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How Payment Companies Are Using AI; Consumers Falling Behind On Payments


Апр 21, 2023

How Payment Companies Are Deploying Next Gen AI

Companies are accelerating their use of artificial intelligence to improve services tied to payments, with Fiserv and Klarna both recently making fresh use of AI. Klarna, known for buy now/pay later lending, has added ChatGPT to improve shopping, while Fiserv has introduced an omnichannel fraud prevention bundle that makes use of machine learning to speed up transaction monitoring as payment processing becomes faster. [American Banker]

More U.S. Consumers Are Falling Behind on Payments

Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Profits at Bank of America, JPMorgan Chase, Wells Fargo and Citigroup beat analyst forecasts as lending giants earned a windfall from rising interest rates. But industry chiefs warned that the strength would tail off this year as a recession looms and customer delinquencies climb. [Reuters]

Savings Account Interest Rates Just Hit a 15-Year High, But Fewer Americans Are Benefitting

The returns savers stand to get on their money are the highest they’ve been in 15 years, thanks in part to stubborn inflation, which pushed the Federal Reserve into hiking interest rates over the past year. Top-yielding online savings account rates are now just north of 5%, the highest since 2008, and much higher than last year’s 0.8%, according to Bankrate.com. While savers could get better returns on their cash, just 22% of savers are earning 3% or more on their accounts — and nearly as many savers are not earning any interest at all. Americans, overall, are saving less. Nearly half, or 49%, of adults have less savings or no savings compared to a year ago. More than one-third also now have more credit card debt than emergency savings, which is the highest on record. [CNBC]

Medical Debt May Have Just Been Wiped Off Your Credit Report

Medical collections debt under $500 should no longer appear on your credit report, potentially boosting your credit score. The three major credit bureaus—Experian, Equifax and TransUnion—said last week that they have finished scrubbing credit reports of any medical debt that went to collections for an initial balance under $500. This long-awaited action by the credit bureaus is part of a larger overhaul of how medical debt is now treated on credit reports. [Yahoo Money]

Consumers Turn to Buy Now, Pay Later Apps for Groceries

In an effort to combat inflation and rising costs, more people are turning to buy now, pay later apps for essentials like groceries. Although inflation has shown signs of slowing, grocery prices have remained high. Recent numbers show retail sales have dropped as consumers cut back and analysis indicates that even when people are spending more money, they’re getting less for it. [News Nation]

World’s First Sharia-Compliant Cryptocurrency to Launch Next Month

Islamic Coin, the world’s first Sharia-compliant cryptocurrency, will be publicly launched next month. The currency, which operates on the Haqq Blockchain, adheres to Islamic principles and traditions on finance. The global Muslim community has grown to over 1.8 billion people, representing an untapped and underserved market in the crypto world. [Jordan News]

How Virtual Assistants Take Mobile Banking Apps to the Next Level

Though very few banks offer true virtual assistants, more are on the way. This automated help feature, which incorporates natural language processing, artificial intelligence and predictive analytics, takes mobile banking to the next level. It helps improve the customer experience while also allowing for increasingly sophisticated functionality in the mobile banking app. Research from Wells Fargo suggests younger consumers in particular are receptive to bypassing human help for a virtual assistant instead. [The Financial Brand]

Square Launches Tap to Pay for Android in the United States and Five Other Markets

Square, the point-of-sale and e-commerce unit of Block, announced the launch of Tap to Pay on Android for merchants in the United States, Australia, Ireland, France, Spain, and the United Kingdom. The technology will enable Square merchants to accept contactless payments with a compatible Android device, such as a mobile phone, at no additional cost. The move comes less than a year after Square launched Tap to Pay for iPhone last September after testing the technology in June 2022 with select merchants. [Digital Transactions]

Apple Launches Its Savings Account with 4.15% Interest Rate

Apple on Monday launched its Apple Card savings account with a 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones. Users must have an Apple Card in order to open the savings account. The company said that all Daily Cash rewards earned through the Apple Card will automatically be deposited to the savings account. Daily Cash is the Apple Card reward program that offers up to 3% back on purchases. Users can change where their Daily Cash is deposited at any time, and can also add funds from their bank account to build on their earnings. Apple is launching the savings account through Goldman Sachs. [CNBC]

Credit Agency Giant TransUnion Starts Delivering Credit Scores for Crypto Lending

TransUnion, one of the three major credit agencies in the U.S., will deliver credit scores for decentralized finance (DeFi) lenders. TransUnion will provide traditional (off-chain) credit scores for individuals when they apply for loans on blockchain-based protocols without compromising applicants’ privacy. The firm is teaming up with data security firm Spring Labs and DeFi identity and compliance software developer Quadrata to provide the service. [CoinDesk]

What is a Corporate Credit Card and How Does It Work?

A corporate credit card is a card tied to a corporate account rather than to an individual. That means the business entity, not the business owner, is legally responsible for all charges made on the card. Generally, corporate accounts are only available to businesses with annual revenue of $4 million or more, plus a track record of success and an established business credit history. If your business is an LLC, S-Corp or C-Corp with a solid business credit score and revenue in the millions, your company might be eligible for a corporate credit card. Some corporate credit cards come with perks like points, miles or cash back. But the biggest benefit to a corporate credit card is that individual employees can be issued their own cards to handle their work-specific business expenses. [The Points Guy]

How Mastercard’s Partners Fuel Its Diversification

As card firms like Mastercard and Visa grow less reliant on transaction processing for their revenue, they’re connecting to a diverse range of third parties that help them offer other services. Mastercard last week partnered with Stax’s CardX to launch Click to Pay on Lightbox, CardX’s online payment product. Stax, a merchant-focused technology company, acquired CardX, a digital payment provider, in 2021 to make it easier for businesses to automate card acceptance. This follows other partnerships that extend Mastercard’s services and technology reach, including deals with JPMorgan Chase and Jack Henry & Associates, which enable Mastercard to extend services such as connecting merchants to payments, improving authentication and streamlining transaction processing. [American Banker]

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