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.
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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WePay On The Art Of Payments Risk Management
PYMNTS
NOVEMBER 30, 2018
Understanding risk, particularly its sources and how to most effectively manage it, is one of the most fundamentally important topics in payments for those who provide services and those who use them. On one level, risk itself has not fundamentally changed in the last few decades,” Aberman explained. “We
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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. Pandemic Issues.
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Everything You Need to Know About Crypto
Speaker: Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy
With 20% of Americans owning cryptocurrencies, speaking "fluent crypto" in the financial sector ensures you are prepared to discuss growth and risk management strategies when the topic arises. May 18th, 2023 at 9:30 am PDT, 12:30 pm EDT, 5:30 pm BST
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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Green Dot faces Fed’s proposed consent order
Payments Dive
FEBRUARY 29, 2024
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
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Discover ‘acting with urgency’ on Hochschild replacement
Payments Dive
AUGUST 17, 2023
Interim CEO John Owen also said the company has hired about 200 compliance officers in recent months as Discover bolsters regulatory and risk management efforts.
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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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Esker Adds More Visibility, Risk Management To Supplier Solution
PYMNTS
JUNE 17, 2020
For suppliers, the solution allows easy uploading of information and onboarding, the release states, and can update and change information to eliminate time-consuming processes where one party has to chase another down to clarify something about the payment. ” Supply chain managers are thinking of new ideas amid the global pandemic.
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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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Reap partners with Chainalysis for compliance and risk management
The Paypers
JANUARY 31, 2024
Reap , a payment technology company specialising in bridging Web2 and Web3 finances, has partnered with the blockchain data platform Chainalysis.
How Suppliers Can Take The Lead On Supply Chain Risk Management
PYMNTS
APRIL 26, 2018
While these challenges remain, firms must also assess and manage risks related to human rights, war, economic turmoil, foreign exchange volatility, cyberattacks and the implications of noncompliance. Today, supply chain and supplier risk management is a beast.
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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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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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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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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. Tackling that challenge is PSD2, the European regulatory initiative that opened the door for merchants to manage their multiple bank accounts through a single interface.
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Crowe Horwath: ‘Risk Sandboxes’ Bolster Innovation While Managing Compliance
PYMNTS
MAY 11, 2018
Can risk sandboxes become a proving ground for a firm’s competitive edge? Some companies view risk management and compliance as roadblocks to innovation. In an interview with PYMNTS, John Epperson, principal, Crowe Horwath LLP , said for most firms, there is an avoidance of risk when it comes to risk management.
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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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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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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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Compliance changes to watch in 2023
Independent Banker
DECEMBER 31, 2022
1, and applicable to the first quarterly assessment period of 2023 with an invoice payment date of June 30, 2023. The FDIC issued guidance about the consumer compliance risks associated with assessing NSF arising from the re-presentment of the same unpaid transaction. Climate-related risk. Quick Stat. Source: FDIC.
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Decernis, Viaware Team Up For Food Supply Chain Compliance
PYMNTS
MAY 16, 2019
Product compliance and risk management technology firm Decernis is collaborating with Viaware , an IT company in the food contact materials space, to promote compliance in the supply chain. Compliance in the food and food packaging space can be complex , the companies noted.
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Before You Boldly Go into Partner Banking, Focus on Data and Compliance
The Financial Brand
MARCH 27, 2024
This article Before You Boldly Go into Partner Banking, Focus on Data and Compliance appeared first on The Financial Brand. BaaS and embedded banking depend on the banking partner getting compliance and risk management right. You can't outsource responsibility.
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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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108 ADEC, Libryo Tie-Up To Aid Supply Chain Compliance
PYMNTS
AUGUST 21, 2019
ADEC Innovations, a global sustainable practice and compliance firm, is partnering with London-based Libryo , a legal tech software as a service (SaaS) company, to help brands understand compliance requirements, ADEC said in a press release on Tuesday (Aug. The software will track chemical use and manage compliance.
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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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Adhering to Nacha’s Fraud Risk Management and Monitoring Rules
SWBC's LenderHub
AUGUST 18, 2022
As of March 18, 2022, Nacha’s account validation rule requires ACH originators of WEB entries to use a commercially reasonable fraud detection system to verify the first time a consumer checking account is used for an electronic (ACH) payment, if the payment is initiated over an online channel, the account number must be validated first.
How VC cash, big M&A are changing strategy at payments firms
Payments Source
FEBRUARY 26, 2020
Investors and deep-pocketed payments firms have funneled hundreds of billions of dollars into the payments industry, demanding results in areas as wide ranging as digital processing, consumer experience, risk management and compliance.
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How Mobile Solutions May Help Address Slipping Corporate Travel Policy Compliance
PYMNTS
SEPTEMBER 13, 2017
Sabre Corporation has published the results of its “ 2017 Asia Pacific Corporate Traveler Study ,” identifying two major trends driving business travel in the region: an increased emphasis on mobility and a growing concern over non-compliance.
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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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Tech Stumbles As Banks’ Compliance Pressure Rises
PYMNTS
JULY 2, 2019
.” Acuris Risk Intelligence positions itself as a service provider for FIs, allowing them to access the information they need to manage compliance. However, the challenges of compliance data go far deeper, noted Parfitt. FIs of various sizes will almost certainly face different compliance challenges, too.
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Today In Payments Around The World: Visa Debuts Europe FinTech Partnership Program; Payments Canada Teams With Mastercard’s Vocalink
PYMNTS
NOVEMBER 12, 2020
In today’s top payments news around the world, Visa is rolling out a new program meant to link European financial institutions (FIs) and merchants with cutting-edge digital payment offerings, Payments Canada is teaming with Mastercard’s Vocalink to advance a new Real-Time Rail (RTR) payment system.
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Introducing Our Partnership with Kyriba
Perficient
OCTOBER 12, 2020
Specializing in cloud-based business transformation, Perficient’s new Treasury Technology practice will improve client’s global banking footprints through bank connectivity and address concerns for payment fraud. Payment fraud is now a high-priority concern. Bank connectivity is one of the most complicated aspects of an ERP project.
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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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Credit administration department housekeeping: Practical steps for improvement
Abrigo
FEBRUARY 16, 2024
Ensure regulatory compliance: Stay ahead of regulatory requirements by ensuring accurate credit risk ratings, robust global cash flow analysis, and proactive rate-risk Regular portfolio monitoring is key to identifying potential issues and addressing them promptly. Talk to a specialist to learn more.
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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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Expert Comments on the Importance of Mobile Payments Applications, and Also the Cyberrisk
Banking Exchange
MARCH 13, 2020
Not only are mobile payments more efficient, a cashless society can be healthier The Economy Technology Risk Management Tech Management Mobile Online Security Cyberfraud/ID Theft Consumer Compliance Feature3 Fintech Feature Payments.
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Google Almost Done With Transition To SAP Ariba Network
PYMNTS
AUGUST 9, 2020
The benefits for Google include a unified and accurate supplier record, the ability to integrate supplier qualification and segmentation with other procurement processes, and compliance for supplier risk management throughout the supply base. accounts receivable and POS solution provider takepayments.
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The Data Differentiator In Compliance
PYMNTS
APRIL 18, 2017
Banks and financial institutions spend billions of dollars to ensure they are meeting compliance requirements and properly managing risks. For this reason, ComplyAdvantage is out to disrupt the market by delivering on solutions that does more than just check the compliance box. Filling The Compliance Gap.
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Wells Fargo Invests $5M In Blockchain Analysis Startup Elliptic
PYMNTS
FEBRUARY 13, 2020
The funds are also being used to accelerate the launch of its new risk management solution, Elliptic Discovery. . The Elliptic Discovery platform offers insights to compliance teams to identify the flow of funds into and out of crypto assets and understand any risks.
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Transactions: Banks select solutions from Chainalysis, Temenos and Teslar Software
BankInovation
MARCH 23, 2022
Cross River Bank announced Wednesday that it will use blockchain data company Chainalysis for cryptocurrency compliance. The $5 billion bank will integrate Chainalysis’ real-time transaction compliance platform, investigations technology and risk management software into its existing crypto build.
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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. Risk Management. AI may be used to augment risk management and control practices. The challenge is to ensure that the software being developed is not coded with biases. Textual analysis.
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