Americans are increasingly turning their backs on cheques in favour of electronic payment methods, particularly debit cards, according to a study from the Federal Reserve.
The Federal Reserve's findings of Americans' growing preference for electronic payments shines a spotlight on the need for banks to question whether their payment systems can cope with these massive increases in electronic payments. Many of today's electronic
payment systems are modeled on antiquated paper-based systems or are constrained by siloed structures brought about by years of acquisitions and mergers. These systems lack the agility and efficiency required to respond to the demands of our increasingly cashless
society. In answer to this, banks should move towards integrated, comprehensive - and in turn, agile - payment solutions. Such modern, converged payment environments allow banks to benefit from greater payment process efficiencies across the enterprise, leading
to lower costs. They also offer greater data availability and real-time analysis for better risk management, which is crucial as payments become more electronic, as well as increased responsiveness to the next payment trend the market throws at them.
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