Fintech News

JUNE 10, 2024

Regulatory requirements like the UK’s Confirmation of Payee (COP) and Single Euro Payments Area’s (SEPA) Verification of Payee (VOP) necessitate verification processes to ensure secure transactions. said Deya Innab, Eastnets’ Deputy CEO.

Fraud Prevention 112

Fraud Prevention Global Payments Payee Verification 112

Fi911

MAY 22, 2024

A payment reversal is the process through which funds from a transaction are returned to the payer’s account. When a payment reversal occurs, the transaction is effectively undone, meaning that the payee loses the funds that were initially transferred, and the payer regains their money. What is a Refund?

Payer 89

Payer Address Verification System (AVS) Disputes Payee 89

Fintech Finance

JUNE 10, 2024

By integrating iPiD’s verification solutions, we empower our clients to comply with critical regulations like the UK’s Confirmation of Payee and SEPA’s Verification of Payee, significantly reducing transaction risks.”

Payee 52

Payee Instant Payments Verification Payer 52

Fintech Finance

APRIL 11, 2024

Verituity , a leading provider of intelligent, verified payout solutions, today announced the integration of Mastercard Move , Mastercard’s portfolio of domestic and international money transfer solutions, into its payments platform, enabling near real-time payouts for commercial banks and payers.

Cross-Border 52

Cross-Border Visa Payee Near Real-Time 52

The Fintech Times

FEBRUARY 4, 2024

In all of these cases, the acquirer, i.e. the provider of the service to the merchant has an obligation to perform CDD on their customer, the merchant, but never on the payer. To be clear, payers never get into the CDD scope of e.g to allow European PISPs to compete on a level playing field.

AML 57

AML Regulations Payer Payee 57

PYMNTS

OCTOBER 22, 2019

Bank introduced a new eBilling tool also designed both for billers and payers. Designed to take the guesswork out of AP, Bank of America’s new Accounts Payable Optimization solution is certainly marketed as a tool that reduces friction for corporate payers. Bank Targets Both Billers and Payers. Finally, U.S.

Payer 40

Payer B2B Commercial Card Faster Payments 40

FICO

OCTOBER 24, 2018

Given the impact this type of fraud has on both victims and banks Pay.UK (previously known as the New Payment System Operator) has announced that from next year there will be a confirmation of payee service. How Does Confirmation of Payee Work? How Does Confirmation of Payee Work? Here’s an illustration of the process.

Payee 49

Payee Payer Payments Scams 49

Paystand

SEPTEMBER 20, 2024

EFT payments are automated and processed digitally between the payer and payee. An EFT example is direct deposit, where funds are transferred electronically into an employee’s account. Common EFT types include ACH transfers, debit/credit transactions, and wire transfers.

Transactions 40

Transactions Wire Transfer Direct Deposit ACH 40

Fintech Finance

OCTOBER 23, 2024

Setting up Direct Debits or paying money through banking apps can be open to human error, with the payer having to input the recipient’s banking details manually. A third of people pointed out that they have often set up a new payee on their banking app only to pay them once or twice, despite the effort of setting the details up.

Online and Mobile Banking 89

Online and Mobile Banking Payer Payments Payee 89

Fintech Finance

AUGUST 15, 2024

The Sionic Fraud Protection Service (FPS) is the final component required for true Pay-by-Bank transactions at the point of sale, alongside verified buyer and seller credentials, a consistent customer experience and automated dispute resolution instantly between payers and payees.

AI 87

AI Fraud Detection Technology Real Time Payments 87

PYMNTS

NOVEMBER 23, 2020

According to John Innes, CEO of ACH Processing Company , the complex flow of B2B payments in the healthcare space has several areas of opportunity to not only bring efficiency to the process, but actually provide financial relief to both payers, like third-party administrators (TPAs), and payees, like dental offices and private practices.

ACH Processing 77

ACH Processing Payer ACH Payee 77

Fintech Finance

JULY 16, 2024

These payments do not require the payer to hold any customers’ bank account details, whilst at the same time removing the need to issue paper cheques. Requiring only the recipient’s name and mobile phone number, using the latest Open Banking technology the payments can be made directly into a recipients bank account.

Continuity 88

Continuity Crime Payee Payer 88

The Payments Association

OCTOBER 14, 2024

If an authority can unilaterally choose to lift the veil on the identity of the payer in a transaction, without asking the payer for permission, and without the possibility that the payer might decline, then the payer is not actually private, analogously to backdoors in encryption technology.

Privacy 88

Privacy Addressing CBDC Payer 88

PYMNTS

JANUARY 21, 2021

The feature will be available for both payers and payees, and it will offer live updates on the status of international payments at all stages of the fund transfer process, the release stated. In addition, the Payment Tracker will offer insights into potential delays of the payment.

B2B 87

B2B Transactions Payee Payer 87

PYMNTS

JANUARY 28, 2021

This week's look at the convergence between accounts receivable (AR) and accounts payable (AP) finds this tactic expanding in the corporate card arena, while another FinTech aims to boost cross-border payment traceability for both payer and payee. Tat Capital Eases Card Acceptance For Vendors.

Innovation 61

Innovation Payer Cross-Border Payee 61

Fintech Finance

MARCH 25, 2024

It has since launched numerous Open Banking products, including Confirmation of Payee (CoP), Payer Name Verification (PNV) and Account Information Services (AIS) solutions.

Government 52

Government Governance Payee Payer 52

Nanonets

OCTOBER 23, 2023

Accounting and Reporting: After making the disbursement, the payer reconciles their financial records to ensure that the payment has been accurately recorded and that the account balances reflect the transaction.The disbursement is accounted for in financial statements and reports. Checks are widely used for various financial transactions.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Payer Payee Online and Mobile Banking 52

PYMNTS

SEPTEMBER 26, 2019

Push, or credit, transactions see payers instructing their banks to send money from their accounts to recipients’ accounts, whereas pull, or debit, transactions have recipients’ banks extract money from payers’ accounts. Payers provide PINs or signatures, which grant recipients permission to extract funds.

Payer 67

Payer Real Time Payments Push-to-Card Payee 67

Finovate

JANUARY 8, 2024

This protects both parties by ensuring that the payer isn’t receiving work and refusing to pay, and also ensuring that the payee isn’t taking the funds without completing their end of the contract. Taskpay facilitates payments made using cryptocurrency, debit or credit card, PayPal, ACH transfers, or wire transfers.

Wire Transfer 52

Wire Transfer Payee Payer Disputes 52

Neopay

NOVEMBER 27, 2023

Consultation process Comments to the consultation paper can be sent by clicking on the “send your comments” button on the EBA’s consultation page.

Money Laundering 52

Money Laundering Consulting Finance AML 52

EBizCharge

MAY 8, 2024

ACH Credit Transactions: These transactions involve the payer initiating a payment and sending funds to the payee’s account. ACH Debit Transactions: Conversely, ACH debit transactions allow the payee to pull funds from the payer’s account with the payer’s authorization.

ACH 52

ACH Checks Process ACH Network 52

Fintech Finance

JULY 4, 2024

The Bank for International Settlements (BIS) defines offline payments as the transfer of a digital money token between devices that takes place without the payer and payee requiring a networked connection to any ledger system or backend system to complete the payment. G+D Filia® Unplugged makes digital offline transactions a reality.

Digital Payments 93

Digital Payments Online and Mobile Banking Central Bank Financial Inclusion 93

Neopay

JULY 18, 2024

Source : European Banking Authority The post The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets appeared first on Neopay.

Travel Rule 52

Travel Rule Money Laundering Rules Finance 52

Seon

JUNE 1, 2023

Regardless of the number and types of security features chosen by an organization wishing to utilize high-security checks, their purposes are as follows: to deter fraudsters, reduce fraud, and protect the financial interests of the check payer and payee. Chemical-reactive paper : Many check fraudsters may try to erase certain ink.

Checks 52

Checks Security Fincen Payer 52

FICO

SEPTEMBER 21, 2016

The technique enables the model to capture habits of both payer and payee from different dimensions. Based on one study, the transactions that deviate from a customer’s behavior-sorted lists across all dimensions is a minimum of 30 times riskier than the transactions that follow at least one behavior-sorted list.

Payer 64

Payer Payee Fraud Detection Payments 64

PYMNTS

OCTOBER 1, 2018

According to NACHA , the B2B directory will be structured as a network of credentialed service provider “sub-directories,” in which trusted and validated payee information will be stored. Credentialed service providers will allow access to the stored electronic payment information, including ACH payment details and other payment methods.

NACHA 56

NACHA Business Payments Payee ACH 56

Nanonets

SEPTEMBER 21, 2023

Here is a brief overview of the process: Initiation: The payment process begins with the creation of an electronic payment request by the payer. This request includes data such as the payment amount, payee information, and payment due date. The payee may also send an electronic message to confirm receipt of the payment request.

Payment Solutions 52

Payment Solutions Payee Payments Payer 52

PYMNTS

DECEMBER 2, 2019

2) said Signicat will integrate SurePay’s bank account verification solution within Signicat’s Digital Identity Platform, allowing financial institutions and businesses in the Netherlands to automatically authenticate a payee’s identity with its bank account details.

Due Diligence 40

Due Diligence B2B Payee Payer 40

PYMNTS

MAY 15, 2018

New policies put the onus on payers, not payees, to guarantee accurate information on tax forms. Israch said the onus is now on the payer to collect all necessary tax documents from the payee and validate the info on those forms.

Compliance 40

Compliance Automation IRS Payer 40

EBizCharge

JUNE 19, 2024

Remittance advice documents generally consist of the following; The name and contact details of the payer The remittance advice date Payment amount and currency Payment method (e.g., A typical piece of remittance advice includes several critical pieces of information for the recipient to identify and process the payment accurately.

Payer 52

Payer Reconciliation Correspondent Disputes 52

EBizCharge

JULY 15, 2024

The primary difference hinges on whether the payer remits funds before or after receiving the benefit of a service or product. Scheduled payments: Scheduled payments refer to predetermined and agreed-upon dates when payments for invoices are to be submitted by a payer to a payee.

Disputes 52

Disputes Payer Legal Service Provider 52

PYMNTS

APRIL 12, 2018

Once the payee has pinged the payer, the payee can present questions that are either automated or part of the payee’s workflow to determine the reason for the discrepancy and resolve the issue. Now, said Hathaway, an automatic email gets sent to the payer requesting that the payment be adjusted.

Payer 46

Payer Accounts Payee Automation 46

PYMNTS

NOVEMBER 19, 2020

With all of the problems and challenges 2020 has thrown at us, the last thing anyone needs is a nagging perceptual rift between payees and payers about what “instant” means. Payers claim, however, that they make only 45.3 Yet, there it is. The majority of consumers, at 58.4 percent, and microbusinesses, at 70.8

Instant Payments 94

Instant Payments Non-Bank Payer Payments 94

PYMNTS

MARCH 9, 2020

Payers have to know that payees will accept certain payment methods before making purchases, and payees do not want to invest until they know payment instruments are in demand. Payers who receive the requests can then decide to comply and issue the funds in real time or decline the transaction.

RTP 81

RTP TCH ISO 20022 Real Time Payments 81

PYMNTS

JANUARY 12, 2021

There is no customer experience between the government, as a payer, and the citizen recipient. And that, along with creating a digital engagement between the governmental payers and the citizen payees, will make it possible to achieve real optimality when it comes to pushing out a payment quickly and safely.

Government 90

Government Governance IRS Payer 90

PYMNTS

JULY 17, 2019

For payees, NetNow accelerated payments can be used to reinvest back into their businesses, expand product lines, fund inventory, grow sales teams and more. We are proud to be the only accounts payables automation vendor who offers this program embedded directly within its platform for easy payer and payee adoption.”.

Payee 44

Payee Multi-Currency Payer PayPal 44

PYMNTS

APRIL 30, 2020

NIFT ePay, though, will allow more interoperability and also provide a new level of transparency, with confirmations between the payer and payee of every step of the payment. Instead, businesses have to go through multiple banks and use more resources to settle payments, which ends up wasting time and money.

B2B 67

B2B ISO 20022 Interoperability Funds Transfer 67