In the lending industry, risk management isn’t just a precaution—it's a necessity. Effective risk management ensures the stability and growth of lending institutions by protecting against potential financial losses and operational disruptions. 

In our rapidly evolving digital era, new payment technology is dramatically shifting how we transact. Traditional payment methods, such as credit cards with magnetic stripes and EMV chips, have been reliable for decades. However, more advanced and secure technologies like biometric technology and digital wallets are emerging and set to overtake traditional ones. This shift is a critical evolution in the financial services world, especially for financial professionals, tech enthusiasts, and business owners...

In a world where technology shapes our daily routines, digital payment apps are transforming how we manage our finances. Gone are the days when cash and physical cards dominated our wallets. Today, with the advent of digital payment apps and wallets like Google Pay™ and Apple Pay®, mobile payments are becoming central to our financial activities. This shift from traditional methods — such as chip cards to digital platforms — marks a new era in financial management.

Earlier this year, the U.S. Postal Service posted a warning about mailing paper checks, citing an alarming rise in mail fraud. While mail theft has doubled, so have reports of check fraud, with 680,000 reports in 2022, up from 300,000 in 2021.

In today’s interconnected world, where digital transactions have become increasingly prevalent in business operations, the importance of robust cybersecurity measures cannot be overstated. As technology advances, so do the tactics of cyberattackers who seek to exploit companies’ vulnerabilities to gain access to sensitive financial information. 

The payments landscape is constantly evolving, particularly with the rise of digital payment technology. Aside from the improvements it brings to servicers and their back-office operations, it's also revolutionizing borrowers' mortgage servicing experiences. 

In today's fast-paced world, convenience is essential, and businesses are always looking for new ways to improve their payment processes. An increasingly popular solution is text-to-pay, or Text Pay, which allows credit union members to make payments quickly and easily using text messages. 

Digital payment technology has made tremendous strides over the years, enabling anyone to receive or make payments from almost anywhere. Offering consumers digital payment options gives lenders a significant advantage but also opens the door to potential bad actors. Financial institutions store highly valuable information, making them the perfect targets for security breaches. As a result, security risks are rising, making it essential for lenders to implement safety measures that minimize these...

Organizations are under immense pressure to do more with less in today's economy. After relying on traditional business processes and legacy systems for years, they're now having to step out of their comfort zones in search of ways to enhance operations and cut costs. Digital payment technology has emerged as a viable approach to improve and streamline back-office functions such as AP (accounts payable) and AR (accounts receivable), eliminating costly bottlenecks.