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Digital online, remote deposit capture and mobile payment systems are growing rapidly, but they haven’t eclipsed the growth of the analog lockbox yet. For some banks – and their customers – the lockbox remains a payment system staple, and not just because of a fondness on the part of banks for retro technologies.

Digital online, remote deposit capture and mobile payment systems are growing rapidly, but they haven’t eclipsed the growth of the analog lockbox yet. For some banks – and their customers – the lockbox remains a payment system staple, and not just because of a fondness on the part of banks for retro technologies.

Financial institutions are expected to be responsible and accountable for the operation of their payment processing systems, regardless of whether that function is handled by a third-party vendor. Most third-party vendors limit their accountability to failures within their own systems. Errors that originate within a bank or retailer’s system – not their job.
Even verifiable third-party vendor errors can result in a big headache. Bank customers don’t know the difference. They’ll leave a bank over a botched bill pay, no matter the origin.

Financial institutions are expected to be responsible and accountable for the operation of their payment processing systems, regardless of whether that function is handled by a third-party vendor. Most third-party vendors limit their accountability to failures within their own systems. Errors that originate within a bank or retailer’s system – not their job.
Even verifiable third-party vendor errors can result in a big headache. Bank customers don’t know the difference. They’ll leave a bank over a botched bill pay, no matter the origin.



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By Scott Van Voorhis

Apple Pay had barely reached consumers’ digital wallets last fall when overeager critics pounced, declaring the new mobile payments product a “fizzle.”
To Empire State banks and credit unions, rushing to jump on the latest development in mobile payments technology to stay relevant with tech-savvy customers, it was bewildering news indeed. But three months out, the critics are the ones now looking foolish, with Apple making clear it is here to stay with its potentially revolutionary new product.

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