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However, regardless of how corporates adopt faster payment technologies, many experts agree that the acceleration of payments in the country will have profound effects on the broader financial services space, and those changes are likely to impact how companies manage money and operate in a new ecosystem of payments innovation.
By educating individuals and organizations about the threats they may face, such as cyberattacks, fraud, and system disruptions, they can better understand the importance of being prepared and taking proactive measures to mitigate risks. This collaboration encourages the sharing of best practices, emerging threats, and mitigation strategies.
To mitigate risks, fintech companies need to implement robust security measures. The Payments Associations that sponsor the Center for Payments provide expertise, collaboration, and support to financial institutions and fintechs to create and maintain safe and secure payment channels that empower all consumers.
Check with your Payments Association to make sure you understand – and take advantage of – the full range of professional development that they offer. The post Professional Development and the Payments Association Role appeared first on Center for Payments.
Management, while using a business impact analysis and risk management processes to identify and monitor risks, should focus on risk mitigation avoidance and acceptance strategies. The post Natural Disaster Planning for Financial Institutions appeared first on Center for Payments.
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