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Systems

Cash May Not Be King, but It’s Still Royalty

January 31 2020

• in
• ACH
• Bitcoin
• Cards
• Cash
• Central bank digital currencies (CBDC)
• Checks
• Cryptocurrencies
• Digital currencies
• Ethereum
• Faster payments
• Immediate Funds Transfer
• Math-based Currencies
• Mobile Money
• National infrastructure
• Real-Time Payments
• RTGS
• Supply chain
• Wires

“Yet digital’s gain isn’t necessarily coming at the expense of cash. The overall pie still appears to be growing. Only two countries, Russia and Sweden, had a net substitution of cards for cash from 2007 to 2016, with cash in circulation shrinking as card payments grew, according to the Bank for International Settlements. In other […]

On The Web

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Global

South African Banks Prepare to Phase out Paper Cheques

September 30 2020

• in
• Checks
• South Africa

“The humble paper cheque may be on the verge of extinction in South Africa, as banks begin moves to phase out the age-old method of exchange in favour of cards and digital payment mechanisms. Major banks Nedbank, FNB and Absa have already announced plans to discontinue the use of outdated cheque payments beginning in January […]

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Global

‘Positive Pay’ mechanism introduced by RBI will make cheque payments safer

August 18 2020

• in
• Checks
• India

“The new ‘Positive Pay’ mechanism introduced by the Reserve Bank of India (RBI) will make cheque payments safer and reduce instances of frauds. Issuers will be able to send all details to their bank, thereby ensuring faster clearance of cheques above Rs 50,000. All cheques will be processed as per the information sent by the […]

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Domains

How check maker Deluxe is working to digitize coronavirus relief payments

May 29 2020

• in
• Checks
• Government Payments

“Deluxe, trying to diversify from its declining checking-business model, has developed a platform enabling EAF recipients to receive relief funds via ACH, PayPal or a virtual prepaid card instead of a check. The EAF works with about 60 major corporations, most of them based in the U.S., to distribute IRS-approved employee hardship grants, typically sending […]

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Systems

Central Banks Are Contemplating a World Without Cash

March 2 2020

• in
• Central bank digital currencies (CBDC)
• Checks
• Cryptocurrencies

“As money gets swept up by tech innovation, government authorities are taking a closer look at old fashioned notes and coins. More than a dozen countries are either researching, piloting, or, like China, have ongoing work in place for central bank digital currencies, according to a Bank for International Settlements report published today .”

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Systems

New Fed Data Underscores How Far Electronic Payments Have Eaten Into Checks

January 3 2020

• in
• Checks

“It’s no secret that electronic payment methods have systematically eaten away at check volume in the United States, but now new data from the Federal Reserve shows just how far that trend has gone.  A total of 16 billion checks were written in 2018 for a total value of $26.2 trillion, according to the Fed’s […]

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Providers

Your Next Checking Account Could Get You a Spotify Subscription

July 5 2019

• in
• Checks
• Financial institutions

“Open a checking account at Citigroup C +0.69% Inc. and you may get a free Costco membership. And a subscription to Amazon Prime, and several months of Hulu or Spotify . That could be on top of a Citi Bike membership and an invitation to a private party with graffiti artist Queen Andrea. It wasn’t so long […]

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Systems

Cheque transactions dip by 20% as digital payments rise

February 26 2019

• in
• Checks

“The volume of cheques cleared by Nigerian banks keeps shrinking as bank customers continue to embrace electronic payments for their financial transactions.”

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Systems

Cheques to be excluded from UK’s New Payments Architecture

February 4 2019

• in
• Checks

“Once again cheques in the UK are facing their demise, this time as a consequence of their being excluded from the New Payments Architecture project, or “NPA”. This time it will be a slow and lingering death over a 10-15 year period, as investment is channeled into other services and the cheque service withers on […]

On The Wires

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Systems

Digital Check Push Payments Via Push-to-Card

April 3 2019

• in
• ACH
• Cards
• Checks

“Checkbook Inc. today announced the launch of Instant Pay. Businesses can push money instantly into millions of individual and business bank accounts without collecting sensitive routing or account information. There is no need for recipients to sign up for any service or download any app.”