The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.
The right platform can detect unusual behaviors and block fraudulent transactions as they occur, while still allowing real customers to make legitimate transactions without interruptions, writes Dave Excell, CTO and co-founder of Featurespace.
Retail banks face unique challenges at the point of account opening. There’s a “thin-file problem” due to gaps in historic data, and bad digital experiences as customers travel between silos. It’s no surprise that 74% of financial institutions stated having multiple independent projects underway to improve customer experience.
Atlanta-based software provider Oversight Systems is working with Mastercard on a solution to help federal agencies ensure U.S. government spending on purchasing cards and other expenses are in compliance with policies.
The once-booming market for reloadable prepaid cards has seen a slowdown in new-account growth in recent years amid heavier competition and consolidation, causing longtime providers to look for ways to stand out in a crowded field.