The results of new research by the Federal Reserve show that electronic payments are much more important to the nation’s economy than previously thought. The Fed’s study on retail payments shows that electronic payments have increased to 40 percent of all non-cash payments, a far higher percentage than existing industry estimates. The last time that a study of this magnitude was conducted on retail payments was in 1979. Since then, the Federal Reserve and the banking industry have relied upon estimates of check volume that have increasingly overstated the actual number of checks. The new study reports that 49.1 billion checks are written in the U.S. every year, far lower than the figure of 68-70 billion that has been generally accepted in the banking industry. Electronic payment volume has increased to 29.5 billion payments annually, up from 5 billion reported in the 1979 study.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more