FOREX Magazine

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