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• W327743175 abstract "Sometime in 2003, consumers and businesses began making more payments by electronic media than by paper checks. And the beat goes on. By 2010, the Fed will process only about 2.5 billion checks, down from 40 billion in 2003, say payment providers and analysts. Today, payment services contribute up to 40% of bank profits. The bigger the bank, the bigger the share. There won't be a certain month or year when banks will have to switch paper and switch on electronic processing. They will have to do both, indefinitely. How can a bank evolve its payments services to ride the crest of the tsunami and come out with the right mix at the end of the decade? The accompanying graph is a roadmap of how the various components of paper-to-electronic processing will evolve. The payment-scape as it exists now, according to the Federal Reserve Bank's survey at yearend 2004, looks like this: from 2000 to 2003, payments by check dropped from 57% to 45% of total non-cash payments. Credit cards grew slightly from 22% to 23% of the total. Electronic payments--ACH, offline (signature) debits, online (PIN) debits, and electronic benefits transfers--increased their share by half, from 21% to 32% of the total. In all, there were 13.8 billion more electronic payments in 2003 than in 2000. NACHA, the private ACH network, takes the story of electronic payments--including those by the Fed but not on-us--up through the second quarter of this year. From the second quarter of 2004 to the second quarter of 2005, activity on the total ACH network grew from 2.2 billion to 2.6 billion transactions, an 18% increase in one year. The biggest gainers, by a mile, were accounts receivable conversions (ARCs), the immediate beneficiary of the 2003 Check 21 law. An ARC is a payment that starts life as a paper check but is converted to an ACH format. ARC payments grew by almost 84%, to a total of 383.6 million transactions, between the midyear of 2004 and 2005. (In November, NACHA approved methods for originations to identify business clerks that are ineligible for check conversion. The change could increase use of ARCs by making it easier for companies to comply with the rules.) Behind ARCs in growth were consumer-initiated entries (CIEs), which grew a healthy 41% between midyears 2004 and 2005. A CIE is an ACH transaction that a consumer initiates at her bank website, authorizing the bank to push a credit from her account to a seller's account--typically to pay a bill. Biller initiated transactions grew 38% during the year. These biller-direct payments authorize the utility's bank to pull a debit from a consumer's account and transfer it to the seller's account over the ACH network. Perhaps surprisingly, telephone-initiated transactions were next with 25% growth. Prepaid credits (e.g. direct deposit of payrolls) were the largest category of payments in the second quarter of 2005 (885.6 million), followed by prepaid debits (e.g. bills paid) at 583 billion. They grew at 6% and 8%, respectively. Of NACHA's 13 categories of electronic payments, only returned checks declined in value, 14% over the year--a sign that ARC payments are getting more efficient. In the second quarter, commercial payments accounted for 91% of all ACH transactions; the rest were government payments. Getting the right perspective Before a bank can start mapping strategies for surviving the electronics tsunami, it must inform its strategy from the right perspective. That perspective must be from the enterprise level, says Denny Carreker, chairman and CEO of Carreker Corp., a payments technology and consulting company based in Dallas. The first step that some of the largest banks are now taking is to form a payments council that brings together a small group of ten or so executives from various specialty areas to act as a kind of Joint Chiefs of Staff to coordinate an enterprise-wide strategy and implementations that maximize the value of the bank's payment business. …" @default.
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• W327743175 date "2005-12-01" @default.
• W327743175 modified "2023-09-28" @default.
• W327743175 title "Warning! Electronic Tsunami Coming: The Wave Will Transform the Payments System, and Change the Face of the Competitive Landscape. the Time to Prepare Is Now" @default.
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