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Financial

From online banking and payments to chip cards and data security , the financial services industry is constantly changing and evolving to meet consumers ’ needs . Whether money is sent from a mobile device or a company is storing financial data for thousands of customers , technology is a critical component of the industry . only problem was that not a single state in the country recognized EFT as a cash equivalent for the payment of alcohol . Not to mention , retailers and distributors didn ’ t see a need for such a service .
Just 30 years ago , a person or company made or received a payment by writing and depositing a check . In fact , as the dominant form of payment for many years , paper processing peaked at 49.5 billion checks handled in 1995 alone , according to a report by the Federal Reserve Bank of Atlanta . However , with technology development on the rise , the check payment system quickly became too arduous and inefficient for the fast-paced financial world , paving the way for a new era of payment processing and security .
“ At that time , it was illegal to pay through electronic funds for regulated products ,” said Scott Riley , CEO of Fintech , during a previous interview with the Tampa Bay Times . “ You had to pay with cash , check or money order . We had to get every single state in the U . S . to approve electronic funds transfer .”
Different Money
By the late 1990s , checks had begun to lose significant market share to alternative payment options , like electronic funds transfer ( EFT ). As check payments declined , EFT quickly became the industry standard , serving as a highly efficient and secure way to send and receive funds in a matter of minutes .
Before EFT was widely accepted , one Corridor-based company saw potential for the technology and was determined to become a trailblazer . Headquartered in Tampa , Fintech launched in the early 1990s with a novel concept — make electronic payments mainstream in the alcohol industry . The
Fintech pressed on , recognizing that electronic payments would increase security and ensure compliance with alcohol regulations . It took 15 years to accomplish , but the company ’ s electronic payment system was eventually approved in all 50 states . Today , Fintech processes more than $ 24 billion in payments annually , firmly positioning the company as a pioneer in financial technology .
More Change is on the Way
Though the industry has made great strides in terms of electronic payments , there are still
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