Visa® reached two key EMV-related milestones in March 2017:
This topic was covered in the Winter 2014 issue. The issue provided a look at enhancements to PNC’s corporate card portfolio, including the incorporation of EMV functionality. These details were published well before the October 2015 EMV deadline for EMV requirements.
According to NACHA, 84% of middle market firms have adopted same-day ACH to speed payment processing.
In addition, companies are using same-day ACH for a variety of purposes, including emergency payment (cited by 95% of companies used same-day ACH), one-time payments (68%) and regularly scheduled payments (58%).
80% of firms expect same-day ACH volume to grow at a steady rate over the next 6-9 months.
This topic was covered in the Fall 2016 issue, which discussed the launch of same-day ACH in September 2016.
The 2017 AFP Payments Fraud and Control Survey reported that 75% of organizations were victims of payments fraud in 2016, up from 71% in 2015.  However, the percentage of organizations reporting commercial card fraud fell from 39% in 2015 to 32% in 2016 (an 18% decrease).
1. Visa Chip Card Update: March 2017
2. “Ninety Percent of Surveyed Banks Report Same Day ACH Origination Volume is Higher Than or as Anticipated,” NACHA News Release, February 6, 2017
3. “Corporate Payments Fraud Hits Record Levels,” PYMNTS, April 5, 2017
4. “Number of Companies Reporting Corporate Card Fraud Decreased in 2016,” Business Travel News, April 13, 2017
This Payment Solutions News was prepared for general information purposes and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, and does not purport to be comprehensive. Under no circumstances should any information contained in this newsletter be used or considered as an offer or commitment, or a solicitation of an offer or commitment, to participate in any particular transaction or strategy. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc. (“PNC”) will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission.
EMV is a registered trademark in the U.S. and other countries, and is an unregistered trademark in other countries, owned by EMVCo.
Visa is a registered trademark of Visa International Service Association in the United States and used under license.
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