On The Web

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Security

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

October 18 2018

• in
• Checks
• Cybersecurity

“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.”

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Systems

UK begins roll out of cheque imaging

October 30 2017

• in
• Checks

“The UK is beginning the phased roll out an image-based cheque clearing system that will slash processing times from six ‘weekdays’ to one day and pave the way for the introduction of interbank mobile cheque deposits. Although cheque usage is in decline, 477 million were written in 2016. Previous attempts to abolish cheques caused political […]

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Risk & Fraud

A fake check causes a real headache – The Boston Globe

January 29 2019

• in
• Check fraud
• Checks

“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.”

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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 […]

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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.”

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.”

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Risk & Fraud

VSoft Launches OnView Positive Pay

March 14 2018

• in
• Check fraud
• Checks

“According to the Association for Financial Professionals’ 2017 Payments Fraud and Control Survey report, 75 percent of organizations experienced check fraud in 2016, which is an increase from 71 percent in 2015. OnView Positive Pay can significantly enhance an institution’s cash management technology portfolio, and by offering this intuitive application to business account holders, institutions can create […]