Payments 2012: The Conference in Quotes

Payments 2012 has come and gone already, and the three plus days the conference took place in Baltimore was a whirlwind of activity. Organized by NACHA - The Electronic Payments Association, the industry conference attracted thousands who came to hear about new developments in the payments space, to network and, of course, to have fun. Below are some of Bank Systems & Technology's choices of the most interesting and juicy quotes of the conference.

1. Cream of the Crop

Generally, mobile banking customers are much more active clients.

— Ginger Schmeltzer, SVP of digital channel management for SunTrust Bank, during a panel session on mobile at Payments 2012. Schmeltzer said those who use mobile banking tend to be more profitable and loyal customers as well.

2. It's Not Your Fault

There are times I believe that the credit crisis probably created more sales [of prepaid cards] than any particular dislike for banks in general.

— Steve Streit, CEO of prepaid company Greendot Corp., speaking during the openings morning session at Payments 2012. Streit said that the ease of use and lack of fees is what led many U.S. consumers to embrace prepaid cards over the last several years.

3. A Friend to Banks

We are doing a ton with banks, we're helping them generate engagement and revenue.

— PayPal's Head of Financial Innovations Dan Schatt, discussing the online payments provider's relationship with banks.

4. On the Other Hand

PayPal has been looking like a bank and acting like a bank for a long time.

— Fiserv VP of Online Banking & Consumer Insights Geoffrey Knapp, discussing the competition banks may face from nontraditional financial institutions.

5. More of the Same Won't Work

Don't just offer what's on the online banking channel.

— Greg Keenan, principal consultant for enterprise software company Sybase, on mobile banking.

6. Following Proper Protocol

Know who you have to call at that bank, it could be the difference between getting that money back right then or a month later.

— Stephen Wojciechowicz, product manager with HSBC, advising U.S. banks that facilitate international payments to be familiar with every aspect of the process in case something goes awry.

7. Reducing Exeptions

Consumers and businesses alike want convenient, versatile, and secure payment options. As such, a growing number of businesses and consumers are making the conscious decision to use electronic payments such as Direct Deposit via ACH and Direct Payment via ACH. To continue to meet the needs of these businesses and consumers and retain confidence in electronic payments systems, it is important that we work to reduce exception volume.

— Janet O. Estep, president and CEO of NACHA, commenting on a study conducted by the group on bill payment exceptions. The study showed that .58 percent of total bill payments (including checks, ACH, cards and cash payments) in 2011 were not able to be posted accurately upon receipt by billers. Based on this exception rate, NACHA estimated that 130 million payments required exception handling, costing the industry approximately $720 million annually.

 

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio