White Paper New Payment Technology can Ensure
Rapid Transactions are Done Right

Consumers today expect to make purchases with their preferred payment method whenever they want, from any location. For the first time in 2023, over 90% of U.S. consumers reported using some form of digital payment technology, according to McKinsey & Company. Banks and credit unions must adopt digital payment solutions to support that level of convenience for consumers. At the same time, they must be aware of the potential for faster payments and new digital payment channels to lead to an increase in fraud activity.

American Banker, in partnership with i2c Inc., surveyed bank and credit union employees about their payments business, approaches toward new payments technologies and concerns about fraud. The results suggest that while bankers understand the importance of adopting emerging payment technology solutions, they frequently struggle to find a suitable approach that best fits their needs.

• Consumers demand faster and more flexible payment solutions
• Financial institutions are scrambling to respond
• Fraud is a major risk that needs to be addressed
• Financial institutions face multiple challenges to growing their payments business
• Secure and agile solutions are available for financial institutions that know where to look
• An experienced partner can help financial institutions recognize the full value of their efforts