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.MAC UPDATES
New changes coming to MAC this week
As a member-driven association, MAC is driving to its next level of impact through new and enhanced education, training, and community discussions. If you are a valued MAC member — thank you.
Your organization’s support has enabled MAC to grow its voice in the payments ecosystem. We continue to add benefits as part of the dues restructuring, and we are excited to announce the launch of MAC’s new website later this week.
MAC members, please watch your inbox for details on setting up your new profile and adding organizational team members to begin accessing the newest content on the website.
Additionally, we will be sharing personalized messages regarding your dues structure and anticipated changes to your organization’s dues rate. If you have any questions about your MAC membership, please contact us directly at membership@macmember.org.
Not yet a member? Join today and start experiencing the MAC benefits, with more to come. Now is the time to engage with MAC as we lead the conversation in the payments industry.
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Mark your calendar for July 27-28, a virtual Level Up!
This year’s theme, Navigating the New World, will have presentations focusing on strategies to adapt quickly to the evolving payment landscape. We heard your feedback, and this year’s event will feature additional networking and engagement opportunities.
Registration is opening soon; take advantage of the early bird rate to save $20 on your registration for this premier event.
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.INDUSTRY NEWS
The importance of payments innovation
PYMNTS
Prioritizing payments innovation is a critical area of focus for credit unions as they look to serve the future needs of their members. Payment solutions and offerings are key drivers of the credit union-member relationship, encouraging increased trust and ultimately leading members to continue banking with their credit union in the long term. Conversely, if proper attention is not given to innovation, it can push members away.
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Merchant boarding is a complex process. To reduce manual processes and speed up underwriting, many payment facilitators implement multiple point solutions or build custom software to streamline the end-to-end boarding process. Come explore hidden costs of custom builds, the pitfalls of combining multiple off-the-shelf solutions, and new automation solutions that can deliver faster time to revenue.
Register Here
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Ecommerce losses to online payment fraud to exceed $20 billion annually in 2021
VanillaPlus
A new study from Juniper Research has found that the value of losses due to eCommerce fraud will rise this year, from $17.5 billion in 2020 to over $20 billion by 2021; a growth of 18% over a single year.
The research found that fraudsters have targeted consumers as they have increased their eCommerce use; exposing insecure fraud mitigation processes from merchants who are unfamiliar and unprepared for the continuing fraud challenges in this market.
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A surge in payments trends: FIs forced to pivot quickly during pandemic
Bobs Guide
The increased demand for contactless payments during the pandemic meant financial institutions had to pivot quickly to asses market structures and what features and products to prioritize, according to Sajni Shah, co-head of product at Starling Bank.
The first quarter of 2020 saw a larger shift towards digital payments in 10 weeks than in the proceeding five years, according to Mastercard. That trend has continued.
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Payments will be most transformational when businesses move beyond payments
PYMNTS
The pandemic turbo-charged digital transformation and, for many businesses, took it from a medium-term strategy into an urgent requirement. 2020 caused a decade’s worth of change to occur in just one year. The expectations of and demand for digital-first services has leaped years ahead of previous projections, and they were already predicted to transform rapidly. In 2020, data house IDC predicted that global spending on digital transformation technologies and services would grow 10.4 percent that year to reach a total of $1.3 trillion.
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IRS pushed to crack down on P2P payment apps
Accounting Today
The Internal Revenue Service could be doing more to track unreported income flowing through increasingly popular peer-to-peer payment apps like Venmo and Zelle, according to a new report.
The report, issued Monday by the Treasury Inspector General for Tax Administration, found that the minimal reporting thresholds of $20,000 and 200 transactions that trigger the existing requirements for information return reporting presents challenges in how effectively the IRS is able to identify potential cases of tax noncompliance.
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AgeChecker.Net is the leading provider in online age verification for age-restricted industries. Compliance for Tobacco, Vape, CBD, gaming, supplements and many more. Require your merchants to use online age verification for age restricted products. Protect your merchant portfolio by adding an additional layer of KYC compliance.
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The Paypers launches the Financial Crime and Fraud Report 2021
The Paypers
The Paypers has launched the Financial Crime and Fraud Report 2021, a picture of what is currently happening in fraud management, digital onboarding, and financial crime in financial services.
Building upon previous editions, this new report aims to draw an overview on how the COVID-19 pandemic changed the cyber-criminal world, in which new scams were invented and old ones were re-purposed, and the significant role identity verification technologies play in decreasing fraud rates around the world.
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The future of payments is fast, seamless, safe and embedded
The Financial Brand
The pandemic provided the impetus to implement faster, easier and more secure payment solutions for consumers and businesses. The shift to contactless payments, mobile wallets and even one-click or no-click embedded solutions are becoming more common. In an exclusive interview, Mike Cook, global payments leader at IBM discusses how payments are becoming an invisible part of the purchase journey.
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Promoted By LegitScript
Learn how an effective and accurate merchant monitoring solution can save risk teams hours of wasted time while enabling them to focus on important priorities like enforcement, merchant communications, and more.
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Cross-border payments are a lifeline for some. This is why they should be available to all
World Economic Forum
It’s hard to imagine that one year ago as we brushed up our armchair epidemiology and adjusted to a world that had changed overnight, the words ‘furlough’ or ‘paycheck protection package’ were only just entering our lexicons. In societies where jobs weren’t protected, millions found themselves in precarious financial positions. For these people, receiving payments from friends and family abroad has been a lifeline.
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6 post-pandemic payment trends and how they are impacting Missguided
InternetRetailing
In the week that stores in the UK have reopened, the retail industry is looking more closely than ever at how it has been reshaped by the pandemic and what trends have emerged – and what impact they will have – as we all move on.
In a webinar hosted by InternetRetailing, payment processing company Stripe laid out what it sees as the key trends in payments that these changes have brought about, along with their wider impact on retail, as outlined by Missguided.
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The power of digital transformation through healthcare payment technology
PYMNTS
Dominick Colabella, CEO of Rectangle Health, dives into how the digital shift is transforming the healthcare payments landscape. "Our digital footprint not only includes how we pay for physical items and services rendered, but also what we can afford for our family’s health and our own well-being," he says in The Connected Economy’s Power Source – CEO Edition.
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Finzly CEO Booshan Rengachari named to U.S. Faster Payments Council's Board Advisory Group
PaymentsJournal
Finzly, a fintech provider of modern banking applications for payments, foreign exchange, trade finance and digital account opening, announced that the company’s CEO and founder, Booshan Rengachari, has been named a new member of the U.S. Faster Payments Council’s Board Advisory Group. In this role, Rengachari will advise the FPC’s board of directors and staff on perspectives outside those represented on the board, in addition to supporting the FPC in capitalizing on — and responding to — emerging trends in the payments ecosystem.
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How COVID disruption produced new industry standard
FreightWaves
A little over a year ago, the world seemingly shut down due to the COVID-19 pandemic. However, the trucking industry — and specifically truck drivers — continued operating during a time of great uncertainty and challenge in order to keep the supply chain moving.
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Promoted by
Sysnet Global Solutions
| Are you ‘prescribing’ the right security solution to your merchants?
When it comes to small businesses, an all-in-one cybersecurity solution is just what the doctor ordered. |
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Promoted by
MultiView
Nearly two decades ago we recognized that industry associations relied on offline communications in an increasingly online world. We also saw that businesses who sell to other businesses [B2B] were limited to just a few traditional tactics for reaching their niche groups.
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The wider lessons from The Federal Reserve's payment outage
PaymentsJournal
Reports that a payment system was unavailable for a few hours in February 2021 may not sound like a big deal, especially to those outside the payment industry. But when that payment service is run by The Federal Reserve it merits closer examination. Is this an isolated incident, or part of a pattern that the banking industry needs to address?
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