How payments companies are adopting next-gen AI
Businesses are accelerating their use of artificial intelligence to improve services related to payments, and both Fiserv and Klarna are recent newcomers to AI. Klarna, known for its buy now/pay later lending, added ChatGPT to improve shopping. Meanwhile, Fiserv introduced an omnichannel fraud protection bundle that uses machine learning to speed up transaction monitoring as payment processing speeds up. [American Banker]
More US consumers are falling behind in payments
Consumers are starting to fall behind on credit card and loan payments as the economy softens, but delinquency rates remain modest, according to executives at the nation’s largest bank. Earnings at Bank of America, JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup beat analyst expectations, and financial giants took a windfall from higher interest rates. But industry officials warned that this year’s strength will wane as a recession looms and customer delinquency increases. [Reuters]
Interest rates on savings accounts hit 15-year highs, but few Americans are benefiting
The return savers stand to make their money is the highest in 15 years, thanks in part to stubborn inflation that forced the Federal Reserve to raise rates over the past year. According to Bankrate.com, interest rates for high-yielding online savings accounts are now just above 5%, the highest since 2008, and he was well above 0.8% last year. A saver can earn more in cash, but he is only 22% of savers who earn more than 3% in his account. Overall, Americans save less. Nearly half of adults, or 49%, are saving less or not at all compared to a year ago. And more than a third now have more credit card debt than emergency savings, a record high. [CNBC]
Medical debt may have just been wiped off your credit report
Any medical billing liability under $500 will not show up on your credit report and may improve your credit score. Three major credit bureaus, Experian, Equifax and TransUnion, announced last week that they had completed the collection of his medical debt with an initial balance of less than $500. This long-awaited action by the credit bureaus is part of a major overhaul of how medical debt is treated on credit reports. [Yahoo Money]
Consumers Turn to Buy Now, Pay Later Grocery Apps
To combat inflation and rising costs, more people are buying essentials like groceries now and paying for apps later. prices remain high. Recent figures show retail sales are declining as consumers spend less, and analysis shows that even when people are spending more money, they The amount of money that can be obtained is decreasing. [News Nation]
World’s First Shariah Compliant Cryptocurrency To Launch Next Month
Islamic Coin, the world’s first Sharia-compliant cryptocurrency, is set to go public next month. Operating on the Haqq blockchain, the currency adheres to Islamic principles and traditions regarding finance. The global Muslim community has grown to over 1.8 billion people, representing an untapped and underserved market in the crypto world. [Jordan News]
How Virtual Assistants Take Mobile Banking Apps To The Next Level
Few banks offer true virtual assistants, but more are coming. Incorporating natural language processing, artificial intelligence, and predictive analytics, this automated help takes mobile banking to the next level. It helps improve the customer experience while enabling increasingly sophisticated functionality in mobile banking apps. A study by Wells Fargo found that consumers, especially younger, are instead willing to bypass human help for virtual assistants. [The Financial Brand]
Square Launches Tap to Pay for Android in US and Five Other Markets
Block’s POS and e-commerce division, Square, announced the launch of Tap to Pay on Android for merchants in the US, Australia, Ireland, France, Spain and the UK. This technology allows Square merchants to accept contactless payments using compatible Android devices, such as mobile phones, at no additional charge. The move comes less than a year after Square launched his Tap to Pay for iPhone last September after testing the technology at select merchants in June 2022. It was done at my house. [Digital Transactions]
Apple opens savings account with interest rate of 4.15%
Apple on Monday launched an Apple Card savings account with an annual interest rate of 4.15%. According to Apple, no minimum deposit or balance is required and users can set up an account from his Wallet app on his iPhone. An Apple Card is required to open a savings account. According to the company, all Daily Cash rewards earned through the Apple Card will be automatically credited to your savings account. Daily Cash is an Apple Card rewards program that offers up to 3% back on purchases. Users can change their Daily Cash deposit destination at any time. You can also add funds from your bank account to increase your earnings. Apple opens savings accounts through Goldman Sachs. [CNBC]
Credit institution giant TransUnion launches credit score for crypto lending
TransUnion, one of the three major US credit agencies, provides credit scores to decentralized finance (DeFi) lenders. TransUnion provides traditional (off-chain) credit scores when individuals apply for loans on a blockchain-based protocol, without compromising the applicant’s privacy. The company has partnered with data security company Spring Labs and DeFi identity and compliance software developer Quadrata to offer the service. [CoinDesk]
What is a corporate credit card?
A corporate credit card is a card that is tied to a business account rather than an individual. This means that the business entity, not the business owner, is legally responsible for all charges made on the card. Corporate accounts are generally available only to businesses with annual revenues of $4 million or more, a track record of success and an established business credit history. If your business is an LLC, S-Corp, or C-Corp with a solid business credit score and millions in revenue, your company may qualify for a corporate credit card. Some credit cards come with rewards such as points, miles or cash back. But the biggest advantage of corporate credit cards is that individual employees can issue their own cards to handle work-specific business expenses. [The Points Guy]
How Mastercard Partners Drive Its Diversification
As card companies such as Mastercard and Visa become less dependent on transaction processing for their revenue, they are connecting with various third parties to help them provide other services. Last week, Mastercard partnered with Stax’s CardX to launch Click to Pay on Lightbox, CardX’s online payment product. Stax, a merchant-centric technology company, acquired digital payment provider CardX in 2021 to make it easier for businesses to automate card acceptance. This follows other partnerships that expand Mastercard’s service and technology reach, including deals with JPMorgan Chase and Jack Henry & Associates, where Mastercard connects merchants to payments, You can enhance your services by improving authentication, streamlining transaction processing, and more. [American Banker]
