Welcome to Innovating Payments Top 3 News Headlines for the Week of July 15, 2024. In this issue, the RTP® Network has a billion-dollar day. It also experienced 82 million transactions in the second quarter, valued at a record $55 billion. Also, in this week's issue, Target will stop accepting personal checks for in-store payments, effective July 15, "due to extremely low volumes" for checks. Meanwhile, artificial intelligence continues to transform the landscape of retail banking. New research from Citi provides a glimpse into potential use cases.
Read on to learn more.
1. RTP® Network Has Billion Dollar Day (The Clearing House)
Consumers and businesses sent over $1 billion in instant payments on June 28 over the RTP® network, a single day record for the largest instant payments system in the United States, operated by The Clearing House. The RTP network also experienced a record 82 million transactions in the second quarter, valued at a record $55 billion, as financial institution customers continued to use the network for all types of instant payments. (Read more.)
2. Target to Stop Accepting Personal Checks (Payments Dive)
Target will stop accepting personal checks for in-store payments next week. The company said the change is "due to extremely low volumes" for checks used in stores, per a statement to sister publication Retail Dive. The new policy is effective July 15. Target has "taken several measures to notify guests in advance to aid an easy and efficient checkout experience," a spokesperson for the retailer said. (Read more.)
3. Nine Takeaways from Citi's Deep Dive into Gen AI and Banking (The Financial Brand)
Artificial intelligence (AI) is transforming the landscape of retail banking, offering unprecedented opportunities for innovation, efficiency, and customer engagement. Banks, credit unions and fintech providers must understand the current applications and future potential of AI to stay competitive in an increasingly demanding and fractured financial ecosystem. New research from Citi provides a glimpse into current potential cases. (Read more.)
Is your financial institution experiencing a rise in RTP transactions? How might Target's decision to stop taking personal checks speak to future trends in retail? How is your financial institution exploring the potential of AI to stay competitive in an increasingly demanding ecosystem?
Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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