Consumer and business customers are constantly seeking faster, more efficient ways to make payments – so some financial services that historically were offered only in a bank branch are now widely available digitally, such as via websites and mobile apps.

Individuals can now open an account, fund it, and send money from the account without ever leaving their premises. In 2022, U.S. consumers used digital channels to open an estimated 13.1 million new bank accounts and in 2023, approximately nine out of 10 individuals  made digital payments. While availability of these services often is seamless, work behind the scenes is necessary to ensure payment safety and security.

Click the Read More button below for the full article on lifecycle and methods of online identity verification and authentication from FedPayments Improvement, part of a series on authentication and its critical role in payments.