Fintech News

NOVEMBER 13, 2024

Mastercard announced plans to revamp online checkout procedures by 2030, aiming to eliminate manual card entry and passwords. This shift towards biometric authentication builds on Mastercard’s previous efforts to enhance payment security, such as being the first payment network to phase out magnetic stripes in 2021.

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Visa Authentication Issuers Encryption 145

Core

MARCH 19, 2024

The post Strengthening Payment Security: Government Fraud Detection for Compliance Managers and Auditors appeared first on Core Business Technologies. Strengthening Internal Controls and Segregation of Duties Internal fraud prevention relies on strong internal controls.

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Fraud Detection Governance Government Compliance 52

PYMNTS

JANUARY 27, 2020

This task will become more difficult as real-time payments demand increases, causing PSPs to rapidly perform security procedures. PSPs must ensure that onboarding procedures adequately vet new merchant clients without becoming a deterrent to joining. Identity Verification and Confirmation .

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AML Service Provider Real Time Payments Money Laundering 62

VISTA InfoSec

NOVEMBER 12, 2024

This puts them in a prime position to become targets for cybercriminals, making payment security compliance non-negotiable. Compliance with PCI DSS 4.0 , the latest standard, reinforces this by ensuring SaaS providers use up-to-date security measures to safeguard cardholder data across their platforms. and 10.2 ).

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PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

NOVEMBER 12, 2024

This puts them in a prime position to become targets for cybercriminals, making payment security compliance non-negotiable. Compliance with PCI DSS 4.0 , the latest standard, reinforces this by ensuring SaaS providers use up-to-date security measures to safeguard cardholder data across their platforms. and 10.2 ).

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PCI DSS Compliance Encryption Audit 130

PYMNTS

JANUARY 24, 2020

63 percent: Portion of crypto exchanges examined in Q3 2019 that had weak KYC procedures. 62.3B: Expected size of the global payment processing solutions market by 2024. Data: 90 percent : Portion of data breaches caused by phishing in 2019. 72 percent: Share of global companies that have been victims of financial crimes.

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Phishing Data Breach Financial Crimes Procedures 56

Segpay

FEBRUARY 21, 2024

This personalized approach enhances security while minimizing disruptions for legitimate users. Generative AI and KYC Compliance: Source: legalbusinessworld Data Analysis Generative AI improves automated KYC procedures by analyzing vast datasets efficiently.

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AI Innovation Fraud Detection Encryption 105

Segpay

JANUARY 30, 2025

Payment processors, PSPs, acquiring banks and payment gateways operate under strict regulations. As financial institutions, these companies must implement risk management procedures and regulatory compliance to prevent reputational and financial damage.

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Merchant Payment Processing Processors AI Process 52

PYMNTS

AUGUST 7, 2019

Governments are exploring options for developing nationwide digital ID systems, while financial institutions (FIs) and merchants are improving their authentication procedures for digital IDs. In faster payments news, the Fed is planning to build its own instant clearing and settlement rails.

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Fed Security Faster Payments Procedures 43

EBizCharge

OCTOBER 25, 2023

Continuously create and update procedures Staying up to date on cyber security and ever-evolving threats is just one piece of the puzzle. Using this knowledge to create and update your procedures to address new threats is essential. How can your company address and resolve a data breach?

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Data Breach Best Practices Breach Phishing 52

PYMNTS

DECEMBER 27, 2019

One of the largest disruptors that B2B payments saw in 2019 was the convergence of accounts receivable (AR) and accounts payable (AP) — a trend that stems from businesses’ heightened demand for automation and data integration. According to Ricaurte, this shift will continue into 2020. An AP problem is someone else’s AR problem.

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B2B Payments Same Day ACH Addressing 52

PYMNTS

JANUARY 31, 2020

“I think enabling the big payment providers — like major credit cards and PayPal, and other kinds of payment options — also gives us the trust that these payment processes [have], and [these providers] can help us determine if [these are] legitimate customers,” Shust said. “If

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Payment APIs and Integration Authentication Process Security 67

The Fintech Times

JUNE 18, 2024

Digital financial services, including mobile wallets and neobanks , are revolutionising payment habits, particularly among the unbanked population, while initiatives like the BR code (the local QR code standardising payment initiation) and open banking are enhancing payment security and privacy.

Payments 64

Payments Financial Inclusion Online and Mobile Banking Central Bank 64

EBizCharge

JULY 19, 2024

Common challenges include understanding and interpreting PCI requirements, implementing the necessary technical and procedural changes, ensuring ongoing compliance, and adapting to changes in PCI compliance standards. The post 5 Reasons Why Collecting Payments with a PDF Form Isn’t PCI Compliant appeared first on EBizCharge.

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PCI DSS Compliance Credit Cards Third-Party Service Provider 52

EBizCharge

JULY 16, 2024

Return and correction procedures Following NACHA standards, financial institutions and other network participants must adhere to precise returns and error correction procedures to ensure seamless payments and regulatory compliance within the ACH network.

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NACHA Nacha Rules ACH Network ACH 52

EBizCharge

MAY 13, 2024

Payment processing can be automated by integrating payment gateways with accounting or AR automation platforms, allowing customers to make electronic payments securely using various methods such as credit and debit cards or bank transfers.

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Automation Disputes Payments Process 52

The Fintech Times

MARCH 6, 2024

For instance, Payment Card Industry (PCI) 4.0, which provides guidelines for securing systems involved in processing, storing, and transmitting credit card data, is significantly impacting many within the industry and the broader ecosystem. We are unwavering in our commitment to maintaining the security and privacy of data.

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Digital Payments Innovation Security Issuers 64

PYMNTS

JUNE 15, 2016

It’s not necessarily easy for an enterprise to hand off its recurring payment procedures to an automated software solution, however. One reason for this could be the anxieties that emerge when an enterprise stops micro-managing a recurring payment. ”

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Automation Procedures Small Business Security 40

Tearsheet

FEBRUARY 1, 2024

On the bright side, when it comes to payment security, consumers are comfortable with ensuring that the right protection measures are in place when making payments. However, if merchants create too much friction through security procedures, they may risk losing the sale.

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Cross-Border Mitigation Authorization Consulting 52

EBizCharge

JUNE 25, 2024

Implement a standardized procedure to streamline reconciliation Implementing a standardized procedure can enhance and accelerate your invoice reconciliation. This includes setting uniform guidelines for submitting, reviewing, and approving invoices.

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Reconciliation Automation Correspondent Transactions 52

PYMNTS

JUNE 7, 2018

Despite concerns to the contrary, Jamieson claimed there’s little reason to believe bad actors will more quickly and readily make off with funds as payments speed up. After all, the bulk of payments security occurs before any money starts moving, including measures such as multifactor authentication and reauthorization procedures.

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Multi-Currency Master Account Reconciliation Multifactor Authentication 46

EBizCharge

OCTOBER 25, 2023

The benefits of ACH prenotes ACH prenotes can yield several benefits ranging from enhanced payment security to mitigated fraud risk for both financial institutions and customers. There is also no universal or standard procedure for verification across all banks, which can lead to complications and confusion in some cases.

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ACH Direct Deposit Electronic Funds Transfer (EFT) Verification 52

Stax

AUGUST 20, 2024

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

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Authentication Security Card Issuer Payment APIs and Integration 88

PYMNTS

SEPTEMBER 22, 2017

Among the front row seat observers in the battle for payments security is Stephen Stuut, CEO of online mobile payments and identity verification company Jumio. To facilitate this, financial institutions have devised [know your customer] KYC procedures, which are often complex and time-consuming.

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Online and Mobile Banking Verification Data Breach Breach 56

EBizCharge

JUNE 3, 2024

When using a payment terminal to swipe a debit card or entering payment information on an eCommerce site, EFT is behind the scenes, processing card payments securely. The EFTA also stipulates procedures for reporting and resolving any unauthorized or incorrect transfers.

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Funds Transfer Electronic Fund Transfer Act (EFTA) Electronic Funds Transfer (EFT) Wire Transfer 52

Segpay

DECEMBER 7, 2023

In this post, we will explain what is digital law , what it means for your business, and how Segpay can help you manage your online payments securely and efficiently. In that case, you need to be aware of the implications of the DSA and how to ensure compliance with its requirements. What is the EU Digital Services Act?

Compliance 52

Compliance Regulatory Compliance Privacy Data Security 52

Nanonets

JULY 21, 2023

Accounts receivable transactions: Efficiently manage and track customer payments and outstanding balances. Accounts payable transactions: Streamline and organize vendor payments and maintain accurate records. Online payment processing: Accept online payments securely and conveniently from customers.

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Reconciliation Payment APIs and Integration Automation Online and Mobile Banking 52

PYMNTS

JANUARY 22, 2021

As a result, financial institutions are reconsidering their approaches to digital payment security, particularly when it comes to debit. In addition, a number of consumers started to depend more on their debit cards to steer clear of accruing further interest or debt, as scammers followed their lead in targeting debit.

Online and Mobile Banking 91

Online and Mobile Banking RTP CFPB Debit Card 91

The Payments Association

DECEMBER 9, 2024

According to Linklaters, Senior Associate Simon Treacy advises firms to leverage the plans, policies and procedures which they already have to meet existing regulatory requirements, such as incident-reporting processes under payment services legislation, and build on these to bridge the gap to the new operational resilience standards.

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Rules Compliance Risk Management Regulations 88