PYMNTS® TRACKER®

Galileo Embedded Finance Tracker Series

Galileo Embedded Finance Tracker Series Cover Image
Core Strength: FIs Must Modernize to Meet the FinTech Challenge

Inside the May 2024 report

01

As consumer demand for digital banking technology rises, traditional FIs are struggling to keep pace. FinTechs, however, are rushing in to fill this void, leading to a more competitive banking landscape than ever before.

02

Banks may be eager to embrace digital technologies and compete with FinTechs on their own playing field, but their core banking systems often lack the necessary infrastructure to support such endeavors. Attempts to renovate these core systems are frequently met with high costs and complexity.

03

One promising solution for improving digital services is the progressive modernization of core systems by supplementing legacy technology with application programming interfaces (APIs). Compared to rebuilding the entire core, this approach is both more cost-effective and less risky, allowing for a strategically phased technological transition.

Other Editions

Solana Blockchain Payments Tracker® Series

Solana Blockchain Payments Tracker® Series Cover Image
Can Blockchain Solve the Cross-Border Payments Puzzle?

Inside the May 2024 report

01

High fees, slow settlement times and a lack of transparency on traditional payment rails are crippling cross-border commerce, costing businesses that depend on international sales time, money and trust.

02

By eliminating intermediaries and providing verifiable records via distributed ledger technology, blockchain-based payments offer a leaner, more efficient and more transparent cross-border payments solution.

03

Top-tier FIs, FinTechs and central banks are all leading bold initiatives to harness blockchain’s potential to electrify cross-border payments and commerce.

The Clearing House Real-Time Payments Tracker Series

The Clearing House Real-Time Payments Tracker Series Cover Image
P2P Payment Potential: Promoting Convenience While Protecting Consumers

Inside the May 2024 report

01

P2P payments are widely used by consumers, and most of these apps are provided by third parties like Venmo, Cash App and Zelle. However, consumers are increasingly pushing for FIs to provide these payments directly.

02

While P2P transactions have proven incredibly popular, there are still many holdouts who cite a fear of fraud and cybercrime as their main barriers to adopting these systems.

03

FIs are acutely aware of the fraud dangers associated with P2P payments, as well as the potential revenue losses that may result if these risks deter customers. Therefore, implementing advanced technologies such as AI and ML will be crucial to securing P2P transactions and fostering trust among users.

Other Editions

Spreedly Payments Orchestration Tracker Series

Spreedly Payments Orchestration Tracker Series Cover Image
The Orchestrated Platform: Why Payments Orchestration Is Not Just for Merchants

Inside the May 2024 report

01

Platforms are responsible for handling the payments of potentially thousands of merchants, each with their own PSPs to accommodate. This can put immense strain on platforms’ IT teams and infrastructure.

02

Marketplaces and other platforms often find themselves in the same situation as merchants, scrambling to offer all the payment options their customers demand. Payments orchestration can be instrumental in relieving this pressure.

03

Payments orchestration is also extremely useful for platforms representing nonprofits, unions, religious organizations and other non-eCommerce entities that need to collect and aggregate dues, donations and other payments.

Other Editions

NCR Voyix Digital-First Banking Tracker Series

NCR Voyix Digital-First Banking Tracker Series Cover Image
Progress and Protection: Balancing Convenience and Security in Digital Banking

Inside the May 2024 report

01

Economic shock waves from fraud lead to a costly cycle, compelling banks and FIs to redirect resources from innovation to immediate threat mitigation. This redirection stalls critical innovation agendas, with profound implications for the financial industry.

02

Balancing the push and pull between innovating digital banking services and enforcing stringent security measures is a daunting challenge for banks and FIs. Achieving equilibrium, however, is crucial for preserving a competitive edge while maintaining consumer trust.

03

Security threats are evolving at a rapid rate. The enduring questions are whether banks and FIs can outpace and counteract the tactics of fraudsters while fulfilling the growing consumer expectations for innovative security and convenience.

Other Editions

The Clearing House Real-Time Payments World Map Tracker Series

The Clearing House Real-Time Payments World Map Tracker Series Cover Image
Real-Time Payments World Map - May 2024

Inside the May 2024 report

  • In the United States, NetXD has launched a fully cloud-based solution for The Clearing House’s RTP® network.
  • Payments Canada continues progress toward completing and launching Canada’s nationwide Real-Time Rail (RTR).
  • In Denmark, real-time payments took a significant step forward with a new agreement between the European Central Bank (ECB) and Danmarks Nationalbank.
Other Editions

Ingo Payments Money Mobility Tracker Series

Ingo Payments Money Mobility Tracker Series Cover Image
Money Mobility - April/May 2024

Inside the April 2024 report

  • Many property managers aim to expedite rent payments to minimize errors and reduce the likelihood of late or missed payments.
  • Tenants who pay rent online report a significantly higher satisfaction rate than those who don’t.
  • Implementing instant payments can ensure the swift arrival of funds to their destination.
Other Editions

The Clearing House Real-Time Payments Tracker Series

The Clearing House Real-Time Payments Tracker Series Cover Image
From Trips to Tips: How Faster Payments Can Elevate Travel and Hospitality

Inside the April 2024 report

01

Instant payments could benefit all reaches of the travel and hospitality industries, as customers enjoy a better experience, companies see higher revenues and workers get faster payouts.

02

Business travel is a significant revenue driver for the travel and hospitality industries. However, travelers typically cover expenses out of pocket, relying on subsequent reimbursement by their companies. Accelerating this process could be a huge help in alleviating financial strain and improving business travelers’ overall experience.

03

Although businesses face challenges in adopting new payments technology, savvy travel and hospitality firms recognize the competitive advantage instant payments offer and are seizing the opportunity.

Other Editions

Galileo Embedded Finance Tracker Series

Galileo Embedded Finance Tracker Series Cover Image
Modular Design: Can Composable Banking Find Favor With FIs?

Inside the April 2024 report

01

Traditional FIs are increasingly contending with competition from challengers, especially as younger generations look outside their primary banks for certain financial services. In fact, studies show that young consumers favor using a service, card or app from a provider other than their bank for online payments.

02

New banking systems are often difficult to integrate into existing technology stacks. Despite the integration challenges, many banks are pressing ahead with new embedded finance strategies to expand product offerings and enhance customer loyalty.

03

Rather than attempting to wedge one-size-fits-all digital solutions into existing technology stacks, banks can embrace a far more agile and future-proof approach. Composable banking allows for seamless integration of best-of-breed components and services from a vast ecosystem of innovative technology partners.

Other Editions

American Express B2B and Digital Payments Tracker Series

American Express B2B and Digital Payments Tracker Series Cover Image
Pains and Gains: Conquering Healthcare’s Payment Woes

Inside the April 2024 report

01

Some of the healthcare industry’s most pressing operational pain points arise from inefficient and outdated payments and claims processes that threaten the industry’s financial health.

02

As digital transformation continues to make its way into everyday life, the healthcare industry is increasingly ready to explore its potential. Innovators across the industry are tackling inefficiencies and improving patients’ experiences — one payment at a time.

03

While digital payments can profoundly improve the healthcare industry — from patient experiences to operational efficiencies — they also face resistant challenges, the solutions for which are neither easy to implement nor industry-standard.

04

PYMNTS Intelligence interviews Misty Meraz, Vice President, Healthcare and Public Sector Payment Solutions at Elavon, on how healthcare organizations can improve patient collections by adopting an omnichannel payments strategy.

Other Editions

Ingo Payments Money Mobility Tracker Series

Ingo Payments Money Mobility Tracker Series Cover Image
Money Mobility - April 2024

Inside the April 2024 report

  • Disbursements are getting faster, but their speed heightens the need for timely and effective fraud protection.
  • Funds lost to faster payment fraud are often irretrievable, making more rapid detection and prevention paramount.
  • Emerging technologies such as AI and ML can secure faster transactions.
Other Editions

The Clearing House Real-Time Payments World Map Tracker Series

The Clearing House Real-Time Payments World Map Tracker Series Cover Image
Real-Time Payments World Map - April 2024

Inside the April 2024 report

  • Qatar Islamic Bank (QIB), a leading digital financial institution (FI), recently introduced the Fawran instant payment service, which users can access through the QIB Mobile App.
  • Sweden is expanding its real-time payment capabilities by joining the Eurosystem’s TARGET Instant Payment Settlement (TIPS), becoming the first non-Eurozone country to do so.
  • Mexico has adopted Uruguayan Fintech Prometeo’s innovative account-to-account payments system, which employs a single application programming interface (API) to enable instant payments between bank accounts.
Other Editions

NCR Voyix Digital-First Banking Tracker Series

NCR Voyix Digital-First Banking Tracker Series Cover Image
Is AI the Master Key to Banking’s Next Era?

Inside the April 2024 report

01

As banks and FIs increasingly implement AI tools, the financial industry’s morphology will rapidly undergo unprecedented change. All facets of the industry, from how leaders strategize and operate to how the labor force carries out tasks, will be touched by this transition.

02

Pain points threaten to drive nearly half of United States retail banking consumers into the arms of Big Tech for their financial needs. Can AI deliver on the promise of revolutionizing the retail banking experience for good?

03

The path to realizing AI’s potential for the financial industry is laden with hurdles, from technology and cybersecurity challenges to consumer mistrust.

Other Editions

American Express B2B and Digital Payments Tracker Series

American Express B2B and Digital Payments Tracker Series Cover Image
End the Wait: SMBs and the Protracted Challenge of Delayed Payments

Inside the April 2024 report

01

In the trenches of modern commerce, SMBs face a persistent battle against the delayed payments that disrupt cash flow and jeopardize their financial health. Manual processes and outdated banking solutions stand at the core of these payment delays.

02

As SMBs struggle to free themselves from the constraints of manual payment processing, many are turning toward more tailored and integrated solutions offered by banks and FinTechs.

03

Have SMBs hit a critical inflection point in their cash management strategies? The unique demands — and benefits — of a digital-first economy are driving a growing number of SMBs to turn a corner, with many considering the adoption of modern cash management tools, from instant payments to unified platforms.

04

PYMNTS Intelligence interviews Jason Carlson, Chief Financial Officer of experiential media company Mood Media, on why SMBs must invest in digital transformation now to ensure their viability and success in the long run.

Other Editions

Ingo Payments Money Mobility Tracker Series

Ingo Payments Money Mobility Tracker Series Cover Image
Money Mobility - March/April 2024

Inside the March 2024 report

  • Fraud, friction, limited payment options and slow payment processing are some of the obstacles consumers face when making digital bill payments.
  • Billers in the utilities sector must contend with the reality that customers trust them less than most other industries.
  • Some of the top issues billers and payers face are security concerns and overcomplication.
Other Editions

Spreedly Payments Orchestration Tracker Series

Spreedly Payments Orchestration Tracker Series Cover Image
Into the Vault: Optimizing Payments

Inside the March 2024 report

01

Vaulting has been proven to provide a streamlined and convenient payment process while also enabling stringent anti-fraud security measures. Merchants have only just begun to tap its potential to aid in customer retention, better authorization rates and cost reduction.

02

Vaulting offers considerable cost savings for companies in the long run by leveraging customer data to mitigate potential sources of payment failure. Preserving these revenues — along with the customers they represent — is most crucial to subscription businesses.

03

Personalized goods and services generate significant revenue for many organizations, including payment providers. Vaulting allows firms to leverage customer data to offer tailored experiences to individual customers.

Other Editions

The Clearing House Real-Time Payments Tracker Series

The Clearing House Real-Time Payments Tracker Series Cover Image
No-Wait Wages: Leveraging Instant Payments to Boost Employee Satisfaction

Inside the March 2024 report

01

Workers across the board benefit from on-demand pay, especially those who live paycheck to paycheck and cannot afford unexpected expenses. For many workers, instant payroll is something that should be taken for granted.

02

Companies are becoming increasingly aware of the demand for real-time payroll and are gradually implementing it in their workplaces. Meanwhile, some workers, growing impatient with their employers’ delays in adopting the trend, are turning to third-party services for real-time access to their earnings.

03

Financially stable employees appreciate the support they have received on their financial journeys, and organizations have a unique opportunity to offer this support in the form of instant payroll services. Doing so could encourage increased employee loyalty and reduced turnover.

Other Editions

AI-ID Generative AI Tracker Series

AI-ID Generative AI Tracker Series Cover Image
Generative AI - March 2024

Inside the March 2024 report

  • Telecoms have prioritized generative AI deployments to improve efficiency and reduce costs. Still, this approach may overlook the technology’s potential for achieving broader industry transformation and substantial long-term value creation.
  • Telecoms are partnering with technology incumbents on generative AI solutions, highlighting a significant shift in the telecom industry toward improving operational efficiency and customer service.
  • Telecoms actively differentiate their AI use cases from those of other industries to influence AI regulation, advocating for a risk-based governance approach amid global divergence in policy frameworks.
Other Editions

NCR Voyix Digital-First Banking Tracker Series

NCR Voyix Digital-First Banking Tracker Series Cover Image
Are Challenges Still Holding Back Instant Payments Adoption in the US?

Inside the March 2024 report

01

Businesses and consumers are of one mind in favoring the adoption of instant payments, yet the enduring use of traditional payment methods hints at the challenges of this transition.

02

For financial stakeholders, the rollout of FedNow in addition to the RTP network is affirming the future of U.S. real-time payments, helping to popularize the method for use cases throughout the economy.

03

Assessing the technical and operational requirements for the integration of instant payment rails offers a window onto the practical complexities of deploying these next-generation payments platforms — a crucial view for financial stakeholders evaluating their payment innovation agendas.

Other Editions

Ingo Payments Money Mobility Tracker Series

Ingo Payments Money Mobility Tracker Series Cover Image
Money Mobility - March 2024

Inside the March 2024 report

  • P2P payment apps are growing increasingly popular thanks to their ease of use and versatility.
  • Consumers have distinct preferences and dislikes regarding the apps they use, yet P2P payment providers often overlook them.
  • P2P payments are certainly convenient for consumers, but like all digital transactions, they need to comply with government regulations.
Other Editions