Posts Tagged ‘Payments’
Operational Readiness for the FedNow® Service
As part of the FedNow Service onboarding process, each participant is required to attest to their Operational Readiness in order to participate in the service. This attestation references the following extensive documents. Alloya has reviewed these documents and compiled summaries to call your attention to the most important information.
Read MoreConducting Risk Assessments: What are the minimum best practices?
Time out! Have you read this blog entry: “Mitigating Real-Time Fraud: What are the minimum best practices?” If not, we recommend starting there to ensure you’re seeing the multi-layered big picture of fraud prevention strategies. This blog post will provide a step-by-step approach to conducting a comprehensive fraud risk assessment and why that’s critical for preventing fraud, especially when deploying a new product offering such as real-time payments.
Read MoreOFAC Sanctions Screening for FedNow℠: What are the obligations of participating financial institutions?
Up until recently, it’s been unclear whether FedNow℠ instant payments will face OFAC (Office of Foreign Assets Control) sanctions screening. Financial institutions anticipated FedNow℠ instant payment would face similar regulations as The Clearing House’s RTP® network, where financial institutions are required to integrate to sanctions screening in real time. However, Operating Circular No. 8 – “Funds Transfers Through the FedNow℠ Service” – includes clarification on sanctions screening obligations for FedNow℠ participants.
Read MoreAuthentication: What are the minimum best practices?
Before we begin, quick pulse check. Have you read this blog entry: “Mitigating Real-Time Fraud: What are the minimum best practices?” If not, start there! This blog entry takes a deep dive into authentication, but the above-linked entry provides a bird’s-eye view of nine unique real-time fraud mitigation strategies to keep in mind.
Read MoreMitigating Real-Time Fraud: What are the minimum best practices?
Let’s start with the obvious: real-time payments will continue to revolutionize the way money is sent and received, making it faster and more efficient than ever to get funds from Point A to Point B. But with convenience and speed comes increased risk of fraud.
Read MoreCryptocurrency: Will it change the payment landscape?
Everyone’s heard of cryptocurrency, but its nuances remain murky – if not downright confusing – to many consumers. What is it exactly? How does it work? Why is it controversial? And volatile? Why are some countries naming it their national currency (i.e., El Salvador). So, let’s start at the beginning, shall we?
Read MoreBuy Now, Pay Later: What impact will this have on payment trends?
If you’re an avid online shopper, the odds say you’ve seen or perhaps even used a BNPL service. BNPL stands for “Buy Now, Pay Later.” While this slogan might not ring any bells, the third-party platforms themselves might. Affirm, Afterpay, Klarna and even PayPal are among the most popular BNPL providers in the retail space.
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