Financial institutions are faced with increasing competition from non-FI payment brands seeking to usurp transaction volume and consumer mindshare, particularly in the online channel. Combined with the consumer shift away from credit cards to various forms of pay-now methods, financial institutions must seek to embrace “alternatives” to maintain the primary position as arbiter of consumer payments. This report reviews nine vendors: Acculynk, eBillme, HomeATM, Mazooma, Moneta, NACHA SVP, Noca, SeerGate, and Verient, and rates their value for consumers, merchants and financial institutions.
Primary Questions
Why should financial institutions invest in online alternative methods of payment?
What drives value in an alternative method of payment for various constituents: consumers, merchants, and financial institutions?
What are the emerging alternative methods of payment that best meet the needs of each constituent and why?
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