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You may remember reading about the “Can You Hear Me Now” phone scam earlier this year in which the fraudster would call a consumer and ask a question prompting a “yes” response. ( If not, listen to our Free Payments Fraud Awareness Town Hall ). That response would then be recorded and used as an authorization in conjunction with other personal information they may have already obtained in order to perpetrate fraud. Unfortunately, telephone scams seem to be here to stay, with the most recent scam targeting social security recipients.  An article was published in July warning citizens to be wary of phone calls from individuals purporting to be from the Social ...
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The industry has felt the rumblings for months—the significant shift that occurred with the launch of Same Day ACH, The Clearing House’ real-time payments system, and innovators reimagining ways in which to move payments faster. But those rumblings seem small compared to the seismic shift felt by the industry with the release of the Federal Reserve’s Faster Payments Task Force Final Report, Part Two: A Call to Action.   The Faster Payments Task Force Final Report, Part Two  The much-awaited report provides insights from proposals , considers issues requiring collaborative action, and recommends 10 detailed measures for achieving a faster payments system, ...
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The ACH Network and the ODFIs representing them, receive great benefit from Third-Party Senders as it relates to volumes.  There are unique risks associated with processing for Third-Party Senders, which draws the attention of regulators and the internal audit and risk teams at the ODFIs.  Over time, an apprehension has developed in regards to how Third-Party Senders are viewed in the payments industry.  The negative views stem from some publicized issues related to Third -Party Senders. The losses and risks associated with the bad activity have stained an entire industry.  A lack of understanding or the inability to apply knowledge can often be the reason ...
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Faster payments are accelerating and show no signs of slowing down. From preparations for SDA Phases 2 and 3 implementations to blockchain-chain solutions for faster cross-border payments, everything on the faster payments front is full steam ahead.  NACHA continues to prepare for the implementation of Phase 2 of Same Day ACH, recently releasing a series of checklists and guidance for ODFIs, RDFIs, Corporates, and Processors. With less than four months until Phase 2 implementation on September 15, 2017, you can expect to see an ongoing stream of resources from NACHA designed to help the industry prepare. And with the implementation of Phase 3 less than ...
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The faster payments movement advanced significantly in 2016 and is quickly gaining momentum. What were the biggest successes of 2016? Where might faster payments go in 2017? What should financial institutions do to prepare? Although it is impossible to predict with 100 percent accuracy what will happen in the future, one thing is clear: Faster payments is a movement unlike any other. The financial services industry can expect significant changes in the next five years. Read more about what Sean Rodriguez of the Federal Reserve, Jan Estep of NACHA, and Tim Mills of The Clearing House had to say about the future of fast
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On November 30, the Department of the Treasury, Bureau of the Fiscal Service, published a notice of proposed rulemaking with request for comment to adopt, with some exceptions, the NACHA Operating Rules as the rules governing the use of the ACH Network for federal agencies. According to the Federal Registry , " These changes include amendments set forth in the 2014, 2015, and 2016 NACHA Operating Rules & Guidelines . Highlights include, but are not limited to, adopting Same Day ACH, which proposes to enable the receipt of same day credits, beginning August 30, 2017. However, Fiscal Services did not adopt the Unauthorized Entry Fee. According to ...
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NEACHs Faster Payments Executive Briefing , published monthly in a quick, easy-to-read format, is your go-to resource for staying in the know about new developments in the faster payments landscape. Each months briefing highlights contributions from such industry leaders as NACHA, The Clearing House, The Federal Reserve, and other influential stakeholders, giving you the information you need to assess how these changes impact your organization and its members. In This Months Briefing With Same Day ACH Credits live, NACHA is now turning its attention to helping the industry prepare for Phase 2 when debits come online. This month NACHA is ...
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In recent years, payment industry stakeholders in the U.S. have been collaborating to improve payments efficiency. A quest is underway to achieve the worthy goals of originating and receiving more payments electronically to reduce the average end-to-end costs of transactions and to enable innovative payment services for consumers and businesses. In the U.S., opportunities to improve payment system efficiency are especially significant in business-to-business (B2B) transactions, which include the invoice, payment and remittance detail. With that in mind, give a hearty salute and wish a happy anniversary to the Business Payments Coalition (BPC), formerly ...
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What should financial institutions be doing to ensure a smooth roll-out of Same Day ACH now that it's live? According to Jack Henry payments experts Deborah Phillips, managing director for Payment Strategy, and Kevin Moland, director of product strategy, a lot. Many of the changes driven by the new Same Day ACH rules are procedural, and Jack Henry is urging financial institutions to review the internal processes theyll be using now and into Phase 2 and 3. In addition, Phillips and Moland advise financial institutions to strengthen and streamline risk review and fraud mitigation practices in order to continue handling incoming ACH items safely with the ...
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This year’s Payments Management Conference was buzzing with talk of Same Day ACH. Our slate of industry experts and speakers addressed critical issues surrounding Same Day ACH, which revolved around three key topics—innovation, origination, and risk. With the implementation of Phase 1 going into effect on September 23, 2016, now is a good time to revisit the key topics from this year’s conference as they related to Same Day ACH, specifically, innovation, origination, and risk. In the Opening General Sessions, panelists issued a clarion call to innovation, which was a recurring theme from beginning to end. The two ACH Operators, the Federal ...
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An Interview with Webster Bank, Treasury & Payment Solutions Faster payments aren’t just the responsibility of one area of a financial institution. This new paradigm — from Same Day ACH to real-time payments — means that every major area within a bank or credit union will need to be up-to-speed on how it impacts their functions. From front-line staff to lockbox processing to ACH operations and product management, faster payments fundamentally will change how banks operate. Before ...
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Real-Time Payments: A Foundation for Payments in the Digital World Additional Resources Pacing Payments Podcast Interview: The Clearing House on Real-Time Payments D+H joins with The Clearing House in push for real-time payments -- Finextra Jack Henry & Associates partners with The Clearing House to grow ubiquity of real-time ...
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In the ever-changing environment of remote payments processing, increased access to payments systems and costly attacks on business networks, there is a surging need for protecting systems from the risk of cyber-attacks. Businesses are a rich source of data that cyber-criminals are after. Industry experts believe small to mid-sized businesses continue to be the prime focus of attackers due to their access to information, but generally lower risk postures. Minimizing cyber-related threats is everyone’s responsibility, but can prove challenging in a small business environment. Over the next few weeks, I will be sharing “Where to Start” information for a small ...
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The Federal Reserve named Gordon Werkema as Payments Strategy Director with responsibility for leading major payment system improvement initiatives described in its recently published “Strategies for Improving the U.S. Payment System” paper. Gordon Werkema currently serves as First Vice President and Chief Operating Officer of the Federal Reserve Bank of Chicago and Product Director for the Federal Reserve System’s National Customer Relations and Support Office. FedPayments Improvement Taskforce is a major initiative being driven by the Federal Reserve with an expected report deliverable by late 2016. NEACH has representation for you on the Faster Payments ...
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This week’s blogs is coming to you in honor of last weeks’ Consumer Privacy Awareness Week; May 3- 9, 2015 . I made a promise last week to myself, that I’d start selecting stronger passwords. This came about due to me being remote and not having my trusty cheat sheet of passwords handy, and you guessed it, I locked myself out of my Laptop. While getting unlocked, the topic of password security came up. “What do you want your new password to be,” my IT person asked? My response was, “The same as all my other passwords.” The long pause should have been an indicator of what was soon to follow. Yes, I shamefully acknowledge ...
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