Adhering to Nacha’s Fraud Risk Management and Monitoring Rules
As of March 18, 2022, Nacha’s account validation rule requires ACH originators of WEB entries to use a commercially reasonable fraud detection system to verify the first time a consumer checking account is used for an electronic (ACH) payment
2022 Product Outlook for Financial Institutions: Payments
What’s on the horizon for credit unions, lenders, and other financial institutions in 2022? Our experts weigh in with a product outlook for payments in the coming year.
Keeping Pace with Digital Demand for Self-Service Payments Options
It’s hard to believe that we’re approaching the end of 2021. It’s been nearly two years since COVID-19 began reshaping the fabric of our daily lives, and we’ve been making adjustments ever since. For most of us, adapting to a post-pandemic reality has meant relying more on digital services for things like grocery and retail […]
Three Quick Tips for Delighting Your Account Holders
There is a somewhat dated adage in business that it costs five times more to acquire a new customer than it does to retain an existing one. However, in focusing on this data point, many financial institutions lose sight of something even more important—connecting with account holders, creating positive experiences with your brand, and delivering […]
Delivering Seamless and Secure Digital Payments Options
When the COVID-19 pandemic hit in March 2020, millions of Americans had to adjust to statewide shutdowns that lasted for months. During that time, we adapted to living entirely different lives, and digital technology provided many of the solutions that made that possible. When restaurants shut down, we started ordering food to go on mobile […]
How RegTech is Improving Efficiency in the Financial ServicesIndustry
Regulatory technology, or RegTech, was developed in the wake of the FinTech revolution and has been continuously expanding since the financial crisis of 2008. Experts predict it will rapidly advance the regulatory landscape by offering technological compliance solutions for the highly regulated financial services industry. According to Investopedia, “Regtech is the management of regulatory processes within […]
Digital Payments Solutions to Delight Your Indirect Borrowers
Introduction Indirect lending is a large part of many financial institutions’ auto lending strategies. In fact, in 2020, credit unions held $378.2 billion in auto loan balances, or roughly 31.5% of all auto loans in America. Of that, 84.4%, or $319.4 billion, was funded through indirect channels. If indirect borrowers make up such a large percentage of your institution’s auto lending portfolio, and […]
Preventing Online Account Origination Fraud
As consumer demand for more online banking services grows, fraudsters are finding more and more ways to exploit these services. While not a new scheme, online account origination fraud has grown in part because of the prevalence and ease of use of online banking services, and in part because of the number and scope of […]
Creating Frictionless Payments Solutions
In the past decade, financial institutions have had to adapt to growing consumer expectations for interactions that are fast, easy, and secure—in other words, frictionless. Frictionless payment solutions make it easier for consumers to complete transactions in whichever way they find most convenient. This in turn creates a ripple effect of reducing queue sizes and […]
Social Distancing and the Need for Self-Serve Banking
Every American citizen, along with the rest of the world, has been impacted by COVID-19, better known as the coronavirus disease. In these uncertain times, businesses are moving to work-from-home operations, events have been postponed or canceled, and school districts across the country have closed their doors. While there are many unknowns and the long-term impact […]
