The Payments Association

JANUARY 13, 2025

The Financial Conduct Authority (FCA) recently outlined significant changes to the safeguarding regime for payments and e-money firms in its consultation paper CP24/20. Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits.

Compliance 88

Compliance Audit Legal Reconciliation 88

The Payments Association

OCTOBER 23, 2024

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). What does this mean for Payments firms?

Rules 88

Rules Payments Institute Authorization Reconciliation 88

Nanonets

APRIL 2, 2024

Importance of bank reconciliation in internal control In the world of finance and accounting, accuracy is key. Bank reconciliation is a fundamental process that ensures the alignment of internal records with external bank statements. What Is a Bank Reconciliation? There are various approaches to conducting bank reconciliation.

Reconciliation 52

Reconciliation Adjustments Automation Compliance 52

Nanonets

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. What is Expense Reconciliation? Fraud Prevention: Expense reconciliation plays a critical role in fraud prevention.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

The Payments Association

OCTOBER 11, 2024

The Financial Conduct Authority’s (FCA) proposed reforms to strengthen consumer fund safeguarding in the payments and e-money sectors. Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Finovate

SEPTEMBER 18, 2024

Banks have long been subject to strict regulations and reporting requirements. ” The second truth today’s proposed rulemaking underscores is that the financial services industry needs a national fintech charter that can monitor, regulate, and enforce third parties that manage and handle consumer funds. .”

Rules 52

Rules FDIC Non-Bank Money Laundering 52

Nanonets

DECEMBER 29, 2023

Then Nanonets will reconcile and match internal records or transactions or payments with bank accounts, credit card statements, or other sources for account reconciliation.  Perhaps accounts payable still uses old-school paper checks.   Conclusion  The Xero accounts payable workflows are very time-consuming.

Automation 59

Automation Accounts Checks AI 59