Payments - Alloya Insights

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Operational Readiness for the FedNow® Service

By Margo Giles | July 10, 2023

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.

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Conducting Risk Assessments: What are the minimum best practices?

By Neil Kumar | June 15, 2023

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.

OFAC Sanctions Screening for FedNow℠: What are the obligations of participating financial institutions?

By Neil Kumar | May 23, 2023

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.

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Authentication: What are the minimum best practices?

By Neil Kumar | March 13, 2023

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?

By Neil Kumar | January 31, 2023

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.

Cryptocurrency: Will it change the payment landscape?

By Jim Olney | March 26, 2022

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?

Hand holding cellphone with Buy Now Pay Later displayed at checkout cart online.

Buy Now, Pay Later: What impact will this have on payment trends?

By Jim Olney | March 26, 2022

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.