GO FURTHER IN PAYMENTS
The Center for Payments™ is a joint program sponsored by ten payments associations for the purpose of helping members and staff better prepare for the continued evolution in U.S. payment systems. The mission of the Center for Payments is to advance the payments industry as a united voice through market intelligence and thought leadership. This program further enhances the value of membership in the participating associations. Current participants in the program include: ePayResources, EPCOR, Macha, NEACH, PaymentsFirst, SHAZAM, Southern Financial Exchange, The Clearing House Payments Authority, UMACHA, and WesPay. These associations represent over 10,000 financial institution members, businesses and stakeholders with an interest in U.S. payment systems.
Digitizing Payments: The Online Account Opening Experience
Digitization of financial services is increasing markedly, and the COVID-19 pandemic has been fueling a pre-existing trend. Traditional banking services – like account opening – once administered in person, are now being conducted online in order to safely serve customers and members. Financial institutions looking to implement new digital services during the pandemic have faced a number of challenges.
To support financial institutions offering online account opening, the Center for Payments™ launched its second nationwide market study, Digitizing Payments: The Online Account Opening Experience. The study examines current financial institution practices and procedures to safely manage online account openings, and to detect, evaluate, and mitigate associated risks throughout the online account opening process. The results aim to provide financial institutions with insights into different strategies and actions similar organizations undertake for online account opening.
– Online account opening is a growing trend
– Risk avoidance is a key rationale for not offering online account opening
– Financial institutions are diligent in monitoring fraud with online account opening
– Various tools are used to mitigate risk and fraud with online account opening
About the Study
Digitizing Payments: The Online Account Opening Experience, compiled and tabulated by Industry Insights, Inc. and designed in cooperation with the Center for Payments and key industry executives, is based on findings from online surveys fielded between October 22 and November 25, 2020. The results include responses from 525 C-suite executives, vice presidents, and managers/directors at financial institutions ranging in asset size from under $500 million to $5 billion or more. The survey examines current industry practices and procedures to safely manage online account openings and to detect, evaluate, and mitigate the risks throughout the online account opening experience.
The complete findings of this study are available exclusively to members of the ten payments associations that participate in the Center for Payments. Contact your payments association for more information.
The ten associations sponsoring the Center for Payments have over 40 years’ experience supporting the evolution of the U.S. payment systems by providing guidance to the industry, and by partnering with rule makers, regulators and other industry partners. All ten associations are individual members or supporters of Nacha, ECCHO and the Faster Payments Council and participate in the rule making processes of those organizations. The associations are also actively engaged in other industry development activities led by The Clearing House, Federal Reserve Financial Services, regulators and other industry partners.