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Cash management improvement opportunities world-wide with new payment services

Improvements in payment systems are opening new opportunities to improve cash management efficiency and revealing new markets. Important recent developments are reviewed below.

Same day ACH debits in USA from 15 September 2017

The Electronic Payments Association® in the USA released results from their March-April 2017 qualitative survey of 24 financial institutions representing two-thirds of ACH origination volume on implementation readiness for Same Day ACH debits on the effective date of Sept. 15, 2017. 92% of financial institutions surveyed will be ready to originate same day ACH debits on September 15, 2017.

Open Banking and PSD2: clarifying the differences as to what is coming

The Competition and Markets Authority (CMA) in the UK is requiring the nine largest current account providers in the UK to implement Open Banking. Payment UK, in a note published at end of May, explained the overlaps and differences in scope of the two regulatory requirements (and some of the many acronyms in use):
Source & Copyright©2017 - Payments UK

Alipay to Austria and Switzerland

Alipay, the Chinese mobile payment system, is being brought to Austria and Switzerland by Concardis. Having already successfully integrated the Alipay payment method in businesses in Germany including Borussia Dortmund football club. Concardis integrates Alipay at the point of sale with a simple software update for the existing terminals. There is no need for additional investment in the technical infrastructure. 

Alipay is going to be a major player world-wide. Do you need to start accepting Alipay now?

Mobile Payments not as successful as predicted

Mobile payments are growing, but nowhere near as rapidly as predicted. Mobile payment players are battling each other as well as the consumers reluctance to drop payment cards which work well enough. 

Experts estimate that only 5% of consumers who carry a mobile wallet actually use it, e.g. 22% of of potential users have tried Apple Pay, but only 4% use it. (Samsung Pay has the highest usage at 4.5%.) What drives usage is bonuses of some kind.

However, Apple are not stopping their mobile payments developments. They have just announced a new Peer-2-Peer payment service which is integrated into iMessages and other applications.

New mobile wallet services keep coming, e.g. national mobile wallet service launched in United Arab Emirates.

Mastercard launches B2B payments hub for SMEs 

Mastercard have announced their Mastercard B2B Hub, an innovative solution that enables small and midsized businesses to optimize their invoice and payment processes with accounts payable and payment automation tools that improve the speed, ease and security of their commercial payments.

The Mastercard B2B Hub, delivered through card issuers, is an end-to-end automated solution that meets the payment needs of small and midsized companies. It leverages digital tools and resources to maximize electronic payments across cards and data-enriched ACH. With The Mastercard B2B Hub, companies will no longer be burdened with the costs of manual accounts payable and payment processes. In addition to driving cost efficiencies, the Mastercard B2B Hub enables a more secure electronic payment experience, provides enhanced data and insights, offers easier reconciliation, and meets the funding needs of companies.

Insights into B2B payment habits can help reduce DSO

Billtrust in the USA have announced that its Business Directory is now available to provide corporate clients with a source of data that identifies invoice payment habits of their own customers. The directory provides a collection of data on invoice payment behavior so companies can see which of their own customers are more likely to send and receive payments electronically.

EMV chip card penetration

The latest statistics fropm EMVCo show that the percentage of EMV enabled chip card issuance has continued to increase across all regions:

• Europe Zone 1, EMV chip card adoption rate: 84.9% (up from 84.3% in 2015).

• Canada, Latin America and the Caribbean, EMV chip card adoption rate: 75.7% (up from 71.7% in 2015). 

• Africa and the Middle East, EMV chip card adoption rate: 68.7% (up from 61.2% in 2015). 

• Europe Zone 2, EMV chip card adoption rate: 63.7% (up from 52.3% in 2015). 

• United States, EMV chip card adoption rate: 52.2% (up from 26.4% in 2015).

• Asia Pacific, EMV chip card adoption rate: 38.8% (up from 32.7% in 2015).

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This item appears in the following sections:
Payments - Disbursements
International Payments
Paying Suppliers
Urgent/Instant .Payments
Card Payments at POS
Billing Systems & e-Invoicing
Direct Debit Bill Payments
International Bill Payments
Regular Bill Payments from Businesses
Regular Bill Payments from Consumers

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