Posts Tagged ‘Real-Time’
Conducting 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.
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OFAC 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 MoreCan you explain the technology that The Clearing House’s (TCH) RTP® network runs on? The Fed did a good job explaining how their network will work, step by step. They claim that FedNow℠ is the first new rail in 50 years. If that’s the case, what is RTP® running on? It’s been around longer.
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Authentication: 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.
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Mitigating 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.
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Embedded Finance: What is it and what does it mean to credit unions?
Embedded finance sits high on nearly every emerging technology trend list. If you’re not sure what it’s about, you’re certainly not alone.
Embedded financial solutions are one of those things that you’ve probably experienced without giving it any thought. In fact, a December 2021 poll by Morning Consult concluded that only 11% of U.S. adults are familiar with embedded finance, while nearly one-third of that population has unknowingly used or experienced it.
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What should we know about core systems to enable real-time payments?
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