We’ve seen an interesting pattern developing among our advisory group members regarding Same Day ACH. Their initial tepid reaction to the product’s applicability within their company can turn much more favorable — but only when the discussion is kept alive. Successfully driving acceptance of same day ACH comes down to engaging customers.
Sometimes, catching insider collusion comes down to plain old common sense…
What can financial institutions do to make their account opening solutions “easier to use”?
They need to know the secret. The same secret that fintechs have used to power their own success in winning the hearts, minds and wallets of SMBs and other organizations who are just looking for a little help managing the financial aspects of their business.
Despite being well into the 21st century, many small business account openings still occur in the branch.
Now that digital account opening is taking hold with consumers, financial institutions are trying to offer a fast and convenient experience, but that starts with understanding the regulations that first need to be taken into consideration.
Open Banking will change the way payments are managed, not just in the UK but around the world. The objective is to improve competition and innovation in the payment industry, which reinforces the UK’s position at the forefront of payments. This is great news for consumers and businesses of all sizes for whom payments will become easier, more secure, and with an improved user experience.
You’ve got enough on your plate making sure your environment is adequately protected against further attacks, so here is a brief, common sense explanation of the most important things you need to know about the CSP and what you need to do to prepare.
Ring-fencing is a new regulation that requires the largest UK banks to separate their core retail banking services from their investment banking and international banking activities.
The changes this shift will require, impacting many customers whether they are businesses, consumers or indeed other banks, are numerous and complex to say the least.
Monitoring user behavior and understanding that behavior in the context of typical network traffic are keys to building a solid security strategy that protects your organization from employee fraud collusion. It’s important to take that a step further however and also correlate activities in various channels and systems across the organization. Here’s why…
Monitoring user behavior is the most important first step you can take to protect your organization against insider fraud losses.
Monitoring activity alone however isn’t enough. To more accurately identify fraud attempts it’s important to have context – and that’s where analytics come in.
Phase two of same day ACH is upon us, which means that Receiving Depository Financial Institutions (RDFIs) now need to allow for debit transactions designated as Same Day ACH to be processed and funds made available by the end of the RDFI’s business day.
While this new functionality allows for access to funds much more quickly than ever before, it also introduces a whole host of potential security concerns that need to be addressed.