Blogs

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NEACH, as you know, has been promoting the use of the ACH Network for close to 50 years and expanded our offerings over the last ten years to all thing’s electronic payments.  What you may not know about NEACH is that internally we have been very dependent on checks for both our A/R and A/P processes.  I had a vision when I became President & CEO, and that vision was to change that process immediately.  It did not change immediately, and that was due to a couple of errors in judgment. Most notably, our process and systems were literally written out of a check processing playbook.  The other issue to our check process was our fraud controls. From the approval ...
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During this unprecedented time of widespread disruption and uncertainty brought about by COVID-19, NEACH’s mission and commitment to serve the needs of its members and to represent and advocate for you at the national level continues unhindered. Although our team is working from home, we are carrying on with business as usual, and that means our members remain our top priority.   While much of the nation remains under a stay-at-home mandate, the work of representing and advocating for you continues. We partner with organizations like Nacha, the Fed, the Faster Payments Council, and others at the national level on behalf of our members.   For example, ...
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Payments innovation is happening in every aspect of our industry and at an unprecedented pace. Why all this change, and why now? This answer is twofold. First: technology disruption. The rise of mobile smartphone technology was an early onset disrupter and has continued to influence the face of technology. Today we have technology focused FinTechs reshaping how we view banking as a whole. Innovations that promise to that both change and improve the customer experience—along with technology that offers the opportunity to do so—has shifted the way our industry and society as a whole operates. Second: global awareness. The United States is part of a major global ...
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We’ve entered the era of payments modernization, including real-time payments. Today’s technology advances at lightning speed, and new systems and solutions—leveraging that very technology—continue to emerge to improve the payments process. All of this being driven by the customer/member, who demands fast, safe, convenient, and personalized transactional experiences. And financial institutions will be the force to usher us into the modern payments world. While FinTechs might be driving the technology behind the modernization, financial institutions have the customer/member relationship; they’ve earned the trust. Customers/members rely on banks and credit ...
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By now, you’ve probably read the article, “January Faster Payments Executive Summary— Reflections on 2019 and Predictions for 2020,” that went out under my name. First, let me say, I’m thrilled so many of you read   my posts! In response to the number of emails I received congratulating me on my “new” job   at NEACH, I’d like to give credit where credit is due. This month’s executive summary, mistakenly posted under my name, was actually written by a new addition to our team Mark Dixon, AAP, APRP, NCP, director of payments innovation. Expect to see more from Mark in the near future—including in the re-post of the previously mentioned article under the correct ...
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There’s been quite a bit of activity around cannabis banking this year. 2019 is shaping up to be a big year for cannabis banking. Green Check Verified’s Paul Dunford, Director of Customer Experience and Attorney, Sara Moppin from Preti Flaherty will be discussing their shared learnings around cannabis banking in New England - and what’s next for cannabis banking in 2020. This presentation will cover shared learnings on trends, updates, what 2019 has taught us so far about cannabis banking in New England - and what that might mean for cannabis banking in 2020.   What You'll Learn:  What data you can use to help you and your FI define ...
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You're invited to our FREE webinar! There’s been quite a bit of activity around cannabis banking this year. 2019 is shaping up to be a big year for cannabis banking. Green Check Verified’s Paul Dunford, Director of Customer Experience and Attorney, Sara Moppin from Preti Flaherty will be discussing their shared learnings around cannabis banking in New England - and what’s next for cannabis banking in 2020. This presentation will cover shared learnings on trends, updates, what 2019 has taught us so far about cannabis banking in New England - and what that might mean for cannabis banking in 2020.   What You'll Learn:  What data ...
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According to the White Paper produced by the Federal Reserve near the end of 2018, the typical victims of ‘synthetic identity fraud’ are children, the elderly, or the homeless. We are all familiar with identity fraud in one way or another, but what is synthetic identity fraud? It seems that the U.S. is a better target due to the static nature of our identities because we rely on personally identifiable information (PII) like Social Security numbers. In the past this type of fraud was perpetrated face-to-face but has grown due to the Internet. McKinsey estimates that it is America’s fastest growing financial crime even though it is hard to track and ...
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What’s next in payments? It’s a question we should be continually asking ourselves in today’s rapidly evolving payments landscape.  As new efforts unfold, it is critical that we stay on the cutting edge of new developments through continuing education, especially in the areas of financial technology and innovation, both of which are growing exponentially.   At last year’s   Innovating Payments Conference , we addressed a number of topics that fall into such categories as artificial intelligence, API, and blockchain, to name a few. A FinTech panel and open forum discussions also allowed for the free exchange of ideas as attendees explored the intersection ...
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Education is critical to professional development. Personally, I know that when I earned my Accredited ACH Professional (AAP) qualification, I feel like it launched my career. Accreditation brings so much opportunity to advance knowledge and be the go-to person for your financial institution. That’s just one reason I’m so enthusiastic about others getting accredited and hopefully feeling similarly; but I’m supportive of all education efforts that advance knowledge of our industry. Because it’s changing every day, and it can seem difficult to stay on top of all of it. Programming notes Our education programs aim to cover each step in the life of ...
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In today’s dynamic financial services landscape, there’s always an emerging opportunity or a new technology. And while not all new trends will stick, financial institutions must evaluate changes in the market to ensure they don’t let a new business opportunity pass them by or an emerging risk miss their filter. There’s a lot to stay up-to-speed on as the industry continues its transformation . At NEACH, it’s our job to stay on top of the trends that impact FIs at strategic and operational levels. Through education and member events, we address timely and relevant topics. For example, our Payments Management Conference (PMC) is a crucial way to learn about ...
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Afinis – V1.0

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Afinis is a membership-based standards organization, designed to develop implementable, interoperable, and portable standards across operating environments and platforms. Afinis provides a community for thought leadership on the shared goals of expanding efficiency, surety, safety and interoperability within the financial services industry. NEACH is one of its members. What that means in layman’s terms is that when folks from various segments of the financial services world define a need for an API (Applications Programming Interface), they will hash out the details amongst themselves and make it happen. Once these APIs are developed, they will be ...
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I recently had the pleasure of attending the Cybersecurity Conference and Roundtable in Bridgeport, CT. I’m always thrilled to be invited to industry events focusing on payments and found this event particularly fascinating as the attendees were primarily municipalities, towns and state government employees, all focusing on cybersecurity. When looking at risks related to processing payments, there is sometimes a habit of focusing on risk solely by the payment or type of payment – especially if you’re comfortable with pushing out credits and less comfortable with debits. This discussion at the event, however, looked at payments risk by vertical market to ...
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Recently, I had the honor of attending the fall 2018 Payments Innovation Alliance meeting held in Washington, DC. It was a great trip in our beautiful nation’s capital! The Payments Innovation Alliance provides a single membership program that brings together content and focus across all payment areas. Through active project teams, task forces and industry groups, members collaborate to influence existing and emerging payment trends and facilitate change and support innovation. The Alliance currently has four separate initiatives that represent its work in shaping the future of payments. The four project teams are the Cybersecurity Response Team, the ...
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Last week, NEACH staff attended a Payments Innovation Alliance meeting, featuring a wealth of informative sessions.  One in particular, presented by Walt Cox, Director of Business Development at Rapyd, and Bill Dunn, Director, Government Relations at American Payroll Association, was entitled Faster Payments and the Gig Economy.   The Gig Economy session peaked my interest, because I had never heard of the term.  I am aware of the word “gig,” as being slang for a live musical performance.  Wikipedia says it was coined in the 1920s by jazz musicians as a term short for the word engagement.    So what is a gig economy?  It is short-term work, primarily performed ...
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I often get questions about what cyber response has to do with, say, Operations, A/R, A/P, the Board or Compliance. The answer – a LOT! Consider your technology teams’ response to a cyber-attack. What do you think they will do if your business or institution comes under attack and confidential data is at risk. Yep – shut it down! Ok, admittedly it’s not as simple as “shut it down” but the fact is that their primary goal is different than yours – their goal is network integrity. Yours? Very different. Their response to the attack can have a negative affect against the rest of your organization from account holder support to payments, and increase your legal, ...
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NEACH is delighted to welcome guest blogger, Kevin Martin, CRCM, CAMS, Compliance Consultant, Compliance Anchor. This October, National Cybersecurity Awareness Month is commemorating its 15th year as an annual initiative to raise awareness about the importance of cyber security. To draw attention to this national initiative, Kevin has laid out 10 Practical Cyber Security Action Items you should consider. Don't forget to register for our upcoming Cyber Security Incident Response Interactive Workshop . *** Admit You Are A Target – Whether it is a data breach, ransomware, or some other event, know it can happen to you. Don’t ever say “It won’t happen ...
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NEACH is thrilled to welcome Compliance Month guest blogger, Nancy E. Lake, CAMS-Audit, CAMS-FCI, Director of Compliance Anchor. Building on the information released in the previous blog " Banking Marijuana: Do You Go There? ", Nancy lays out what steps you should take to address marijuana in your institution. If you would like more information, listen to our replay on-demand:  Banking the Marijuana Industry in New England .  *** Marijuana has been legalized in over 25 states, whether it be medicinal only or recreational aka adult (as proponents of it like to call it). Since marijuana is still illegal on the federal level many financial institutions ...
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NEACH is thrilled to welcome Compliance Month guest blogger, Nancy E. Lake, CAMS-Audit, CAMS-FCI, Director of Compliance Anchor. If you would like more information on Beneficial Ownership after reading this blog post, consider listening to the replay on-demand Beneficial Ownership, The Newest BSA Challenge that Nancy recorded for NEACH members earlier this year.  *** Beneficial Ownership has been on your mind as a BSA Officer for well over a year and you have created processes, worked with systems, trained your staff, and taken many other steps to comply with the rule’s requirements. Now we are a few months past implementation, but not everything is ...
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RSA recently released its   Q1 2018 fraud report , providing an inside look into the cybercrime and fraud trends observed in the first quarter this year across attack vector, digital channels and region.  One insight that stood out most prominently was the growth of fraud transactions originating from mobile apps –   an increase of over 600 percent in only three years   – from 5% in 2015 to 39% today.   While part of this increase is likely attributed to greater digitalization of banking and other consumer services, it is clear the mobile channel is still more vulnerable to fraud and requires better protection. Although the data suggests that mobile is ...
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