Payments

Payments Technologies to Promote Financial Health

Payments is a rapidly changing area of the financial services industry. With a range of new technologies - including Remote Deposit Capture, mobile wallets, real-time texting, and the advanced functionality of General Purpose Reloadable (GPR) prepaid cards - payments is a sector with great potential to increase the financial health of financially underserved Americans.
 
From CFSI’s inception, we have compiled research, supported programs, and funded innovations that seek to develop quality payment technologies. We believe that improvements in payment options can affect improvements in other areas of consumers’ lives. Reduced fees in check cashing, for example, can allow consumers to save more and build financial resilience in case of emergencies, or to pay bills on time and increase their credit rating.
 
CFSI invites our network of partners to contribute their support and ideas as we move from a conceptual understanding of payments and financial health to a more concrete framework that drives a healthier future.


Top Resources

2016 Financially Underserved Market Size Study explores the approximately $141 billion in fees and interest spent by financially underserved consumers in the U.S. during 2015 to borrow, spend, save, and plan across 28 financial products.

The Compass Guide to Payroll Cards defines industry-wide best practices for the design and delivery of payroll cards. 

Beyond Check Cashing examines consumer demand and business innovation for immediate access to check funds.
 
Prepaid Industry Scorecard highlights the strategies prepaid card issuers have adopted to meet the diverse needs of consumers.
 
CFSI’s Compass Principles Tools offer guidance in the design and delivery of payments products.

 

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