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Validate bank accounts while unlocking valuable insights into stability, longevity, and payment performance Learn more about vAccount Plus: https://ow.ly/RJF450RKAEj #BankAccountValidation #AccountValidation #FinancialStability #PaymentValidation

🚀 Dive into the World of Payments! 💳✨ Ever wondered how your transactions seamlessly move from point A to point B? 💸 Want to understand the backbone of modern commerce? Inspired by Nikhil Kamath 's insightful WTF series, I'm thrilled to kick off my own journey with "WTF is the Payment Industry?" Starting with the basics in my inaugural article, "Explained: The Basics of Payments," I have tried to break down the fundamental concepts behind how payments work. But wait, it doesn't stop there! Share your questions, experiences, and insights in the comments below, and let's spark some enlightening discussions! 💡 https://lnkd.in/dfPZfVw6 #fintech #product #UPI #payments #NPCI

Is this the Beginning of the End to Private Banking? (shared w/our clients last year) - They market this as being more 'convenient' for us. When private banks and financial institutions, including existing payment apps, decide to become part of FedNow, will they be required to surrender all the account information of their customers doing business with them? Yes, apparently they will, based on “Operating Circular 1 (OC 1)“, a document on the Federal Reserve website under “Rules and Regulations Resources.” In that document, Section 6.0 deals with “FEDERAL RESERVE BANK RESPONSE PROGRAM FOR UNAUTHORIZED ACCESS TO SENSITIVE CONSUMER INFORMATION OBTAINED IN THE COURSE OF PROVIDING FINANCIAL SERVICES.” What is FedNow? https://lnkd.in/gzT333-i

Today's customers expect fast, simple ways to transfer money especially in areas with limited access to banking services. Is your bank ready to meet this demand? CR2’s Money Vouchers empower person-to-person transfers, even in underserved regions: ➡ Instant transfers: Enable transfers regardless of whether customers have a bank account. ➡ Expand your customer base: Attract and retain more customers with inclusive financial services. ➡ Enhance financial inclusion: Make financial transactions accessible to everyone. Interested to learn more? Talk to us today - https://lnkd.in/emQPwFPT #DigitalTransformation #Payments #MoneyVouchers

Are you excited about Instant Payments: The FedNow® Service, but worried about the risks? That's understandable. But did you know that the Federal Reserve has procedures in place for credit unions to address and even help prevent such issues? It's true! Learn what your credit union needs to know by visiting the Instant Payments: The FedNow Service page of our website: https://lnkd.in/gx9ddRDV #InstantPayments #TheFedNowService #Payments #MYCUServicesProductsandServices

When banks promise to provide expert financial advice, why are they almost never delivering on their promises? Well, good news for banks! Personal finance management tools and platforms have been making round in the digital banking world for slowly becoming customers’ best friend. In an interview with The Financial Brand, they pointed out, “Being able to open an app and see instantly if you have actually reduced your spending in the last month and see if you’ve improved your credit score as you’ve paid off more debt — that’s pretty powerful,” If you’re a bank looking to connect better with your customers while also reducing your dropout rates? Reach out to our experts to learn more about our PFM platform, Spinach. https://lnkd.in/gTzRwmts #pfmtool #pfmplatform #personalfinancemanagement Rajesh BLNKarthikeyan Raman, Padmanabhan Rangarajan, PATTUMANI DHAMODHARAN, Srikanth KS, Rafeeque M Ali, Prashanth H S,  Pasupati Khanal, Subhranil Mazumdar, Do Thi Huong Tra

#MCPersonalFinance | 📉 Credit score slipping? Despite on-time payments, hidden factors like account age, credit inquiries, or credit mix could be at play. Watch 🎥 more on this⤵️ #CreditScore #CreditInquiries #CreditMix

According to a new report by payment provider Finzly, “51% of bankers believe that FedNow payments will become a profit center for their institutions within the next three years, and 50% think the biggest profit opportunity will come from fees enabling businesses to send and receive instant payments. The sample from the study represents a wider industry sentiment and where payments can be headed over the course of the next several years. #FedNow #Report #Study #Payments

💳 Specialist payment providers vs traditional banks. What’s the general consensus? Sure, banks have well-established reputations and are a one-stop shop for a wide range of financial services. But in this data-driven world, are they enough to drive your business forward? Take a look at our blog post: Why you should use a specialist payment provider where we’re shining a light on the pros and cons of both. Read the article here https://hubs.ly/Q02wvZwT0 Be sure to let us know your thoughts in the comments below 👇 #banksvspaymentproviders #procurementpayments #finance2024 #specialistpaymentproviders

Federal Reserve Board requests comment on proposal to expand the operating days of the Federal Reserve Banks’ two large-value payments services, Fedwire Funds Service and the National Settlement Service, to include weekends and holidays Currently, both the Fedwire® Funds Service and the National Settlement Service, or NSS, operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating hours each day would remain the same, with the Fedwire Funds Service open 22 hours per day, and NSS open 21.5 hours per day. Use of the expanded operating days by service participants, such as banks and credit unions, would be voluntary. The Fedwire Funds Service is a wholesale payment service that allows service participants to send and receive individual electronic funds transfers up to $10 billion. The NSS is a settlement service for participants in private-sector clearing arrangements, such as check clearinghouses, a private-sector automated clearinghouse network, and securities settlement systems. https://lnkd.in/gMkxXv8J. #payments #banking #us