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

The Payments Association

While the interim rules codify existing expectations with some enhancements, the proposed end-state rules introduce substantial shifts that could reshape the operational landscape for firms operating in this sector. Safeguarding audits: Firms are required to arrange safeguarding audits to assess compliance with the rules.

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CFPB Tapped To Help Distribute COVID-19 Payments

PYMNTS

Banks or other government agencies are usually unable to get direct deposits right to consumers if the banks are not in possession of the consumer’s account information. In some of those cases, the faster option might be a fresh prepaid account through which the intended funds can be disbursed.

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What Is an ACH API and How Does It Work?

Stax

These help ensure compliance with automated clearing house rules and minimizing the risk of return transactions due to insufficient funds or incorrect account information. Improved security and compliance ACH APIs often come with built-in tools for bank account verification, access control, and secure API access.

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Instant Pay Startup Clair Notches $4.5M To Help Gig Workers

PYMNTS

People who use Clair for direct deposit can get free advances on a percentage of their wages. In July, one rule was removed that restricted the amount that lenders could give borrowers based on their ability to pay. He added that payday lenders charging exorbitant interest — often more than 300 percent — outnumber McDonald’s.

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What is ACH Credit and ACH Debit and How Do They Work?

Stax

It’s like a direct deposit from one account to another, but unlike wire transfers, they are not subject to a fee by the processing banks. Effectively, these are payments that the customer initiates and pushes their funds to the intended recipient. In this setup, the payer “pushes” funds to the recipient’s bank account.

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The Big Spike In ‘CEO Fraud’

PYMNTS

The C-suite can be an invaluable ally for hackers, because they often override rules and processes ‘to get the job done,’” Bastable noted. “BEC is commonly referred to as CEO fraud, because it relies on the exploitation of authority figures and the sense of urgency that loyal subordinates have for the boss.

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Putting The Move On The Moving Industry’s Gig Worker’s Pay

PYMNTS

California’s Assembly Bill 5, or the gig economy bill , is continuing to see controversy over its rule changes months after it first came into effect in January 2020. This aspect of the bill is still seeing arguments from lawmakers who want to shift its rules slightly to add more benefits to freelancers.