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Should you let the bank pay your bills?

Financial institutions handle more bills and more dollars than billers do, Schwanhausser says. But experts agree that consumers have shifted toward paying bills directly through their biller’s sites, even as the number of payment options available to them has increased.

“As consumer payment behaviors have changed—specifically as consumers move away from checks, move away from walking into a store and handing over cash to make a payment—as they’ve begun making those transactions digitally, they’ve been more likely to go to a biller’s website than a bank website,” says Justin Jackson, vice president of product management for electronic payments at Fiserv .

How we should be paying our bills

Ironically, data suggests that consumers would rather pay bills through their bank’s website, even though that’s not necessarily what they’re doing.

Statistics released by Javelin in 2017 reveal that 37 percent of consumers paid bills through their financial institutions. But nearly half of consumers would rather use their financial institution’s bill pay services over direct, third-party apps and old-school payment methods like mailing checks or calling billers. That trend shows up across age groups and income levels.

Why Faster Payments Need Flexible Tech

Flexible tech. The kind that scales as businesses scale, that goes where the payments go — where the technology resides in the cloud rather than on-premise with speed and security as hallmarks as old rails work alongside, and then give way, to new rails.

Firms across any number of verticals are expanding into new geographies, and international transactions now take their place alongside domestic ones.

All the while, enterprises must grapple with changes across various regulatory environments — ones that take shape far from home.

And when it comes to technology, what may have worked in the past may need some … reworking.

In an interview with PYMNTS, Icon Solutions ’ Executive Advisor  Gene Neyer  and Director of Services Darren Capehorn  expanded on the ways banking and payments are changing, especially in North America, where Icon Solutions, with roots in the United Kingdom, is making inroads across the pond into North America.

What happens to the balance in debt forgiveness?

The situation is my mother-in-law has a house that she owns. She took out a loan and a mortgage on the house for repairs. Those were consolidated by Citi Financial.

She could very well end up with a 1099-C taxable income amount for the tax year to be reported on her 1040 income tax return for the tax year.