition from Paper
Payments to Electronic Payments?
– Yes
– No
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 16
17. Potential Business Savings
• 2016 Fed Payments Study reported:
– 5.3 billion B2B paid checks for $18.4 trillion
• 2015 AFP Payments Cost Benchmarking
Survey reported:
– Estimated median costs B2B checks $4.57
– Estimated median cost to initiate and receive an ACH
debit $.11 to $.25
• Potential savings if all B2B payments were
electronic rather than paper
– ~$23 billion per year
• $4.32 X 5.3 billion payments
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 17
18. Business Payment Options
• Current Business Options
– Paper check
– ACH debit
– ACH credit
– Wire transfer
• Future Business Options:
– Credit push, real-time faster payments
• Alternative Option
– Complete the electronification of the check
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 18
19. 0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
May 2008 May 2017
334 332
UK Faster Payments
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
Growth in volumes 9 years
after FP implementation:
Total Payments - 730.9 million/mo.
Faster Payments - 140.7 million/mo.
SI Payments - 79.7 million/mo.
May 2017 - SI Payments only 4.5% of Total
Non-Cash Payments
Market demand for non-
cash payments grew 9.2
times faster than demand
for SI payments
*Source: UK Payments Council – www.paymentscouncil.org.uk
InThousandsofPayments
*Total Non-Cash Payments
AllFasterPayments
SingleItemImmediate(SI)FP
141,012
79,998
1,051,667*
1,782,527*
19
20. 0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
May 2008 May 2017
802,095
1,460,965
249,573
321,562
UK Payment Trends
*Sources: UK Payments Council & UK Cards Association
*Total Debits vs Total Credits
Growth in volumes 9
years after FP
implementation:
Total Debits - 658,870
Total Credits - 71,989
Demand for debit pull
payments grew 9.2
times faster than
demand for credit push
payments since
introduction of Faster
Payments
DebitPulls
CreditPush
DebitPulls
CreditPush
#ofPayments/Month(inthousands)
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 20
21. Debit vs. Credit Payments
• Payments Flow - Debits
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
Payment & Remittance Data Together
• Payment & Remittance Data Flow Together to
Payee
– Directly between payor & payee
– Without the need for a directory
PaymentDeposited
&DatatoA/RSys
Payor
PAYOR’S
BANK
INTERMEDIARY
BANK
PAYEE’S
BANK
Payee
Payment
Payment&Data
FromA/PSys
Payment Payment Payment
21
22. Payment
& Data
Payment
& Data
Debit vs. Credit Payments
• Payments Flow - Credits
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
Payor
PAYOR’S
BANK
INTERMEDIARY
BANK
PAYEE’S
BANK
Payee
• Data Flows through Payment System
– Volume of remittance data significantly larger than the volume of
payment data!
– Potential to increase cost of payment system!
– Potential to exceed capacity of payment system!
– Potential for increased holdovers!
– Requires a national directory!
Payment
& Data
Payment
& Data
Payment&Data
FromA/PSys
Payment&Data
Reconciliation
22
23. Debit vs. Credit Payments
• Payments Flow – Credits (Alternative)
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
• Payee Reconciliation
– For large volume remittances, increases complications of reconciliation
Remittance Data & Payment Separate
Payment&Data
Reconciliation
Payor
PAYOR’S
BANK
INTERMEDIAR
Y BANK
PAYEE’S
BANK
Payee
Deposits
PaymentPaymentPaymentPayment
Payment&Data
FromA/PSys
23
24. • Payments Flow – Credits (Alternative/Debit
Request)
Debit vs. Credit Payments
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals.
Remittance Data & Payment Separate
Payment&Data
Reconciliation
Payor
PAYOR’S
BANK
INTERMEDIARY
BANK
PAYEE’S
BANK
Payee
Deposits
PaymentPaymentPaymentPayment
Payment&Data
FromA/PSys
Payor
PAYOR’S
BANK
INTERMEDIARY
BANK
PAYEE’S
BANK
Payee
Deposits
PayeeSends
Payment
Request
FirstSecond
24
25. Credit Payments
• Considerations/Requirements
– One or more universal directories with bank account
information
• Expensive/difficult to establish and expensive and
risky to maintain
– Standard format for remittance data
– Changes in the businesses process and control
• Universal Question Is
– How to achieve a predictable ROI with the front-
loaded investments listed above?
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 25
26. Economics of Changing
Business Payments
• Payments Decisions by Businesses
– Payments for businesses are overhead expenses
– Businesses will spend money on reducing overhead
expense if:
• There is a pressing problem impacting their ability
to do their normal business, or
• There is return on investment that is greater than
the normal return on investment from their normal
goods and services – where their profits are
generated
– Especially true for publicly traded corporations
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 26
27. Economics of Changing
Business Payments
• Payments Decisions by Businesses
– New investments must be made by both
payer and payee
• Sending with no receiver does not achieve
savings!
• Today no mandate exists to create
business certainty of return!
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 27
28. Polling Question #3
• How Likely is it that Businesses’
Investments in Credit Push Payments will
Create Greater ROIs Than from Their
Normal Goods and Services?
– Highly likely
– Likely
– Somewhat likely
– Not likely
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 28
29. Polling Question #4
• How Likely is it that Real-Time Payments
will Sufficiently Increase ROI for
Businesses to Encourage the Transistion
from Paper Payments to Credit Push
Payments?
– Highly likely
– Likely
– Somewhat likely
– Not likely
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 29
30. Business Payment Options
• Current Business Options
– Paper check
– ACH debit
– ACH credit
– Wire transfer
• Future Business Options:
– Credit push, real-time faster payments
• Alternative Option
– Complete the electronification of the check
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 30
31. Electronically Created
Items (ECIs)
• What is an ECI?
– Debit payment
– Never existed in paper form
– Flows through the existing check system as if it
were a check – Uses X9.100-187
– Soon to be defined in Reg CC as of July 1, 2018
Originator
PAYING
BANK
INTERMEDIARY
BANK
COLLECTING
BANK (BOFD)
Statement
ECI
RDC
Receiver
Originator
Remittance
Data
ECI
ECI ECI ECI
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 31
32. Payment Options
• Replace an entire existing payments
system that works with a completely new
system, or
• Enhance a small piece of an existing
payment system that businesses prefer by
margin of 3 to 1 over other payment
options
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 32
33. Potential Business
Investment Dollars
• New Investment Required for Businesses?
Minimal
– Reformat data on AP system and transmit to
payee
– Interface ECIs with electronic deposit
application; e.g. RDC
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 33
34. Polling Question #5
• Would Businesses Like the Option to Use
ECI Payments?
– Yes
– No
– Not sure, would like additional discussion
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 34
35. Closing Comments
• Best Course for Businesses
– Continue to enhance all payment systems including
the check system
– Encourage market forces to determine which
payments and payment functions are most valued by
users
– Eliminate paper checks by replacing them with
electronic payments
– Create significant cost savings for businesses by
check electronification
– Support ECIs
AFP, Association for Financial Professionals and the AFP logo are registered trademarks of the Association for Financial Professionals. 35