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Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms

The Payments Association

Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits. Safeguarding audits: Firms are required to arrange safeguarding audits to assess compliance with the rules.

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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Virtual IBANs (vIBANs) have become a key component of modern payment systems, enhancing payment reconciliation and facilitating cross-border transactions. Partnering with regional providers, leveraging AI for fraud detection, and conducting regular audits will ensure compliance, transparency, and operational excellence.

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What Is an ACH API and How Does It Work?

Stax

According to Stax’s Lead Software Engineer Austin Kelsch, an ACH API is a “subset of the broader payment API category” and is used mainly to facilitate ACH transfers. APIs can also facilitate transaction logging for better tracking and audit readiness. What Are Some of the Use Cases of ACH? Contact us to learn more.

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Which Wallet Solution Matches Your Business Model: eWallet or Digital Wallet?

Finextra

It simply facilitates transactions by linking to your customers existing financial instruments, like bank accounts or credit/debit cards. These features protect your users and simplify your audits. You get built-in automation, reports, and reconciliation tools. What is a digital wallet?

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What is a Payment Processing System and How Does It Work?

Stax

A payment processing system is a technology that facilitates the secure transfer of funds from a customer to a merchant. The processor facilitates the transaction by communicating with the payment gateway, issuing bank, and acquiring bank. They require manual entry or separate reconciliation.

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The Ultimate Guide to Salesforce Payments

EBizCharge

While the Salesforce platform focuses on customer relations, it can be integrated with trusted third-party payment processors like EBizCharge to facilitate seamless integrated payments. Its also important to regularly audit user permissions and activity logs to detect any unauthorized access or unusual behavior.

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What Are Merchant Category Codes (MCCs)?

EBizCharge

By classifying businesses according to the nature of their services, MCCs facilitate a smoother payment experience. Transparent financial reporting and reconciliation: MCCs also contribute to clearer financial reporting and reconciliation. It also aids in matching transactions to specific accounts during financial audits.