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Risk Management for High-Risk Merchants

National Processing

Reducing risk saves you money on processing fees, saves time, and prevents major problems that hurt your business over the long run. Since risk management in payment processing is so critical, we are providing you […] The post Risk Management for High-Risk Merchants appeared first on National Processing.

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Banks told to expand risk management to cover AI

Finextra

A report from the US Treasury has called on banks to bolster their risk management frameworks in order to avoid being overwhelmed by AI-powered fraudsters and cybercriminals.

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Understanding Risk Management Strategies as a PayFac

Stax

As such, PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. TL;DR Four main types of risks come with payment facilitation: compliance risks, operational risks, transactional risks, and reputational risks.

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ValidMind raises $8.1m for AI risk management platform

Finextra

ValidMind, an AI and model risk management platform for financial services, has raised $8.1 million in seed funding.

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Residual Income Strategies: Building a Sustainable Merchant Services Portfolio

Embrace technology and data analytics to enhance service offerings, streamline processes, and improve risk management. Foster long-term relationships through exceptional service and personalized support. Continuous learning and adaptability are key to staying ahead in the ever-changing payment processing industry.

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Citi fined $136m for lack of progress on fixing risk management flaws

Finextra

million by US regulators for failing to make enough progress on fixing risk management and data governance deficiencies four years on from a cease and desist order. Citi has been fined $135.6

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Mckinsey: Generative AI to Transform Risk Management in The Next 5 Years

Fintech News

Generative artificial intelligence (AI), also known as gen AI, is expected to significantly impact risk management over the next five years, allowing financial institutions to automate tasks, accelerate processes and improve efficiencies.