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  • Facebook-backed Diem has cleared regulatory hurdles to finally launch in Q1 — Business Insider

    Facebook's digital currency project,  formerly known as Libra, plans to launch a US dollar-backed stablecoin around the end of this quarter, per Coindesk. It will be issued via a blockchain-based payment system governed by the Diem Association, which last touted it would launch in January 2021, per TechCrunch.
  • Jack Henry and Associates Onboards More Financial Institutions for Real-Time Payments

    Today Jack Henry and Associates announced that they have connected 90+ financial institutions to their real-time payment network and Zelle.

    Jack Henry & Associates, Inc, a leading provider of technology solutions and payment processing services primarily for the financial services industry, has confirmed that its faster payments hub, JHA PayCenterTM, is home to 93 financial institutions. More than 170 banks and credit unions are contracted in total to leverage JHA PayCenter to connect to the RTP® network of The Clearing House and/or Zelle Network® of Early Warning Services. The clients of Jack Henry represent most of the financial institutions currently living on the RTP network. - Payments Journal

  • Easing Blockchain's Introduction To The Global Payments Ecosystem — PYMNTS

    As corporates continue to find themselves inspired by surging bitcoin values and a massive crypto haul by Tesla, the digital currency ecosystem is beginning to drum up more interest within the corporate treasury and B2B payments arena.

    Yet despite cryptocurrencies' promises of faster payments, mitigated risk and boosted transparency, the corporate ecosystem is far from ready to dive fully into the market. That doesn't mean organizations can't achieve similar benefits from crypto's underlying infrastructure, blockchain, according to Carrie Sattler, CEO of RowanPay.

    The company quietly announced earlier this month that it is gearing up to launch its payments network in Q2, a blockchain-powered gateway with its sights set on B2B and cross-border transactions. Speaking with PYMNTS, Sattler discussed some of the biggest friction points that its proprietary blockchain may be able to address, and how the network plans to fit within the broader ecosystem of both legacy and new systems hoping to tackle the same pain points.

  • Deep Dive: How AI And ML Can Reduce Fraud And Increase Customer Satisfaction — PYMNTS

    Digital fraud is one of the most pressing issues facing the banking sector, with fraudsters deploying a vast array of methods to target financial institutions (FIs) and their customers. Loan fraud complaints totaled 17,349 in Q1 2020 compared to 4,416 complaints during the same period in 2015, a 752 percent increase. Instances of credit card fraud jumped from 17,236 in Q1 2015 to 45,120 during the same quarter last year, a 436 percent increase. Financial fraud as a whole rose by 434 percent during this five-year period, including a 104 percent jump between Q1 2019 and Q1 2020.
  • How Real-Time Request-For-Payment Features Can Ease Cash Flow Strains — PYMNTS

    Businesses have become laser-focused on their cash flows while enduring the challenges of the pandemic. Late customer payments, which are pain points even during the best of times, became more commonplace last year, and too many late payments could spell disaster for these businesses. A July 2020 survey found that 48 percent of Canadian and U.S. SMBs said the next missed payment could cause them to go under. Issues like these are making business owners especially sensitive to the differences between when their clients use slow-moving paper checks to pay and when they use speedy digital methods.
  • Cryptocurrency Exchange Compliances Pose Challenges for Decision Makers — Payments Journal

    “But is it real money?” This is a question asked by the average person when first discussing cryptocurrencies such as Bitcoin.  While the answer is complicated, the government is continuously working to enforce new regulations that will treat it as such.

    In recent years, there have been numerous anti-money laundering laws set in place to prevent people from transferring crypto funds illegally. Although this is great news for those who would like to use crypto in a legitimate fashion, there are still many challenges that crypto exchanges face with heightened regulation requirements.

Community Blogs

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  • In July, we shared some tips on addressing unemployment fraud , and calls to our Payments Hotline show ...

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    FRB Synthetic Fraud

    In 2019, the Federal Reserve published two white papers as part of their Payments Fraud Insights series. ...

  • On May 14, 2020 the Secret Service   issued a warning   about a "well-organized Nigerian fraud ring ...

  • The Federal Reserve announced recently the release of its FraudClassifier SM Model—a set of tools and ...

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Latest Discussion Posts

  • New Member Discount Code for Nacha.org Effective January 1, 2021 Nacha uses Member Discount Codes (MDC) to identify NEACH members. The MDC ensures that only eligible parties receive the benefit of member pricing. A new, unique MDC for 2021 ...

  • Consumers across the country are participating in scams at an alarming rate, and when they transfer funds as part of the fraud, they become a money mule. Institutions then are in the position of monitoring accounts and transactions and taking other actions ...

  • Yesterday, February 24th FinCEN released an Advisory on financial crimes specific to COVID-19 Economic Impact Payments (EIP).   The Advisory describes various EIP-related fraud, associated red flags and information on reporting suspicious activity.  ...

  • We have all been reading the stories about how some of the southern states were adversely affected by frigid temperatures, heavy snow, and power outages.  These states were caught very much off guard, as such weather was record-breaking, and not typical ...

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