Finovate

FEBRUARY 20, 2025

The goal of the new format is to enhance the quality of financial messaging, facilitate cross-border payments, and reduce manual processing. This enables banks to process transactions across multiple core systems while integrating with digital banking, Office of Foreign Assets Control (OFAC), and fraud monitoring via open APIs.

FedWire 114

FedWire ISO 20022 ISOs Payment APIs and Integration 114

PYMNTS

DECEMBER 8, 2017

Israch was surprised to learn that nearly one-third of companies (32 percent) are still not screening payees for anti-money laundering, drug trafficking, terrorism, the Office of Foreign Assets Control (OFAC) and other red flags. Israch has seen organizations have their banks shut off due to an OFAC hit.

Cross-Border 40

Cross-Border OFAC Wire Transfer Payee 40

PYMNTS

MARCH 2, 2020

Two individuals were accused of being connected to the Lazarus Group cybercrime organization per an update of the “Specially Designated Nationals” (SDN) list from OFAC. Treasury has brought on an additional 20 new bitcoin addresses affiliated with two people to its sanctioned individuals roster, Coindesk reported.

Treasury 71

Treasury Bitcoin Addressing eWallet 71

Stax

DECEMBER 4, 2023

However, be mindful of challenges like rapid technological advancements, evolving money laundering techniques, diverse clientele, varying risk profiles, cross-border transactions, and varied regulations. This means different payment patterns and a diverse range of laundering techniques in play. To learn more, contact our team today.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

The Fintech Times

JULY 24, 2024

Both offer similar services, but FedNow participants can transfer funds from their Federal Reserve master account, which means they have an extra pool of resources for liquidity management. RTP, on the other hand, is interoperable which allows third-party apps like Zelle to access and build products on.

FedNow 59

FedNow Instant Payments RTP Federal Reserve 59

PYMNTS

MAY 14, 2018

In many ways, eCommerce has dissolved borders, creating new expectations for business to be conducted between countries with different currencies, languages and regulations. If a supplier gets an OFAC hit or otherwise breaks the rules, it’s the merchant, not the supplier, that will find itself in media headlines, thus damaging the brand.

OFAC 40

OFAC Wire Transfer ATM Cross-Border 40

Finovate

OCTOBER 4, 2024

Backbase’s Engagement Banking Platform, integrated with Middesk, will give financial institutions access to real-time verification data sourced from multiple databases including the offices of all fifty Secretaries of State, the IRS, the USPS, OFAC, and more.

Innovation 64

Innovation AI Payment APIs and Integration Online and Mobile Banking 64