The Payments Association

OCTOBER 23, 2024

In addition to updating policies and procedures, many firms may need to make significant operational changes, including to their funds flows. Firms with agents or distributors may require additional liquidity for safeguarding. Firms may be required to diversify their safeguarding providers.

Rules

Basis Theory

OCTOBER 1, 2024

Today, the framework introduced in the early 2000s outlines 12 PCI requirements that merchants must satisfy to process credit card transactions on the card networks. Nearly 20 years later, with more than 300 requirements and sub-requirements, PCI DSS continues evolving. This could take as little as a few hours each year.

PCI DSS

PYMNTS

SEPTEMBER 28, 2020

They also need to collect and verify vendors’ details to comply with anti-crime regulations, adhere to tax reporting requirements and deliver convenient digital payments to these suppliers. This can make the process more cumbersome and introduce errors if some facts are recorded incorrectly or not at all.

Enrollments

FloQast

OCTOBER 27, 2023

Changing nature of business : Because of the changing nature of business and the business environment, compliance officers deal with more complex supply and distribution channels, increasing sophistication of fraud, and a complex labyrinth of laws and reporting requirements. It’s like grading their own homework.

Compliance

The Fintech Times

SEPTEMBER 4, 2024

Guy Mettrick , industry vice president at process automation platform Appian , discusses the impact incoming regulatory rules could have. ” Preparing for DORA Meanwhile, firms in the European Union have a different challenge to consider altogether. “Technology has a key transformative role to play here.

Compliance

FICO

OCTOBER 26, 2017

Now, with CRS** (Common Reporting Standard), some financial institutions are starting to think they need two systems. This process was completed in February 2014 with an agreement on a common reporting format between IRS and OECD (Organization for Economic Co-operation and Development), FATCA reporting Form 8966.

Compliance

Nanonets

FEBRUARY 9, 2024

ICFR runs the gamut of control systems and processes a company takes to ensure the validity of its financial statements and stay out of hot water with regulators, investors, and stakeholders. Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency.

Audit

Nanonets

MAY 7, 2024

Expense reconciliation is the process through which businesses track expenditures, identify anomalies, adhere to regulatory requirements, and maintain financial accuracy and integrity. This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors.

Reconciliation

Nanonets

SEPTEMBER 21, 2023

To overcome this problem, businesses should prioritize data accuracy and implement robust ERP solutions that automate data entry and reconciliation processes. By utilizing advanced  software , businesses can minimize material errors, ensuring accurate financial reporting.

Accounts

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next? Gladius Assurance Principal Dennis Cheng tells Payments Intelligence that this presents an opportunity to “systemise”.

Due Diligence

PYMNTS

MAY 22, 2018

“Tom Hoenig, who stepped down last month as FDIC vice chairman, (said) that the Volcker rule should remain in place but, rather than requiring banks to comply with tedious reporting requirements, allow bank examiners to check compliance with policies and procedures as part of the regular inspection process,” the report added.

Regulations

Nanonets

NOVEMBER 29, 2023

Introduction In the fast-paced world of modern business, document approval processes are paramount. These processes, which encompass the review, modification, and finalization of documents, are critical in ensuring that business operations run smoothly and adhere to necessary compliance standards.

Automation

Nanonets

SEPTEMBER 23, 2023

The process of  encumbrance accounting  involves creating encumbrance journal entries after purchase requisitions and purchase orders. The process involves creating encumbrance journal entries after purchase requisitions and purchase orders. It also enables more effective budgetary control and analysis.

Accounts

FICO

JANUARY 5, 2023

Just in the last few months, both Freddie Mac and Fannie Mae announced that their respective automated underwriting systems will consider consumer-permissioned cash flow data in the assessment process that will provide key benefits for first-time homebuyers and underserved communities.

BNPL

FloQast

DECEMBER 13, 2023

The SOX rules require external auditors to confirm management’s assertions regarding the presence and effectiveness of internal controls. That means audits today are heavily weighted on understanding financial processes and testing the controls in place to prevent errors from showing up in financial reports.

Compliance

FloQast

DECEMBER 18, 2024

The month-end close is the process by which companies verify, adjust, and finalize their financial figures for that month – essentially closing the books before the start of the next accounting period. Help your company take its first steps towards a streamlined, automated close with our guide.

Close Processes

The Payments Association

APRIL 14, 2025

Under this provision, large organisations can be held criminally liable if they do not have reasonable procedures in place to stop fraud committed by their employees, agents, or subsidiaries where the intent was to benefit the organisation or its clients.

Regulations