Fed, FDIC, OCC update guidance on third-party risk management
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
Compliance Operations Payments Risk Management 
Best practices for credit risk management in uncertain times
Abrigo
OCTOBER 14, 2022
Fortify your credit risk management framework How to prepare your organization for scrutiny of its credit risk management practices during your next exam or review. . You might also like this whitepaper, "Stress Testing: Managing Capital Levels and Credit Risk." Have a playbook.
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Consumer Lending Compliance: Hot-Button Issues to Monitor
Abrigo
NOVEMBER 22, 2021
Consumer Lending Laws & Compliance Financial institutions offering consumer loans need to know about these major consumer lending laws and recent compliance issues. Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges.
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A New Reality For Supplier Risk Management
PYMNTS
APRIL 30, 2020
Supplier risk management is often a resource-intensive practice and rarely a target of technological investments. As a result, corporates will often let their vendor relationship management processes fall by the wayside. “Before, companies would think they needed to assess risk once a year,” Frank said.
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Compliance Execs Forge Closer Ties With Corporate Buyers
PYMNTS
JANUARY 24, 2019
With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. Automated risk management solutions can be helpful in theory.
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Marketplace Lenders Navigate The Choppy Waters Of Compliance
PYMNTS
SEPTEMBER 25, 2019
The current regulatory climate remains in its relative infancy for this industry, so marketplace lenders are not only tasked with maintaining compliance but diligently tracking the regulatory landscape to forecast new and changing rules. However, there is a range of other areas of noncompliance risk for these businesses. In the U.S.,
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10 Lessons We Learned at the Nacha Smarter Faster Payment Conference
South State Correspondent
MAY 13, 2024
Last week, Nacha held its Smarter Faster Payments Conference in Miami, a significant event for over 1,800 bankers and vendors. With 142 presentations and panels, the content was tailored to the needs of every bank interested in payments. Nacha saw three strong presentations covering various legal aspects of payments.
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The EU’s Single Digital Market’s Push To Streamline Payments
PYMNTS
SEPTEMBER 15, 2020
Although they are vastly different beasts, shifts in the consumer payments ecosystem have significantly impacted the flow of B2B payments. This is a great risk because if you don’t have the proper banking tools to get your funds to maintain your business operations, it can be very dangerous for business.”.
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IBM in “Leaders” Quadrant of 2019 Gartner Magic Quadrant for IT Risk Management, fourth report in a row
Insights on Business
JULY 17, 2019
Our goal has always been to provide our customers with the tools and insights that help them meet their governance, risk and compliance (GRC) needs, and we do so, by leveraging the innovation of IBM within a single ecosystem. Source: Gartner, Magic Quadrant for IT Risk Management, Khushbu Pratap, Brian Reed, 03 July 2019.
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Federal Reserve Issues Supervisory Letter on Crypto Activities for Banks
Perficient
SEPTEMBER 16, 2022
Financial stability – Certain types of crypto-assets, such as stablecoins, if adopted at large scale, could also pose risks to financial stability, potentially through destabilizing runs and disruptions in the payment systems. Financial risk. Legal risk. Compliance risk (including, but not limited to, compliance with.
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How Suppliers Can Take The Lead On Supply Chain Risk Management
PYMNTS
APRIL 26, 2018
Today, supply chain and supplier risk management is a beast. Risk management is about identifying, assessing and controlling risk from an operational level and making decisions to balance the benefits,” Beare told PYMNTS in a recent interview.
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Payments Tech Takes Advantage Of Payment Rails Building Blocks
PYMNTS
MAY 27, 2020
Despite some drawbacks, legacy rails have mounds of potential to tackle a multitude of B2B payments friction points. For payments technology players, finding the opportunities to build upon existing infrastructure continues to open up new doors in B2B payments improvements. Mastercard Track Business Payment Services Launch.
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Regtech in banking: How emerging technology helps keep banks compliant
Abrigo
JULY 27, 2023
Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech in banking and finance. What is regtech?
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Regtech in banking: How emerging technology helps keep banks compliant
Abrigo
JULY 27, 2023
Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech for banks to enhance their processes. What is regtech?
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Today In B2B: ERPs Broaden B2B Payments Capabilities; Bloomberg Broadens Credit Risk Data Pool
PYMNTS
NOVEMBER 3, 2020
Today in B2B, Bloomberg broadens its credit risk data pool, and two ERP solutions secure B2B payments integrations. Plus, Everlink strikes a partnership for real-time B2B payments. Bloomberg To Incorporate Credit Risk Data. Everlink, FINTAINIUM Team Up To Offer Real-Time B2B, B2C Payments. 2) announcement.
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Crowe Horwath: ‘Risk Sandboxes’ Bolster Innovation While Managing Compliance
PYMNTS
MAY 11, 2018
Innovation implies a break from the conventional ways of operating a business. Can risk sandboxes become a proving ground for a firm’s competitive edge? Some companies view risk management and compliance as roadblocks to innovation. What about the trepidation that seems entrenched in corporate approaches to risk?
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GTreasury Acquires Visual Risk For Corporate Treasury Compliance
PYMNTS
APRIL 18, 2018
Treasury management system provider GTreasury announced it reached a deal to acquire risk management and compliance software company Visual Risk , reports in Mondo Visione said Tuesday (April 17).
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Hypur To Offer Digital Payments For Cannabis Firms With CU Partnership
PYMNTS
APRIL 23, 2020
To provide digital contactless payments, delivery and curbside pickup options for cannabis businesses, payment provider Hypur Inc. Hypur will bolster Salal’s network of cannabis retailers and wholesalers via different digital payment offerings. is teaming with Salal Credit Union.
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Credit administration department housekeeping: Practical steps for improvement
Abrigo
FEBRUARY 16, 2024
It's about ensuring that every aspect of your lending operation is optimized for efficiency and effectiveness. Whether it's at the start of a year or some other time, focusing on these key areas will help you fine-tune your operations and set your financial institution up for success in the year ahead. Prepare for your next exam.
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e.l.f. Compliance Settlement Highlights Third-Party Supply Chain Risks
PYMNTS
FEBRUARY 12, 2019
The case highlights the risks and challenges companies face in not only vetting their suppliers, but vetting their suppliers’ suppliers, with third-party vendors a potential source of non-compliance for importers. took a series of steps to enhance its third-party risk management processes., Know Your Supplier.
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Financial Crime: Technology can Transform Compliance
FICO
MARCH 6, 2020
Visma Connect recently interviewed Jürgen Krieg, FICO's head of global compliance sales. In this excerpt from that article, Jürgen elaborates on the importance of compliance. . A partnership aimed at helping banks, payment providers and fintechs meet the ever stronger regulatory demands while reducing effort and expense. .
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Bank Regulators Seeking Comments on the Use of AI and ML in the Industry
Perficient
APRIL 2, 2021
Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Risk Management.
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The most-read AML/CFT & fraud blogs of the year
Abrigo
DECEMBER 22, 2023
Takeaway 2 New payment methods, fraud tactics, and FinCEN guidance topics were found in the top blogs for FinCrime professionals. Abrigo, a leading technology provider of software solutions for financial institutions, published more than 30 risk management articles on its industry-focused blog in 2023.
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The Co-operative Bank selects Finastra Kondor Cloud for modernized treasury infrastructure
Bobsguide
AUGUST 7, 2022
London, UK – August 3, 2022 – Finastra announced today that The Co-operative Bank has selected Finastra Kondor in the cloud, available via Microsoft Azure, to upgrade its treasury infrastructure and automate manual reporting and processes.
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Why Slow Payments Aren’t Necessarily Safer Payments
PYMNTS
OCTOBER 30, 2019
As of late 2019, there are few people left who need to be talked into the “why” of instant payments — that case has already been well made. There is no shortage of risks to consider, she noted. There’s financial risk, and making sure the payee who ends up in possession of the funds is the intended recipient.
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Combatting Friendly Fraud Amid COVID-19
Banking Exchange
MARCH 23, 2021
Payment disputes related to friendly fraud are expected to soar this holiday season due to the pandemic-fueled surge in e-commerce Risk Management Cyberfraud/ID Theft Consumer Compliance Operational Risk Security Online Payments Feature Feature3.
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ACH fraud: Lessons for AML programs from a recent court case
Abrigo
SEPTEMBER 7, 2023
The rerouted destination for the construction company’s vendor payments was to the credit union in this case. There were four substantial ACH payments from the construction company intended for one of their suppliers. Often, those alerts mostly likely are routed to the operations area of the financial institution.
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Machine Learning and AI ‘Crucial’ to Fighting Fraud, Research Shows
Banking Exchange
FEBRUARY 26, 2020
Online payment fraud could cost companies more than $200 billion over four years, finds Juniper Research Risk Management Technology AML & Fraud Cyberfraud/ID Theft Compliance/Regulatory Operational Risk Big Data Security Online Cards BSA/AML Feature3 Feature Financial Research Payments.
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Mazooma, Plaid Team Up To Advance Payments For iGaming, Sports Betting
PYMNTS
NOVEMBER 10, 2020
"Partnering with Plaid, Mazooma will maximize conversion for our merchant clients by making it even faster and easier for players to fund their accounts," Mazooma Chief Operating Officer Dave Roe said in the announcement. The new payments tool is now available for deposits and withdrawals on BetMGM's cashier.
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Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce
PYMNTS
JUNE 17, 2020
According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Westpac said it identified three drivers of compliance failures, ZDNet reported.
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FinTechs Aid Banks In Their Own Open Banking Initiatives
PYMNTS
MAY 21, 2020
This week’s look at these partnerships and data integration efforts finds a focus on small business lending and compliance, while some newly forged partnerships are also looking to help banks strengthen their own FinTech collaboration agreements. Treasury Prime Funded For API Tech. Billy Reveals Open Banking Plans.
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173 NACHA Adds 9K Third-Party Senders, Expands ACH Payments
PYMNTS
MARCH 5, 2018
NACHA , the electronic payments association, announced that banks and credit unions have registered 9,403 third-party senders as of the March 1, 2018 deadline. 29, 2017, calls for financial institutions that originate ACH payments to register their third-party sender customers through the NACHA Risk Management Portal.
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Maintaining Compliance In A Market Of Bank-FinTech Tie-Ups
PYMNTS
JULY 5, 2018
The inner workings of such a relationship are complex, not only as banks ensure that their FinTech partners’ solutions can integrate seamlessly into existing operations and infrastructure, but as banks face increasing regulatory pressures around data security. Banks, meanwhile, enjoy out-of-the-box solutions.
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Bitcoin Daily: BitBay Will No Longer Support Monero’s XMR; Bitcoin ATMs Coming To More Shopping Malls
PYMNTS
NOVEMBER 26, 2019
Compliance with market standards and regulations allows us to provide our clients with legal security and convenience of using the exchange, with the participation of a friendly banking system and the availability of payment operators,” BitBay said. “As a licensed exchange, BitBay has to follow the market standards.
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Why Smartphones Are The Biggest Payments Innovator
PYMNTS
MAY 23, 2017
Innovation is happening at the speed of payments — which, as it turns out, can be pretty fast these days. This is true for any financial service operator with a global presence and [is] true for Western Union, as we link our digital and physical networks. PYMNTS: What does a day in your life look like?
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How AI is Fighting Money Laundering
Banking Exchange
AUGUST 26, 2019
Machine-learning systems pour through petabytes of data to zero in on suspicious correlations Compliance Risk Management Technology BSA/AML Security Compliance Management Operational Risk Feature Financial Trends AML & Fraud Feature3 Payments.
How Finance Departments Can Mold Risk Mitigation Into Opportunity
PYMNTS
JANUARY 10, 2019
The enterprise is exposed to financial risks at just about every angle, with expansion across borders and into partnerships with unfamiliar firms upping the ante on both risk and reward. Analysts are urging corporates to enhance their risk management strategies in today’s particularly volatile climate.
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Geolocation Puts A Pin In Anti-Fraud Solutions
PYMNTS
DECEMBER 29, 2020
With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. Certainly, the use and availability of cryptocurrencies is another emerging area that is contending with its own unique set of compliance issues, but it is also one Wingert said appears to be closing gaps in regulation.
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270 RegTech Companies in Europe Driving Down Compliance Costs to Enable Innovation
Let's Talk Payments
JULY 14, 2017
In the financial services industry, compliance is not an option. It is the speed-inhibiting layers of operations that are extremely expensive and becomes even more expensive if not done correctly.
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Fighting the War Against Financial Crime: Without Proven Weapons, the Repercussions Can Be Severe
Banking Exchange
JULY 29, 2019
Bad actors only need to identify, infiltrate and take advantage of the weakest link in the financial services chain Compliance Risk Management Compliance Management Operational Risk BSA/AML Compliance/Regulatory Cyberfraud/ID Theft Feature3 Feature Duties AML & Fraud Fintech Payments Security.
Shedding Light On FX And Supply Chain Risks Amid Cross-Border Payments
PYMNTS
SEPTEMBER 13, 2018
As FinTechs step into the cross-border payments and foreign exchange (FX) management space, there are more solutions available than ever before for corporates seeking to gain speed and security in payments – and manage risk along the way. Other areas of real-time processes include cash and liquidity management.
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BELLIN Unites Treasury Tech With FX Management
PYMNTS
JANUARY 25, 2018
According to BELLIN, the collaboration with Kantox means it can combine its treasury management offering with Kantox’s services that provide companies with foreign currency, foreign exchange (FX) and risk management solutions. Together, the firms will target middle-market businesses looking to grow internationally.
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Mastercard and Visa Latest Companies To Step Back From Cryptocurrency
Banking Exchange
OCTOBER 14, 2019
Banks should not learn the wrong lessons, however Payments Technology Risk Management Financial Trends Cards Online Mobile Security Checks/Remote Deposit Capture Tech Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Blockchain Fintech Feature Feature3.
Why Banks Need FinTech To Address Their Own Complicated Treasuries
PYMNTS
SEPTEMBER 29, 2017
But the banks themselves also have complex demands for their own treasury departments, which, like other corporations, must be able to manage finances, risk and compliance. Compliance with domestic and international standards is considered a must,” Beaulande recently told PYMNTS.
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