The Center for Payments™ has launched its second nationwide market study of financial institutions, “Digitizing Payments: The Online Account Opening Experience.” The survey examines current industry practices and procedures to detect, evaluate, and mitigate fraud threats, including synthetic identity fraud, throughout the online account opening experience. The results are anticipated to help financial institutions prepare for future wide-scale threats to the U.S. financial system.
Laura Steele, AAP, Chair of the Center for Payments and President & CEO of ePayResources, said, “While the COVID pandemic has emphasized the importance of digitizing the financial services experience, it has simultaneously accelerated the pace of fraud. The results of this survey will facilitate secure payment systems modernization by providing financial institutions actionable data for decision-making and managing operations and risk, especially small and mid-sized financial institutions that may not have access to this type of market intelligence.”
The survey will be made available to financial institutions through their payments associations that compose the Center for Payments. The complete survey results of the first Center for Payments study, “Readiness for Faster Payments in the U.S.,” conducted in 2019, are also available from the payments associations. A high-level summary can be found at centerforpayments.org.
About the Center for 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. Find out more at centerforpayments.org or contact email@example.com. Follow us on Twitter (@Center4Payments).