The European Central Bank released the results of its first stress test of EU banks’ cybersecurity measures, revealing that many banks would struggle to recover from a hack. The ECB asked 109 banks to detail their emergency plans in the case of a cyberattack, including both their response to the breach and their strategy for […] The post ECB’s Cybersecurity Stress Test Reveals Challenges for EU Banks appeared first on PaymentsJournal ..read more

Whenever a purchase is made with a debit card, transaction fees are typically about 50 cents. But, if that purchase is for a child’s lunch at school, the fee can jump to over $2. This disparity occurs when a market is dominated by a small handful of players. Although more than 20 companies offer lunch payment […] The post The Hidden Costs of School Lunch Payment Fees appeared first on PaymentsJournal ..read more

In today’s complex business landscape, maintaining precise and transparent financial records is not just recommended—it’s essential. Payment reconciliation is a critical, yet often overlooked, task fundamental to ensuring an organization’s financial well-being. This process involves meticulously aligning sales transactions recorded in a company’s accounting books with those on bank statements and other financial documents, ensuring […] The post Optimizing Financial Integrity: The Role of Payment Reconciliation in the Digital Era appeared first on PaymentsJournal ..read more

The American Express Gold Card has new rewards benefits in travel and dining—both popular categories favored by Millennials and Gen Z. These changes follow a June study from the company, which found that 76% of Millennial and Gen Z respondents dined out at least two to three times per month, and 70% were interested in […] The post Millennials and Gen Z Will Love the Amex Gold Card as Much as Their Parents appeared first on PaymentsJournal ..read more

Bank of America’s CashPro corporate payments app processed $500 billion through the first half of the year, a 40% increase from a year ago. Business banking apps have increasingly adopted mobile-friendly features similar to those in consumer online banking apps. This ease-of-use has helped mobile business banking apps gain massive popularity, and Bank of America […] The post Bank of America’s CashPro App Sees 40% Rise in Business Payments Volume appeared first on PaymentsJournal ..read more

Facing a continuing rise in fraud and fraud attempts against financial institutions, Nacha has announced new rules to help organizations mitigate these risks. These new rules will take time to implement, so institutions should begin preparing now rather than waiting until the rules go into effect.  In a recent PaymentsJournal podcast, Brian Holbrook, Director of […] The post Nacha’s Upcoming Rules Take a New Approach to Fighting Fraud appeared first on PaymentsJournal ..read more

Home buyers frequently send wire transfers to cover down payments and closing costs in real estate transactions. These transfers handle significant sums, close quickly, and settle irrevocably, making them prime targets for cybercriminals. Losses from real estate wire fraud rose from $9 million in 2015 to $446.1 million in 2022, according to the Federal Bureau of Investigation. Criminals constantly test the systems of law firms, mortgage brokers, and realtors involved in real estate transactions, seeking any data they can use to manipulate home buyers. As CNBC recently reported, cybercriminals ..read more

Luxury sports cars and cryptocurrency naturally share a market among wealthy, status-conscious individuals. Ferrari is capitalizing on that connection by announcing it will accept bitcoin and other cryptocurrencies at its European dealerships starting this month. The Italian automaker began accepting bitcoin and crypto payments at its U.S. dealers last year. But Europe, the Middle East, and Africa remain its largest market, with more than 1,500 cars sold there in Q1 2024, compared to just under 1,000 in the Americas. Ferrari plans to expand the bitcoin payment option to all of its d ..read more

As digital wallets and contactless payments become more popular, cash is becoming less common in everyday transactions. Younger consumers, especially, have grown up in a landscape where carrying cash is optional, and this generational shift is driving us closer to the concept of a cashless society. But it won’t happen anytime soon. There are more than 50 billion pieces of paper money in circulation in the United States, including more than 14 billion one-dollar bills. While cash isn’t disappearing entirely, data from Marqeta shows that both consumer attitudes and habits are shifting towards a ..read more

The amount of credit card debt U.S. consumers have accrued is now $1.3 trillion and rising, but some states have more debt than others. Consumers in Alaska have the highest credit card debt, according to data from WalletHub, with a median amount of $3,859 per person. Given the state’s average monthly credit card payment of $259, it would take over a year and a half for the average person in Alaska to pay off their bill. They would also incur $635 in interest along the way. While a state’s median credit card debt can be an indicator of its residents’ financial health compared to other states ..read more