Small- to medium-sized businesses (SMBs) have spent decades navigating a banking system that never quite fit their needs, placed between consumer and commercial segments and rarely the focal point of either. Wendy Cai-Lee, CEO of Piermont Bank, described that…
Banks Turn to Real-Time Payments to Win Small Businesses
Banks are increasingly adopting real-time payment systems to attract small and medium-sized businesses (SMBs) but may expose these systems to elevated fraud risks and operational vulnerabilities. SMBs and financial institutions leveraging real-time payment platforms are directly affected, with potential for financial loss, data breaches, and service disruptions. Immediate assessment of security controls and fraud detection mechanisms is critical.