The Payments Association

FEBRUARY 14, 2025

This includes setting up dedicated safeguarding accounts, ensuring proper segregation of customer funds, and maintaining accurate records. Regular audits and compliance checks : Firms will face enhanced monitoring and reporting under the proposed policy. Engaging external auditors may provide additional assurance.

Stablecoins 88

Stablecoins Payment APIs and Integration Regulatory Compliance Compliance 88

The Payments Association

FEBRUARY 10, 2025

Partnering with regional providers, leveraging AI for fraud detection, and conducting regular audits will ensure compliance, transparency, and operational excellence. The primary focus on monitoring master accounts leaves an oversight gap that can be exploited for illicit financial activities. Previous slide Next slide What are vIBANs?

IBAN 88

IBAN AML Master Account Due Diligence 88

The Payments Association

DECEMBER 9, 2024

This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns. One of the primary regulatory challenges in the use of generative AI for payment security is ensuring AI transparency and accountability.

Privacy 88

Privacy Payment Security AI Security 88

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Audit 52

Audit Disaster Recovery Procedures Reconciliation 52

Fi911

JUNE 9, 2025

Attackers compromise vendor email accounts, then send updated banking instructions just before scheduled payments. By the time anyone notices, funds have moved through multiple accounts and jurisdictions. Vendor impersonation schemes specifically target accounts payable departments. Secure communication channels reduce exposure.

Email Compromise 52

Email Compromise Business Email Compromise Compromise Law Enforcement 52

VISTA InfoSec

OCTOBER 26, 2023

SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. The SOC framework includes multiple internal control audit reports. Now let’s examine the key differences between SOC and SOX audits. It applies to all U.S. SOX, a U.S.

Audit 130

Audit Compliance Laws Governance 130

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

Stax

JUNE 17, 2025

TL;DR An ISO (Independent Sales Organization) is a third-party company authorized to manage merchant accounts and provide payment processing services on behalf of acquiring banks. Simply speaking, an ISO—or Independent Sales Organization—is a third-party payment processing company that is authorized to handle merchant accounts for businesses.

ISOs 88

ISOs MSPS Credit Cards Acquirers 88

Nanonets

JANUARY 1, 2024

In this blog, we'll delve into what invoice audits entail and why they are crucial for the financial integrity of businesses. What is an Accounts Payable Audit?    An Account Payable Audit is a process by which the financial records of the accounts payable department are examined by an auditor.

Audit 52

Audit Automation Compliance Verification 52

Nanonets

AUGUST 1, 2023

Internal audits play a crucial role in assessing a company's internal controls, corporate governance, and accounting processes. These audits are essential for ensuring compliance with laws and regulations, as well as maintaining accurate and timely financial reporting and data collection.

Audit 52

Audit Automation Bots Risk Assessment 52

Stax

MARCH 18, 2025

A typical payment processing procedure involves multiple parties, including the merchant, customer, payment processor, payment gateway, issuing bank, acquiring bank, and card networks. If the transaction is approved, the issuing bank transfers the money from the customers account to the merchant account. Otherwise, its declined.

Process 88

Process Payment APIs and Integration Processors Online and Mobile Banking 88

PYMNTS

APRIL 24, 2019

Wirecard has denied claims levied by the Financial Times that its subsidiaries were not audited, according to a report by Reuters. The FT , using a whistleblower as a source, said that Wirecard’s accounts in Card Systems Middle East in Dubai were not audited in 2016 and 2017.

Audit 46

Audit Procedures Origination Digital Payments 46

The Finance Weekly

JULY 28, 2022

One of Vena’s customers, , Verra Mobility , claimed that Vena misled them into believing that the Soc 1 Type II report that Verra was given had been audited by an independent auditor. Vena is currently undergoing audits to rectify the situation. SOC reports started in 1992 under the Statement on Audit Standards (SAS).

Audit 130

Audit Compliance Data Security Security 130

Neopay

DECEMBER 16, 2024

Robust processes: Established procedures for report production, involving relevant business areas and governance bodies. Action plans: Inadequate detail on timelines, accountability, and data used to monitor improvement efforts. Structured RCA processes: Creating action plans with clear accountability and deadlines.

Consumer 52

Consumer Compliance Audit Governance 52

PYMNTS

MAY 16, 2018

SOC 2 was developed by the American Institute of Certified Public Accountants (also known as AICPA) and exists as an auditing process aimed at ensuring that service providers maintain and manage customer data in a safe manner. The onus is on the firm to produce proof that such procedures were followed.

Audit 46

Audit Procedures ISOs Security 46

FloQast

NOVEMBER 20, 2023

Internal auditing ensures an organization’s financial integrity, compliance with regulations, and overall operational efficiency. One of the first steps in carrying out an effective internal audit is to perform an internal audit risk assessment. What Is an Internal Audit Risk Assessment?

Risk Assessment 52

Risk Assessment Audit Assessments Risk 52

VISTA InfoSec

JULY 31, 2023

Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. Maintain Documentation of Your Procedures : Keep a record of your process and create visual representations of cardholder data streams between systems and networks.

PCI DSS 130

PCI DSS Security Encryption Risk Assessment 130

Neopay

APRIL 10, 2025

million was calculated taking into account the gravity, duration, and geographic scope of the infringements, as well as the gross income of Revolut Holdings Europe, its Lithuanian-based holding company. The fine of 3.5

Central Bank 52

Central Bank Money Laundering AML Financial Crimes 52

The Finance Weekly

OCTOBER 31, 2021

Many of the same financial issues that profit-seeking enterprises face, such as increasing revenue, managing audits, and dealing with compliance, encounter non-profit organizations (NPOs). This could imply more efficient auditing via online financial software that allows for remote audits. Master the basics of accounting.

Audit 130

Audit Accounts Finance Compliance 130

Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 52

PYMNTS

MAY 12, 2017

million — a record for the watchdog, reports said — for misconduct during its audit of Connaught. Reports Thursday (May 11) said the Financial Reporting Council slapped PwC with the fine and issued a separate fine to retired PwC audit partner Stephen Harrison for his role in the 2009 audit. regulator has fined PwC $6.5

Audit 40

Audit Procedures Assessments Accounts 40

M2P Fintech

APRIL 11, 2025

Key Proposals in the RBI’s Draft Guidelines Standardized Gold Valuation Lenders must use a transparent and uniform method for valuing pledged gold, with valuation done by certified personnel and subject to periodic audits. Purity checks must be documented and auditable.

Due Diligence 52

Due Diligence Caps Audit Non-Bank 52

FloQast

FEBRUARY 19, 2025

He brings over 13 years of experience, providing clients with business and technology audits, as well as providing control design assessment and process improvement services. Xavier has led numerous SOX and Internal Audit engagements for clients ranging from start-ups to Fortune 500 companies throughout his career at CFGI.

Advisors 52

Advisors Compliance Risk Audit 52

PYMNTS

OCTOBER 21, 2019

21), following news of an independent audit by KPMG. Bloomberg is reporting that the news is an attempt to try and make investors feel better about the company and its reported accounting issues. Wirecard said the auditing company will have “unrestricted access to all information on all levels of the group.”

Audit 40

Audit Laws Procedures Accounts 40

VISTA InfoSec

JANUARY 22, 2024

’s changes, we’ve reached the heart of the matter – Requirement 3: Protect Stored Account Data. Requirement and Testing Procedures 3.2.a Requirement and Testing Procedures 3.2.a Requirement and Testing Procedures 3.1 Implement minimal account data storage policies. Requirement and Testing Procedures 3.3

PCI DSS 100

PCI DSS Encryption Procedures Authentication 100

Fintech Finance

OCTOBER 14, 2024

Orbital’s compliance was verified through a rigorous audit conducted by A-LIGN , a globally respected Certified Public Accountant (CPA) firm. This process involved an in-depth examination of Orbital’s internal controls, policies, and procedures across multiple AICPA Trust Services Criteria.

Compliance 95

Compliance ISOs Procedures Audit 95

VISTA InfoSec

SEPTEMBER 28, 2023

Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act).

Audit 130

Audit Privacy Data Breach Breach 130

PYMNTS

OCTOBER 9, 2020

The valuation puts the accounts payable (AP) and mass payments company well into “unicorn” territory, meaning it is valued at over $1 billion. By helping firms scope appropriately sized audits and dynamically modify controls, Strike Graph seeks to take away the confusion around cybersecurity audit and certification procedures.

Automation 107

Automation Compliance Audit Cybersecurity 107

Fintech Finance

MARCH 3, 2025

Issued by Ernst & Young (EY), a leading independent auditing firm, the SOC 2 Type II certification is a rigorous assessment for operating effectiveness of a service providers internal controls. The audit firm will conduct annual reviews, and Antom will continue its recertification process.

Fraud Prevention 52

Fraud Prevention Fraud Detection AI Risk Management 52

Nanonets

AUGUST 1, 2023

The era of automation has brought about a revolution in various industries, and the audit sector is no exception. The integration of Artificial Intelligence (AI), cloud-based data storage solutions, and data analytics tools is set to transform the audit industry, reshaping the way accountants and auditors carry out their tasks.

Audit 40

Audit Automation Risk Assessment Assessments 40

FloQast

JANUARY 1, 2025

Accounting can be traced back to cuneiform on clay tablets from around 3300 BCE. As we make our way into 2025, the leading technology has evolved into AI accounting software. Just like those original accountants using clay, CPAs are embracing the greatest technology of today to power through number-crunching marathons.

AI 52

AI Accounts Audit Fraud Detection 52

PYMNTS

NOVEMBER 26, 2018

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports. ” Below, PYMNTS breaks down some of the key data points from the research.

Compromise 51

Compromise Accounts Audit Risk 51

Fintech Finance

MAY 1, 2025

Unlike generic large language models or probabilistic AI tools, the AI Agent is auditable by design and delivers verifiable, rapid results built on existing connectivity and a deep understanding of how enterprise payment systems and workflows work. Could you please assist me in answering a customer’s question about their payment status?

Treasury 59

Treasury AI Duplicate Payments 59

Nanonets

SEPTEMBER 21, 2023

Accounting problems  can create significant challenges for businesses, affecting their  financial flow  in the  US. In this article, we will explore common  accounting problems  faced by businesses and provide  solutions  to overcome them.

Accounts 52

Accounts Audit Payroll Compliance 52

VISTA InfoSec

FEBRUARY 28, 2024

This is done by assigning unique identifiers and employing authentication factors (like passwords, tokens, or biometrics) to access rights and privileges associated with user, application, system, or service accounts. Changes Overall Focus Strong emphasis on eliminating shared accounts. Eliminate generic accounts (e.g.,

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

Nanonets

MAY 6, 2024

Spreadsheets like Excel have long been a staple for account reconciliation , but their limitations are becoming increasingly evident. Plus, the inability to identify the individuals responsible for the latest document updates creates a lack of accountability for project stakeholders and can even compromise security measures.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88