Fintech News

JULY 4, 2024

In payments, AI-powered systems can enhance fraud detection and streamline cross-border transactions, potentially revitalising correspondent banking relationships that have dwindled due to regulatory pressures. This could help address the decline in correspondent banking relationships, a concern highlighted in the BIS report.

Central Bank 104

Central Bank AI Correspondent Bank Correspondent 104

Fi911

DECEMBER 19, 2023

As digital banking services grow in popularity, the unfortunate byproduct is a corresponding rise in fraud. ML-enabled tools and procedures are introducing predictive analytics, real-time fraud detection, and automation to dispute management at the banking level. The resounding answer is yes.

Fraud Prevention 98

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 98

PYMNTS

APRIL 29, 2020

“It’s not only about understanding the compliance procedures of the business itself,” said Karalevi?ius, And as cross-border transactions grow more difficult as traditional correspondent banking relationships dissipate, the demand for alternative methods of moving funds will grow.

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

JUNE 29, 2020

The IRS announced as part of its People First Initiative that between April 1 and July 15, 2020, it would not start new field, office, and correspondence examinations, unless deemed necessary to protect the government’s interest in preserving the applicable statute of limitations.

Audit 69

Audit IRS Tax Refunds Returns 69

PYMNTS

MAY 20, 2020

A flurry of subscription activity at the height of the pandemic is sure to trigger a corresponding wave of cancellations as restrictions lift, business hours resume and all those new monthly recurring charges get real.

Correspondent 82

Correspondent Procedures Economy Accounts 82

Nanonets

APRIL 24, 2024

Bank reconciliation typically involves gathering bank statements and transaction records, comparing them with the corresponding entries in the company's accounting records, and investigating any discrepancies. This process ensures the integrity of financial data and confirms that the reported financial position is accurate.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

FICO

JULY 23, 2020

The International Bank of Azerbaijan is the largest financial institution both in the Republic of Azerbaijan and the Caucasus region.

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

The Fintech Times

MARCH 20, 2024

“We are told that going cashless is super convenient, is quick and easy, but when card systems crash, these businesses can’t seem to cope, and they don’t have adequate backup procedures in place to accept cash payments. Secondly, people who don’t carry enough cash are increasingly left high and dry and can’t pay for their goods. “My

Contactless Payments 115

Contactless Payments Push-to-Card Payments Online and Mobile Banking 115

PYMNTS

NOVEMBER 8, 2017

Streamlining the flow of information sent along with funds remains critical, but doing business in different countries carries a set of procedural, administrative and security hurdles that demand new ways of interaction. Friction abounds in the world of B2B payments, especially amid international payments across far-flung supply chains.

SWIFT 43

SWIFT B2B Correspondent Bank Overlay Service 43

PYMNTS

DECEMBER 7, 2018

“This outcome now raises more questions than answers,” reflected BBC business correspondent Emma Simpson. ’s Financial Reporting Council urging auditors to implement enhanced procedures as they pertain to compiling “Other Information” when building firms’ annual reports.

Accounts 43

Accounts Correspondent Procedures Legal 43

The Payments Association

MAY 16, 2025

Applicable to large organisations, the offence imposes criminal liability if firms do not have adequate fraud prevention procedures in place, even if senior leadership is unaware of the misconduct. Liability can arise even if fraudulent actions are undertaken by third parties or junior staff.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

Payment Savvy

JANUARY 20, 2021

It’s important to regularly review your processes and procedures and pay close attention to your collection agency challenges. Whichever platform they decide on, make sure correspondence is immediate and regular while settling the account. Strengthening and overcoming these areas quickly put your business on a fortunate path.

Correspondent 52

Correspondent Processors ACH Credit Cards 52

Fintech Review

SEPTEMBER 30, 2024

Easy and Accessible Participation The event is designed to be user-friendly, requiring no complex procedures or technical expertise. A participant’s rewards will correspond to their percentage of total wagers for that day, with higher wagers increasing the potential for larger returns.

Participant 52

Participant Correspondent Procedures Returns 52

Nanonets

JULY 14, 2023

Among the several drawbacks of going through these procedures manually are higher costs, greater manpower requirement, a higher amount of time consumed in repetitive tasks and a greater carbon footprint. But can this process be done better, more efficiently, with less wastage of paper, human labor and time?

Automation 98

Automation Process Payment APIs and Integration Database 98

Nanonets

APRIL 3, 2024

The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors. Verification of Payment Records: Payment records, such as checks or electronic confirmations, need to be compared with corresponding vendor invoices and entries in the accounts payable system.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

OCTOBER 7, 2020

The digital age has prompted a corresponding digital shift in both the crimes that generate stolen funds and the means used to launder them. A drug dealer might open up a nail salon, for example, then put his drug money into the salon’s cash flow and report it to the Internal Revenue Service as revenue from salon customers.

Money Laundering 68

Money Laundering Law Enforcement AML Payments 68

EBizCharge

JUNE 25, 2024

Match invoice payments with recorded transactions and report any discrepancies Carefully compare the recorded invoice payments against the general ledger entries to ensure each payment aligns with the corresponding ledger transaction, verifying that the amounts, dates, quantity, totals, and other payee details are accurate and match.

Reconciliation 52

Reconciliation Automation Correspondent Transactions 52

Neopay

JANUARY 25, 2024

It also introduced new provisions in Article 19b to Directive (EU) 2015/849, mandating the EBA to clarify the due diligence requirements CASPs should apply in high ML/TF risk situations, and when entering into correspondent relationships with respondents that are CASPs from non-EU countries.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Nanonets

APRIL 4, 2023

Put simply, mailroom automation is the process of automating incoming mail (both physical and digital) and other correspondence by transforming it into structured business data that is then sent to the relevant individuals or fed into processes and systems within your organization. What is mailroom automation? G2 Score: 4.3/5

Automation 52

Automation Correspondent Process Fed 52

The Fintech Times

MAY 20, 2024

The service provided by Iberpay is based on the same technology as instant credit transfers in euros, which today corresponds to over 53 per cent of all credit transfers processed in Spain.

Process 49

Process International Payments Instant Payments Treasury Management 49

Core

MAY 18, 2023

With a streamlined RFP system, your agency can boost procedural efficiency and productivity across every stage of an RFP for content management and payment processing. Correspondence with potential vendors is also essential to verify and obtain the necessary information to complete the proposal.

RFP 52

RFP Process Government Governance 52

Nanonets

MAY 7, 2024

This method is painstaking and involves matching each expense entry with the corresponding documentation—bills, invoices, purchase orders, cheques, bank statements and the likes—to identify discrepancies and errors. This process helps identify discrepancies such as missing transactions, bank errors, or unauthorised withdrawals.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Nanonets

NOVEMBER 15, 2023

Specific policies and procedures within business operations often govern reimbursement processes. They will do this through their VAT report submitted at the end of the corresponding VAT period. The principal company, being the actual buyer of the goods, is the one who can claim back the VAT.

Regulatory Compliance 52

Regulatory Compliance Compliance Correspondent Government 52

Seon

SEPTEMBER 20, 2023

This allows the organization to determine the individual’s risk level to inform future due diligence procedures, such as anti-money laundering (AML) or fraud prevention regulations. This may include – but is far from limited to – AML and identity verification procedures.

Process 52

Process Due Diligence AML Verification 52

Payment Savvy

JUNE 16, 2021

Finally, ensure all contact details are displayed on your website and customer correspondences, so it is easy to reach your business when needed. While high-risk merchants can’t avoid all chargebacks, they do have the power to reduce them by reviewing internal policies and procedures. Provide Accurate Billing Descriptors.

Risk 52

Risk Disputes Returns Origination 52

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. Steps in the Account Reconciliation Process The reconciliation process ensures each entry of the general ledger matches the corresponding external documentation.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. initiates payment for approved invoices, following their payment procedures.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

PYMNTS

JUNE 28, 2017

He may have studied email correspondence for content and individuals’ voice profiles to see how they typically conduct payments.

Payments 42

Payments Encryption Cross-Border Payments Treasury 42

Nanonets

MAY 6, 2024

    General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

PYMNTS

NOVEMBER 4, 2019

Modern AR tools can alleviate those administrative burdens while providing faster, more secure collections procedures. Manual invoice efforts also consume time and introduce opportunities for human errors, which can come back to bite when customers dispute invoices or when companies analyze inaccurate details. . Virtual Terminals and AI .

Automation 40

Automation Technology Accounts Disputes 40

FICO

FEBRUARY 20, 2018

Here are two classic techniques: Near-neighbor statistics, for example, the average distance from the query point to its M closest neighbors, with higher values corresponding to greater outlies. Arbitrariness in the metric is a difficult problem, and run-time scoring requires potentially expensive searches through saved data.

AML 53

AML Money Laundering Crime Financial Crimes 53

PYMNTS

APRIL 1, 2020

Network providers are very aware of those procedures, though, and have been actively seeking to claim larger shares of both the payment routing market and resultant revenues through associated fees. Consumers’ funds are then sent to PIN debit network operators, which extract interchange fees and pass the rest to merchants’ banks.

Debit Card 56

Debit Card Electronic Funds Transfer (EFT) Debit Transaction Federal Reserve 56

Nanonets

JULY 10, 2024

Even in the business world, invoices use this structure: items purchased are the keys, with prices as their corresponding values. A proper KVP extraction pipeline of converting handwritten data into corresponding values of different keys and then inputting it into large-scale systems can reduce such errors and save extra labor expenditures.

Database 74

Database Process Use Case Correspondent 74

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Given its complexity and cross-jurisdictional nature, financial institutions struggle with detecting, investigating and reporting such activities.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

PYMNTS

FEBRUARY 8, 2018

According to Atradius, the most common cause of late payments on foreign invoices is due to “inefficiencies of the banking system,” cited by nearly 42 percent of respondents, followed by the complexity of payment procedures, cited by nearly 36 percent.

B2B 44

B2B Cross-Border Payments Cross-Border Innovation 44

EBizCharge

MAY 13, 2024

Automated cash application systems utilize algorithms and data-matching techniques to match customer payments with the corresponding invoices in the accounting system. Cash application can be automated by leveraging software solutions that streamline the reconciliation of incoming payments with outstanding invoices.

Automation 52

Automation Disputes Payments Process 52

Stax

AUGUST 20, 2024

This process typically involves a two-step verification procedure that requires additional information from the customer, such as a PIN or one-time password. At a high level, 3D Secure Authentication works by authenticating the customer’s identity before allowing a transaction to go through.

Authentication 88

Authentication Security Card Issuer Payment APIs and Integration 88