The Federal Reserve has announced that it is expanding the FedACH SameDay service to offer greater opportunities for same day clearing of ACH transactions. Effective April 1, 2013, the expanded service will feature the following modifications: Permits all SEC Codes except International ACH Transactions (IAT), Check Truncated Entry (TRC) and Check Truncated Entries Exchange (TRX) [...]
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B2B ePayments: Virtual Card Best Practices
I have talked about the benefits of virtual card programs on past blog posts and have even provided a link to an ROI calculator for companies to calculate their cost reductions and potential rebates by converting checks to virtual card programs. Adopting a B2B ePayment strategy that takes advantage of highly secure virtual cards helps companies to reduce [...]
Understanding Health Care EFT Standards: Part III
Which Message Format to Use for Health Care EFT?… In Part I of my Understanding Healthcare EFT standards blog, I identified several major obstacles for health care providers to adopt EFT (electronic funds transfer) and ERA (electronic remittance advice). In Part II, I explored the differences between in-band versus out-of-band remittance delivery and how it reletes [...]
Understanding Health Care EFT Standards: Part II
In-Band vs. Out-of-Band Remittance Delivery… In Part I of my Understanding Healthcare EFT standards blog, I identified several major obstacles for health care providers to adopt EFT (electronic funds transfer) and ERA (electronic remittance advice). In Part II, I will explore the differences between in-band versus out-of-band remittance delivery and how it reletes to EFT standards. In an [...]
Why Outsource B2B ePayment Adoption?
SunGard recently conducted a study to better understand how corporations were addressing the various challenges around B2B ePayment adoption and the migration to ACH and virtual cards. The study included 171 participants spanning a broad range of industry and revenue classifications, with 48% of the respondents from companies with more than $1 billion in revenue. Not [...]
Latest Insight Into Payment Remittance
The Aite Group recently conducted a survey that analyzed remittance practices, benchmarks and perspectives of US and International corporations. The findings confirmed some commonly held views but also provided some surprising insights into practitioner’s preferences. The study was based on 240 U.S.-based companies, 280 companies based outside of the U.S., and a total of 25 financial [...]
B2B Payments: Shifting Potential Liability
There are a lot of things that keep chief security executives up at night including disasters, theft of intellectual property, budgets, compliance, training and securing mobile devices. Added to this list is a growing awareness of the financial liability associated with a data breach. There have been well-known reputable businesses who have suffered large-scale data [...]
Payments Fraud Remains High
The eighth annual AFP Payments Fraud and Control Survey report was released in March. This valuable survey, underwritten by J.P.Morgan, provides information and trend analysis of payments fraud. The 2012 survey shows that, for the fifth consecutive year, two-thirds of responding were victims of actual or attempted fraud. Following are some of the highlights from the report that [...]
Virtual Card Programs Part II: How Corporations Use Them to Earn Revenue
In Part I of my virtual card blog series I described the nature of a virtual card program. In part II, I will describe how corporations can use virtual card programs to help generate revenue. More and more corporations are seeing the benefits of migrating paper checks to electronic and now specifically to virtual card [...]
Virtual Card Programs – What Exactly Are They?
Corporations remain under continuous pressure to reduce costs and improve operational efficiencies. One of the easiest ways to do this is by migrating payments from check to electronic. However, I am seeing more and more corporations taking the migration to electronic payments a step further by implementing virtual card programs which can turn their A/P departments from [...]
