The Payments Association
FEBRUARY 10, 2025
While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. This leads to inadequate due diligence. What’s next?
Stax
AUGUST 22, 2024
Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. The due diligence doesn’t stop at onboarding.
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The Payments Association
OCTOBER 14, 2024
While sending banks typically bear most of the responsibility for reimbursing fraud victims, the new model acknowledges that receiving banks also play a crucial role in identifying and stopping fraudulent transactions. Firms are also expected to apply rigorous customer due diligence both at onboarding and throughout the customer relationship.
Stax
JANUARY 1, 2024
These might include free business advice, options to set up joint account holders for partnerships, higher transaction limits, or bundled products and services that offer cost savings. These accounts are tailored to meet the unique needs of businesses, such as higher transaction limits and potential for earning interest.
The Payments Association
JUNE 5, 2025
Building confidence through clear messaging around transaction limits, fail-safes, and offline functionality will be key to driving adoption. From a compliance perspective, varied consumer preferences require a consistent approach to risk assessment and due diligence across payment methods.
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