article thumbnail

Navigating AML obligations in the age of virtual IBANs

The Payments Association

Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Virtual IBANs (vIBANs) have become a key component of modern payment systems, enhancing payment reconciliation and facilitating cross-border transactions.

IBAN 88
article thumbnail

What is Reconciliation in Payments

Clearly Payments

Accuracy of Financial Records Without reconciliation, businesses may not realize they are missing money, have overcharged or undercharged customers, or made accounting errors. Fraud Detection Discrepancies in records can be an early warning sign of fraud, theft, or unauthorized transactions.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Modernizing Government Payment Systems for Efficiency and Trust

Clearly Payments

The Case for Modernizing Payment Systems Modernizing payment processing systems can unlock a host of benefits for government agencies: Enhanced Efficiency: Automated processes reduce manual errors, speed up payment reconciliation, and lower operational costs.

article thumbnail

Payment reconciliation: What is it, and how can your business do it efficiently?

Nanonets

As transactions flow in and out, reconciling payments becomes crucial to ensure accuracy, identify discrepancies, and maintain a clear financial picture. Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. What is payment reconciliation?

article thumbnail

AI Becomes the Banker: 21 Case Studies Transforming Digital Banking CX

Finextra

This broad applicability in banking (from automating fraud reviews to generating customer communications) underscores how financial firms are integrating GenAI into their core workflows more aggressively than most. Indeed, 64% of finance leaders report using AI for fraud detection and risk management in their institutions.

AI 64
article thumbnail

How to Integrate a Payment Gateway into Acumatica

EBizCharge

Opt for a PCI-compliant gateway with encryption, tokenization, and fraud detection tools to protect customer data and prevent chargebacks. Additionally, your gateway should support multiple payment methods, including credit/debit cards, ACH, digital wallets, and BNPL options, ensuring a frictionless payment experience for customers.

article thumbnail

RBC Bank Automates AR Collection Reminders

PYMNTS

In addition, payment reconciliation reports are produced daily, and tracking outstanding AR is streamlined. Businesses can also brand reminder notifications with the company’s logo and message, as well as specify the frequency of payment request alerts.