PYMNTS

JUNE 8, 2020

Many of the problems associated with remittances are being mitigated by new banking technologies, however, as financial institutions (FIs) and payment providers begin to cooperate on multiparty payment networks rather than relying on bilateral agreements that result in cross-border payments moving from bank to bank in sequence.

Cross-Border Payments 56

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 56

FICO

FEBRUARY 15, 2021

Making FICO Siron the automated system for monitoring suspicious activity in transactions related to correspondent banking services. Deciding to use FICO Siron solutions to mitigate risk coming from bribery and corruption. Correspondent banking relationships increase money laundering and terrorist financing risks,” said Skalistiri.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 52

Seon

MARCH 20, 2024

However, this expansion brings a corresponding need to evolve fraud prevention strategies to keep pace with advancing threats. Digital footprint monitoring plays a crucial role in identifying and mitigating such schemes, enabling a proactive approach to fraud prevention.

Fraud Prevention 98

Fraud Prevention Assessments Phishing Mitigation 98

PYMNTS

JULY 15, 2020

When sending a payment via the legacy correspondent banking network, for example, businesses will often decry the lack of speed and transparency involved as funds bounce from one financial institution (FI) to another. An alternative to this payment strategy is to open up a bank account in each market in which a business operates.

Cross-Border 67

Cross-Border Cross-Border Payments Multi-Currency Correspondent Bank 67

Fi911

DECEMBER 19, 2023

As digital banking services grow in popularity, the unfortunate byproduct is a corresponding rise in fraud. As integral players in the payment ecosystem, banks must focus on chargeback prevention and mitigation. In finance, AI’s role is becoming increasingly pivotal, particularly in fraud prevention and management.

Fraud Prevention 92

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 92

PYMNTS

MAY 29, 2019

“Clarification and harmonization of regulation are fundamental to mitigating the serious threat that de-risking poses to the financial system,” ICC Director of Finance for Development Olivier Paul said in a statement. “Why is this so significant?”

Regulations 43

Regulations Finance Correspondent Bank Correspondent 43

PYMNTS

OCTOBER 2, 2018

The API module was developed in collaboration with Bankers’ Bank, which partnered with AscendantFX to enhance the efficiency of its cross-border correspondent banking services. The integration follows ongoing change in the payments landscape, leading banks to demand more agile, efficient payment services.

Cross-Border Payments 55

Cross-Border Payments Payment APIs and Integration Cross-Border Wire Transfer 55

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  It is a valuable tool for businesses of all sizes, helping them effectively manage their finances, mitigate risks, and ensure financial integrity.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

PYMNTS

OCTOBER 6, 2016

. “Today, [interbanking] is the most safe and sound way to move money efficiently and effectively around the world,” she stated, citing the global requirements of financial institutions to remain compliant with regulations, like KYC and risk mitigation efforts. “That’s something I think is very important to know.”

SWIFT 75

SWIFT Global Payments Innovation Cross-Border 75

EBizCharge

MAY 31, 2024

Now, automated cash application software employs artificial intelligence and machine learning to automatically match payments received via various payment methods, like credit cards, wire transfers, and electronic payments, to their corresponding invoices. Why is cash application automation crucial for businesses?

Automation 52

Automation Remittance Data Correspondent Wire Transfer 52

The Fintech Times

FEBRUARY 28, 2024

Aleks Stefanovski, VP for strategy and business operations at Visa “Another barrier is de-risking by correspondent banks. Most cross-border payments are processed on infrastructure provided by correspondent banks. “Over the past decade, the risk appetite at correspondent banks has declined.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 59

Nanonets

APRIL 24, 2024

Bank reconciliation typically involves gathering bank statements and transaction records, comparing them with the corresponding entries in the company's accounting records, and investigating any discrepancies. This data serves as the basis for the audit examination.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Neopay

JANUARY 25, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

PYMNTS

APRIL 22, 2020

To do that — to build devices and at the same time design them so that risk is (largely) mitigated — the key is to focus on what he termed a secure development life cycle. “The key question,” Knudsen said, “is how do you build that system or device in a way that minimizes risk?”. The Secure Development Cycle.

Security 78

Security Online and Mobile Banking Cybersecurity Correspondent 78

The Fintech Times

FEBRUARY 21, 2024

When payment rails are established, they involve corresponding banks, and transactions are increasingly expected to flow in real-time. Many banks operate on outdated infrastructure, which necessitates modernisation to identify and mitigate risks effectively.

APACS 59

APACS Legal Framework Finance Cross-Border 59

Nanonets

MAY 21, 2024

By systematically reviewing and verifying accounts receivable balances, businesses can maintain financial transparency, mitigate risks, and optimise their financial performance. Review Sales Transactions: Compare the sales transactions recorded in the accounts receivable ledger with the corresponding sales invoices or sales orders.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Fi911

AUGUST 28, 2024

Each reason code corresponds to particular circumstances surrounding the dispute, providing clarity in the chargeback process and guiding the necessary steps for both parties. Ultimately, understanding these codes helps merchants enhance their response strategies, mitigate potential losses, and improve overall customer satisfaction.

Disputes 54

Disputes Non-Bank CHIPS Authorization 54

Nanonets

JUNE 21, 2023

Reconciling payments involves verifying whether the payments received in the company's bank account match the corresponding invoices or payment records in the company's financial system. Fraud detection and risk mitigation Reconciling payments plays a vital role in detecting fraudulent activities and mitigating associated risks.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

PYMNTS

JANUARY 18, 2019

” EDI is a mechanism that allows companies to exchange data electronically, to replace manual communication channels like fax or paper correspondence. . “The most advanced technology is [electronic data interchange (EDI)].” The technology first emerged in the 1970s.

B2B 78

B2B Blockchain B2C Use Case 78

Segpay

APRIL 22, 2024

Even if intercepted, the token cannot be used for fraudulent transactions without the corresponding authentication mechanisms. Similarly, PSPs can offer their clients a secure payment solution that helps mitigate the risk of fraud, chargebacks, and costly data breaches. Suppose a customer purchases a refrigerator from an online store.

Data Breach 52

Data Breach Risk Online and Mobile Banking PCI DSS 52

PYMNTS

MARCH 27, 2017

KfW has detected the system’s incorrect behavior very early in the process, immediately mitigated the unwanted action and started the necessary process of analyzing the causes,” the bank said in an emailed statement to Bloomberg. The mistake was rapidly identified and eliminated, and the amounts overpaid were successfully demanded back.

Correspondent 40

Correspondent Audit Mitigation On-Demand 40

PYMNTS

JULY 9, 2020

International transactions must be vetted not only by financial institutions (FIs) in the sending and receiving countries, but also by every correspondent bank the payments flow through along the way. There are a variety of solutions aimed at mitigating these pain points, however. Accelerating Payments Through Cooperation and APIs.

Cross-Border Payments 56

Cross-Border Payments Cross-Border B2B Regulations 56

PYMNTS

SEPTEMBER 14, 2020

The pandemic could be encouraging these unwarranted disputes, too, as the uptick in card-not-present (CNP) transactions from consumers shopping online leads to a corresponding rise in CNP fraud claims.

AI 70

AI Disputes Push-to-Card Acquirers 70

M2P Fintech

JANUARY 31, 2024

It handles various payments, including local and internal transactions, manages unknown payments, and interfaces with back-office forms, correspondent accounts, and currency exchange modules. Payment Processing Module The Payment Processing module in a CBS ensures precise and efficient transaction management.

Fraud Detection 59

Fraud Detection CRM Regulatory Compliance Compliance 59

PYMNTS

APRIL 22, 2019

Other top factors behind rejections include an applicant’s poor credit profile, limited institutional ability to underwrite financing, a decline in correspondent banking relationships, and geopolitical and economic risk factors.

Finance 53

Finance Financial Inclusion Compliance Correspondent Bank 53

Nanonets

APRIL 3, 2024

This process involves comparing the company's accounts payable data, which includes invoices, purchase orders, receipts, and statements, with the corresponding records maintained by the vendors. Automation helps to mitigate payment errors inherent in manual reconciliation processes. Why is Vendor Reconciliation Important?

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

MARCH 23, 2020

Partnering with third-party providers equipped to handle cross-border payments is one viable solution as these organizations can mitigate potential payment process hiccups, including foreign exchange concerns and payment speeds. This problem is currently minor, but it will likely become concerning as more of the workforce becomes freelancers.

Cross-Border Payments 61

Cross-Border Payments Cross-Border Wire Transfer Wire 61

Nanonets

APRIL 15, 2024

Detects errors, omissions, and irregularities : By comparing each transaction in the bank statement with the corresponding entry in the company's records, bank reconciliation can catch discrepancies, errors, and omissions that may have occurred during the recording or transmission of financial data.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

MAY 7, 2024

This method is painstaking and involves matching each expense entry with the corresponding documentation—bills, invoices, purchase orders, cheques, bank statements and the likes—to identify discrepancies and errors. This process helps identify discrepancies such as missing transactions, bank errors, or unauthorised withdrawals.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

FICO

APRIL 13, 2022

Across Europe, research from Visa in 2021 revealed that, for now, the rise in contactless limits has not corresponded into a rise in fraud rates. Mitigate the risks now. Against a total of £9.46 billion worth of contactless transactions, that equates to 1.8p worth of fraud in every £100 spent using contactless technology.

Contactless Payments 52

Contactless Payments Push-to-Card Payments Transactions 52

PYMNTS

JANUARY 24, 2020

Phishing attacks and other cybersecurity threats continue to intensify for companies today, a threat that even a growing economy cannot mitigate. In cybersecurity, for instance, Woloszczuk recommended that SMBs separate their payment systems from the systems they use to conduct email correspondence. Rising Cybersecurity Risks.

Cybersecurity 52

Cybersecurity Economy Small Business Phishing 52

EBizCharge

JUNE 25, 2024

Match invoice payments with recorded transactions and report any discrepancies Carefully compare the recorded invoice payments against the general ledger entries to ensure each payment aligns with the corresponding ledger transaction, verifying that the amounts, dates, quantity, totals, and other payee details are accurate and match.

Reconciliation 52

Reconciliation Automation Transactions Correspondent 52

The Payments Association

OCTOBER 11, 2024

By acting now, firms can mitigate operational disruption, enhance their governance, and ensure they are better equipped to protect consumers in an increasingly complex payment landscape. Firms should follow best practices, such as enhanced due diligence, to mitigate risks associated with third-party providers.”

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

EBizCharge

JULY 15, 2024

Such deposits help mitigate risk for service providers or sellers as they secure a level of financial commitment from the buyer. EBizCharge integrates seamlessly with various accounting and ERP software, automatically posting payments to corresponding invoices, thus simplifying reconciliation.

Disputes 52

Disputes Payer Legal Service Provider 52

Clearly Payments

JUNE 21, 2024

Gathering Evidence: Documentation: Collect all transaction records, receipts, delivery confirmations, and any correspondence with the customer. In this section, we will explore best practices tailored to common chargeback reasons, providing you with actionable steps to mitigate risks and increase your chances of success when disputes arise.

Disputes 52

Disputes Address Verification System (AVS) Credit Cards Best Practices 52

Clearly Payments

JUNE 12, 2024

Understanding the specific reasons behind chargebacks in different industries helps merchants develop targeted strategies to mitigate these disputes, such as improving customer communication, enhancing transaction descriptors, and implementing robust fraud prevention measures.

Disputes 52

Disputes Card Issuer Acquirers Transactions 52

FICO

OCTOBER 19, 2022

Increases in average FICO® Resilience Index values over time correspond well to changes in the percent of borrowers in the Sensitive (60-69) or Very Sensitive (70-99) segments, as seen in Figure 3. Figure 2: Average FICO® Resilience Index 2 by snapshot, all industries account management vs account origination.

Origination 52

Origination Accounts Correspondent Credit Risk 52