The data is of value.
But only in the context, because the data can tell a story, or stories, worthy of examination.
Several times throughout the year we offer data drivers, where our interviews with payment professionals help shape numbers, make sense, clarify trends and even hint a bit in the future.
As always, the end of the year provides an opportunity to look at some of the figures that tell stories. The themes have emerged, some of them frightening – as in the case of knowing the impact of fraudulent payments – and some hopeful things, as evidenced by, for example, companies are finally moving towards killing the check.
Good vs. Bad
2018 may have been a crook year, from bad guys and girls who work in coordination to steal money, steal privacy and use data for any number of gains. We'll take a few names. Marriott. Sachs. Lord & Taylor, Panera, and of course Facebook. In short, cumulatively, hundreds of millions of records have been hacked.
David Devitt, vice president of financial crime products at Vocalink, Karen Webster of PYMNTS, reported $ 1.45 trillion in corporate losses and that nearly half of companies were victims of financial crimes. Perhaps it is not surprising that financial crimes and cybercrime are the biggest crimes.
"It seems like everyone is doing some research on the subject," noted Divitt, "numbers tend to grow."
And yet, given the forward, among the most common criminal methods that focus on business, according to Divitt: new relationship fraud. This was described as "a set of electronic e-mail solutions for the business, or BEC as it is called, or the CEO's scam."
So be careful, or at least you think, what is in your inbox.
There may be light at the end of the tunnel, though, through technological advances – specifically, through large data and artificial intelligence.
"The ability to take these masses of different data points in real time and make calculations extremely possible," Divitt told PYMNTS, "This is how you can stay in [same] Speed systems in real time and … criminals. "
He said other technology could offer shares in the quiver of anti-fraud as well. Device biometrics can check, monitor, and answer some key questions: "How do you lock your phone when you sign in to Mobile Banking? What speed or pressure you put on your screen All these data points are available and can be used to build a picture of how you interact with those applications, "Said Lobster. "This can happen all the time in the background, without realizing it … … It's much harder for criminals to hide relationships [between users and tech, and even between parties in a given transactional relationship] To pretend to be "normal".
Every theater in the world, in the words of "cool", seems to be uncertain in the world, where fluctuations appear to be the name of any game in 2018, from geopolitics to clandestine operations to stock markets.
Against this background, when it comes to payments, currencies can also be volatile. As Carl Scamotta, the chief strategist for the market at Cambridge Global Events, told us about volatility: "It's a new natural and natural kind at the same time." We have been here before, apparently, with currency and emerging market crises in the 1990s, and with nascent trade wars and political shifts in the early 21st century.
For corporate treasurers and liquidity managers who deal with currency fluctuations, "the key strategy is to have a strategy," says Sakamuta, "rather than hoping that exchange rates will work in your favor."
A strategy associated with tools and discipline to be implemented over a period of time – programs that automatically respond to market players, for example, or an institutional desire to retreat from day to day in favor of long-term gains – can lead to rewards that support volatility.
Change in real time in the way we work – and get paid
The drilling of geopolitics, but still looking forward to seismic shifts around the world, looks at the rise of the global economy. The shift to action on demand, so to speak, has not reduced any headline. Mechanisms of bringing project workers with employers – and facilitating payment – may receive less attention. However, the existing friction, deserves some attention.
Michael Ting, senior vice president of digital markets at HyperPort, told PYMNTS that in the design and operation of online markets, which are suitable for workers hired with leasing companies, especially international companies, one size certainly does not suit everyone. There is a gap, and less than half – 44 per cent, to be exact – paid workers get paid through the platform that brings buyers and sellers together.
When they get paid, 51 per cent of the party workers get their money within a week of doing the work.
This brings back to mind, of course, real-time payments – and in a separate podcast for data drivers, George Evers, senior vice president of real-time product at Vocalink, told Karen Webster that the gig economy could provide real winds for the economy's gig workers. More than $ 1.4 trillion in income is attributable to US workers in 2018, according to the PIGNTS Gig Economy Index. That is, in fact, a lot of money changing – with the provision of cash-force guidance to adopt real-time payments.
84% of contracted workers, as asked by PYMNTS and as described in an interview with data drivers, say they will work more if their wages are paid on the same day or the next day – so when it comes to more work and speed ) Issues. However, only 17 per cent of platforms are in a position to pay workers because work has been completed.
The convergence of changing work habits, real-time payments and movement away from purely cash payment and pay channels also has implications for the uncooperative population. In the same interview, Evers noted that there are 1.7 billion inexperienced adults in the world, most of whom live, work and pay bills in developing economies, such as those in certain parts of Africa and Asia. Financial supply is linked to the digital payment landscape, and may increase.
Faster payments on the front companies
The movement away from criticism brings with it movement away from checks – you know, the type of paper. Checks? Well, they are still trapped in the corporate world, where almost 50% of payments are completed through checks. This seems to be changing, as 47% of ACH companies use the same day.
Not bad, but there is room for improvement. Chris Elmore, co-founder of AvidXchange, which offers payment accounts (AP), billing and accounting services, said we thought this would take over the world. Frankly, that did not happen. "
Part of the reason is due to transaction size limits of $ 25,000. But even as Elmor stated that "suppliers have keys" in determining how they are paid, 59 percent of respondents surveyed by PYMNTS said they would increase the use of SDA credit in 2019 as payments and automation are updated to support this flow of payments New, among others.
Looking ahead, data will continue to tell anecdotes, if you know where to look. And where to look? Well, it's here.