According to the Biometrics Research Group, Inc., biometrics are “measurable physical and behavioral characteristics that enable the establishment and verification of an individual’s identity”. The processes that are involved in biometrics include detecting and recording an individual’s distinctive physical features, as well as other traits. These aspects are then recorded…
As e-Commerce continues to expand worldwide, there is no question that the future remains bright for online sales. According to Statista, the percentage of e-Commerce retail sales was at 16% in the U.S. In the U.K., e-Commerce sales rose to almost a third of overall retail in May 2020. Alongside…
As the coronavirus continues to spread and a second lockdown is underway in many countries, “in-person shopping” will likely be obliterated once again. Businesses, desperate to fend off further layoffs and even bankruptcy, have transitioned to developing a digital presence, in order to sell their products online. Some of these…
In July 2020, Bankful, a licensed third-party payment provider, announced that it can now be integrated with Wix, the popular cloud-based web development company. This alliance will prove to be highly beneficial for merchants as they will be able to not only create stunning, customizable websites, but also collect payments…
According to the Financial Times, transaction laundering has grown to $200 billion in the United States. This sum is expected to experience explosive growth over the next few years. Transaction laundering is the “criminal” use of a lawful merchant payment infrastructure to process illegal transactions. The verification of a user’s…
Faster payments have been receiving much interest among financial institutions (FIs), given that more solutions are being developed and introduced into the financial ecosystem. Since the announcement of the Federal Reserve’s FedNow, the expedited services from ACH, and many more innovations in payments that focus on speed, smaller banks have…
As part of doing business online, merchants have found themselves facing an ever-growing adversary…the chargeback. Launched more than forty years ago as a consumer-protection mechanism when credit cards were still in their infancy, these “forced payment reversals” have become a thorn on merchants’ sides. Not to mention a looming threat…
Fintech is revolutionizing the financial sector at a rapid rate. As described in a Forbes article, Fintech can be found at the intersection of finances and technology, as it seeks to “improve and automate the delivery and use of financial services”. Some of Fintech’s latest innovations include mobile banking applications…
A report produced by PwC Global titled, “Emerging Markets: Driving The Payments Transformation” details how consumers’ needs are driving the revolution in payments within emerging markets. According to the study, 85% of the global population live in countries known as emerging markets. Representing one-third of the world’s population, China and…
Fintechs were seen as a disruption threatening to replace banks a decade ago when they emerged. But it didn’t take long for the counterparts to realize that both sides could benefit from working together. According to a 2017 research by EY dabbed Unleashing the Potential of Fintech in Banking, teaming up,…