According to a new Federal Reserve Payments Insight Brief, business use of the ACH is on the rise: use of same-day ACH was up 45 percent over 2022; use of the more traditional next-day ACH option grew by 17 percent year-over-year. However, despite a notable decline in check usage, the Association for Financial Professionals reported that 81 percent of businesses still use paper checks for some of their bill payments, and 70 percent of U.S. companies don't plan to cease writing checks.
Why does check writing persist, despite inefficiencies and significant risk of fraud? This issue's lead article explores the factors contributing to the longevity of checks, and explains why their use will continue to decline as corporate attitudes change with the times, but checks won't disappear from the payment scene anytime soon.
Advancements in digital payments are also covered in news stories highlighted herein, reporting on recent research revealing that digital banking and credit tools hold promise but lack personalization, as well as research indicating that debit cards are increasingly being integrated into digital wallets and, when added, have become the most-used payment method, surpassing cash, credit and other payment options. Other news briefs showcase Nacha's free security breach guidance, developed by the organizations Payments Innovation Alliance, and progress happening in the cannabis payments sphere.
Industry experts featured in this issue discuss the downsides of using third-party payment solutions and possible alternatives for ISOs; the multiple benefits of partnering with value-added service providers, and why selling value, service and solutions make it harder for businesses to switch or want to switch by locking clients in with multiple services; the case for using specialty software, which puts control in merchants' hands, not the software; and why it's never been more important to explore how to make the banking experience, particularly payments, more inclusive and accessible.
Also, be sure not to miss our updates on industry awards, research, partnerships, acquisitions, appointments and other milestones, as well as product and company profiles and other resources designed to help you thrive in your career. To alert us to new developments at your company or advancements in your career, please send a press release to press@greensheet.com. To submit comments or tell us about an emerging industry issue or a breaking news story you want us to research, send an email to greensheet@greensheet.com. We look forward to hearing from you. 
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