Posts Tagged ‘Real-Time Payments’
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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Real-Time Payments Operational Consideration Checklist
There are numerous operational considerations that accompany the move to real-time payments. To help your credit union work through all potential areas of impact, the team of experts from Alloya Insights: Faster Payments has assembled a checklist.
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Real-Time Networks: What’s the difference between them?
Picture this. You’re out to dinner with a group of three friends. The bill is delivered to the table, and you offer to pick up the check. “No need to treat,” one friend exclaims! “I’m happy to send a Venmo,” proclaims another. Within seconds, you have three payments hitting your Venmo account. Feels pretty darn real-time, doesn’t it? Sorry to disappoint, but while they may be fast, Venmo payments are not real-time payments.
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Real-Time Network Comparison
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