Payments NewsChecks Archives - Payments News

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

January 31 2020

“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 […]

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 […]

Risk

A fake check causes a real headache – The Boston Globe

January 29 2019

“A counterfeit check may seem old-fashioned in today’s world of cyber crimes, but one estimate I found online put the annual cost of such scams in the billions of dollars. Remember, a scam artist needs only one purloined check, blank or canceled, to fabricate another.”

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.”

Security

Goldman Wades Deeper in Crypto, Betting on BitGo With Billionaire Mike Novogratz

October 18 2018

“Goldman Sachs Group Inc. and a venture founded by one of its former partners, billionaire Mike Novogratz, are investing in cryptocurrency custodian BitGo Holdings Inc., as the bank’s deep-pocketed clients keep asking about secure ways to hold those assets.”

Providers

Your Next Checking Account Could Get You a Spotify Subscription

July 5 2019

“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 […]

Systems

Central Banks Are Contemplating a World Without Cash

March 2 2020

“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 .”

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 […]

Domains

How check maker Deluxe is working to digitize coronavirus relief payments

May 29 2020

“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 […]

Systems

Digital Check Push Payments Via Push-to-Card

April 3 2019

“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.”