FOREX Magazine
IBP Finance I
IBP Finance I
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payer. Most commonly, those payments are<br />
sent by automated clearing house. (ACH).<br />
The remittance details, however, are<br />
typically sent separately through an email.<br />
As an example, Company A might receive<br />
an invoice for $10,000. That company might<br />
originate an ACH transfer to pay that $10,000<br />
transaction and send the payee an email to<br />
say the payment is on the way. In addition,<br />
the company might send the payment<br />
details in an email, PDF document or an Excel<br />
spreadsheet (if there is a large volume of<br />
payments). The customer receiving the<br />
payment, though, is left to do a lot of work:<br />
Since most systems can’t read and parse an<br />
email or an electronic file, such as a PDF or<br />
Excel spreadsheet, they have to manually<br />
post the payment.<br />
As corporates face these kinds of challenges,<br />
FinTech firms like DadeSystems seek to<br />
provide solutions to meet their needs. Banks,<br />
in particular, can benefit from partnering with<br />
FinTech firms that can help them get access<br />
to quicker development, rather than going it<br />
alone. In addition, banks can tap into the<br />
expertise of such firms that keep an eye on<br />
the latest developments.<br />
“We’re out in the marketplace every day<br />
dealing with corporates and seeing the new<br />
trends out there to support the changing<br />
payment landscape,” Berdan said,<br />
indicating that FinTech firms are on the front<br />
line of innovation.<br />
Tips for individuals using<br />
person-to-person payment<br />
systems<br />
Sending and receiving money is easier than<br />
ever before thanks to electronic fund<br />
transfers, often called person-to-person (or<br />
P2P) payment systems.<br />
Person-to-person payment systems, like<br />
PayPal, Venmo, and Zelle, allow consumers<br />
to link bank accounts, debit cards, and/or<br />
credit cards to send and receive money to<br />
another party via mobile and desktop<br />
applications.<br />
While these P2P programs offer great<br />
convenience, they can lead to potential<br />
hassles or worse for unsuspecting consumers.<br />
To help consumers navigate the P2P<br />
landscape Tennessee Department of<br />
Commerce and Insurance’s (TDCI) Division of<br />
Consumer Affairs is offering tips to consumers<br />
who utilize P2P services.<br />
“Person-to-person payment systems may<br />
offer convenience, but consumers should<br />
take the same precautions with these<br />
applications that they would with their bank<br />
accounts,” said TDCI Commissioner Julie Mix<br />
McPeak. “Each company provides varying<br />
levels of account and purchase protection.<br />
Tennesseans should always conduct their<br />
research before selecting a P2P system.”<br />
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