Companies

New Enhancement to Nacha’s Risk Management Portal Helps FIs Keep ACH Contacts Current

Nacha

“A new enhancement is now live, giving financial institutions an easy and reliable way to verify that their ACH Contact Registry information is accurate and up to date. FI Administrators that navigate to the ACH Contact Registry landing page will be prompted to verify their mandatory contact information via a new feature, only if they […]

Tags: Nacha

Companies

FIS Launches Enterprise Risk Suite on AWS to Provide Continuous Cloud-Native Delivery

FIS Global

“Global financial technology leader FIS® announced the launch of FIS Enterprise Risk Suite on Amazon Web Services (AWS). Upgrading risk software has always meant disruption and for firms managing risk in real-time, that’s a trade-off they can’t afford. This deployment on AWS reduces this by delivering a cloud-native risk management platform that keeps financial institutions on […]

Tags: FIS

Regulation

NCUA Announces Proposed Rule for Permitted Payment Stablecoin Issuer Standards

NCUA

“The National Credit Union Administration (NCUA) announced a Notice of Proposed Rule Making outlining the operational and risk management standards for an NCUA-licensed permitted payment stablecoin issuer, as outlined in the GENIUS Act. “This proposed rule supports my view that credit unions will face no disadvantage compared to other entities regarding standards” said NCUA Chairman […]

Tags: NCUA

Companies

Sector Risk Advisory: Preparing the Enterprise for AI-Enabled Vulnerability Discovery

FSISAC

“Recent announcements of AI frontier models’ advanced vulnerability discovery and chaining capabilities to create exploits indicate an important change in the risk landscape for financial services. Traditional assumptions and approaches for vulnerability management no longer hold. FS-ISAC recommends the following as part of a fundamental shift in operations to manage cybersecurity and resilience risks.”

Tags: FS-ISAC

Global

ION Brings Mandatory EU Payee Verification Live at Scale

PR Newswire

“ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, announced the introduction of Verification of Payee (VoP) capabilities across its treasury solutions. This enables customers to comply with a major EU payments regulation as it moves into active enforcement.”

Tags: European Union

Companies

Nacha: Rising to the Challenge of First-Party Fraud

Nacha

“Nacha’s Risk Management Advisory Group (RMAG), Rules and Operations Committee, and the First-Party Fraud Workgroup are looking at ways to better identify and mitigate first-party fraud. The first steps are education and raising awareness of the problem. We have issued a series of articles describing first-party fraud and addressing actions for both ODFIs and RDFIs.”

Tags: Nacha

Regulation

Treasury Releases Two New Resources to Guide AI Use in the Financial Sector

U.S. Department of the Treasury

“In support of the President’s AI Action Plan, which calls for clear standards, shared understanding, and risk-based governance to ensure artificial intelligence is deployed safely and responsibly, the U.S. Department of the Treasury released two new resources to guide AI use in the financial sector, a shared Artificial Intelligence Lexicon and the Financial Services AI […]

Tags: Financial regulators

Industry

Banks Are Starting to Move Money on Chain

OMFIF

“‘Tokenisation’ has been the word on everyone’s lips for a few years. Referring to the representation of assets on blockchains, it promises instant, cheaper settlement, greater efficiency and improved liquidity management. But while the process of tokenising assets is underway, the market has yet to come to a consensus on the appropriate payment instrument. Reaping […]

Companies

Ingenico and Visa Collaborate to Accelerate Unified Commerce Solutions Across Industries

Ingenico

“Ingenico has collaborated with Visa, a global leader in payments, to enhance and expand value with current and future clients. The solution combines Ingenico’s Android-based AXIUM smart POS terminals with the Visa Acceptance Platform, including gateway and risk management services. By using Visa’s extensive experience in e-commerce, this collaboration can grow Ingenico’s innovative payment options, […]

Tags: Ingenico Visa

Companies

FIS Launches 24/7 AI Assistant to Ease Risk Models Management

FIS

“Actuaries spends a substantial amount of their time searching for information buried in technical documentation on risk modeling. Global financial technology leader FIS ® is changing that with the launch of its Insurance Risk Suite AI Assistant, a generative AI tool that instantly answers complex questions about building and maintaining risk models—in any language.”

Tags: FIS

Companies

B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption Report

Faster Payments Council

“This report published by the FPC Cross-Border Payments Work Group, sponsored by Mastercard, explores the most pressing challenges facing B2B cross-border payments and practical strategies for addressing them. While cross-border B2B transactions remain critical to global trade, many organizations still contend with friction around settlement speed, liquidity management, foreign exchange, compliance, data quality, and fraud risk.”

Tags: U.S. Faster Payments Council

Industry

ABA, Associations Seek Extension of Comment Period for FDIC’s Genius Act Implementation

ABA Banking Journal

“The American Bankers Association joined four other associations to request that the FDIC push back the deadline for comment on its proposal to create a process through which banks can seek agency approval to issue stablecoins through a subsidiary. Comments on the FDIC proposed are currently due Feb. 17. The associations asked that the deadline […]

Companies

Block, Inc. Surpasses $200 Billion in Credit Provided to Customers, Continuing to Address Global Lending Gaps

Block, Inc.

“Block, Inc. announced it has provided access to more than $200 billion to customers in global lending across its portfolio of credit products, including Cash App Borrow, Afterpay, and Square Loans.¹ Through this work, Block is proving that with the right technology, inclusive lending and responsible risk management aren’t opposing forces; rather, they’re the foundation […]

Tags: Block

Global

Canada Approves Budget That Advances Policy for Stablecoins

CoinDesk

“Parliament narrowly passed Prime Minister Mark Carney’s first budget. A section governs the issuance of stablecoins, overseen by the Bank of Canada. Issuers in Canada must maintain one-to-one reserves “composed exclusively of the reference currency or other high-quality liquid assets,” allow immediate redemptions and meet a suite of requirements on risk management in times of […]

Tags: Canada

Companies

The Clearing House Association and BPI Urge Treasury to Modernize AML Rules for the Digital Age

The Clearing House

“The Clearing House Association and the Bank Policy Institute issued recommendations to the U.S. Department of the Treasury as part of Treasury’s request for information to modernize the Bank Secrecy Act. Recommendations: Apply anti-money laundering rules consistently; encourage banks to adopt technologies that help combat illicit finance; Rescind the existing model risk management guidance, which […]

Tags: The Clearing House (TCH)