More than 12 billion automated clearing house (ACH) payments were made in 2004, a 20 per cent increase over 2003, according to statistics released by Nacha – the US Electronic Payments Association. Nacha said the growth was largely driven by the rapid expansion of ARC – the accounts receivable check conversion application – which experienced a nearly six-fold increase in volume to more than 1.25 billion payments. Internet-initiated ACH payments represented a second area of growth. In 2004 American consumers initiated 967 million ACH debit payments via the Internet, valued at over $300bn, and a 40.4 per cent increase over 2003. Nacha estimates that 80 per cent of these debits are to pay bills via companies’ or billing services’ web sites, 18 per cent are to transfer funds, and one per cent are to make purchases. In addition, Americans initiated 115 million ACH credit payments, valued at $47.8bn, via their financial institutions’ or billing services’ websites.
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