By Rhonda Whittaker, Marketing Manager, UMACHA
Center for Payments Communications Committee Co-Chair

The Center for Payments, a collaboration of ten payments associations providing market intelligence and thought leadership to advance the U.S. payments industry, has completed its second annual survey of financial institutions. 

Working with research partner Industry Insights, the Center for Payments launched Digitizing Payments: The Online Account Opening Experience in October 2020 to determine current industry practices and procedures to detect, evaluate, and mitigate fraud threats and synthetic identity fraud throughout the financial institution online account opening experience.  This topic is particularly vital as the pandemic has underscored the importance of financial institutions reducing friction and risk in online services. 

Laura Steele, AAP, Chair of the Center for Payments and President & CEO of ePayResources, notes, “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.”

Over 500 financial institutions participated in the survey; the results will be available in early January 2021 through the payments associations that compose the Center for Payments.  Responding institutions will be granted exclusive access to benchmarking data with a personalized Company Performance Report, showing their survey results alongside those of the institutions most similar to them. These reports will provide respondents with an easy means for interpreting their results and comparing themselves to their peer institutions.

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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 Center for Payments’ mission is to advance the payments industry as a united voice through market intelligence and thought leadership. Follow us on Twitter and LinkedIn.

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