Stax

AUGUST 22, 2024

In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.

Risk Management

VISTA InfoSec

NOVEMBER 4, 2024

The DORA compliance checklist The DORA compliance checklist is a thorough and proactive approach designed to make compliance easier to adopt for financial organizations and ICT third-party service providers. This roadmap should outline necessary remediation actions, timelines, and responsible parties.

Compliance

VISTA InfoSec

NOVEMBER 4, 2024

The DORA compliance checklist The DORA compliance checklist is a thorough and proactive approach designed to make compliance easier to adopt for financial organizations and ICT third-party service providers. This roadmap should outline necessary remediation actions, timelines, and responsible parties.

Compliance

VISTA InfoSec

NOVEMBER 4, 2024

The DORA compliance checklist The DORA compliance checklist is a thorough and proactive approach designed to make compliance easier to adopt for financial organizations and ICT third-party service providers. This roadmap should outline necessary remediation actions, timelines, and responsible parties.

Compliance

VISTA InfoSec

NOVEMBER 4, 2024

The DORA compliance checklist The DORA compliance checklist is a thorough and proactive approach designed to make compliance easier to adopt for financial organizations and ICT third-party service providers. This roadmap should outline necessary remediation actions, timelines, and responsible parties.

Compliance

PYMNTS

JULY 1, 2020

The pandemic has heightened risks for pretty much everyone, including U.S. In its report, the OCC said that “operational risk is elevated, with banks implementing new processes and procedures, adopting pandemic-related continuity plans and responding to increased fraud and cyber risk.

OCC

PYMNTS

OCTOBER 2, 2017

But according to a new report from BitSight, that’s exactly what’s happening as FIs work with partners and other third-party service providers. Assessing the Cybersecurity Performance of the Finance Supply Chain ,” which explores how financial service providers manage third-party cyber risk.

Cybersecurity

PYMNTS

JANUARY 14, 2020

Lior Cohen, senior director of cloud security products and solutions at cybersecurity firm Fortinet , recently told PYMNTS why the digitization initiatives many payment service providers undergo in the name of better customer experience can exacerbate security risks.

Security

Neopay

OCTOBER 23, 2024

The ESAs raise concerns over the impacts and practicalities of the proposed EC changes to the draft ITS on the registers of information in relation to financial entities’ contractual arrangements with ICT third-party service providers.

Third-Party Service Provider

PYMNTS

AUGUST 13, 2020

There is an array of benefits to wielding multiple cloud service providers, he said. It mitigates against the risk of a loss of service or vendor lock-in because if one service goes down, others are likely still running. Choosing the right third-party service providers can be tactical.

Third-Party Service Provider

VISTA InfoSec

OCTOBER 20, 2023

Perform ePHI Risk Assessment: Potential Threats: Identify threats to ePHI assets, including natural disasters, technical issues, and security threats. Develop an ePHI Recovery Strategy: Choose a Recovery Method: Determine a restoration method for ePHI assets in disasters, aligning with the organization’s continuity plan and risk tolerance.

Disaster Recovery

The Fintech Times

JULY 5, 2024

During this meeting, it also agreed to make targeted amendments to its cryptoasset standard and consult on updated principles for the sound management of third-party risk. Based on current market developments, these risks are broadly captured by the Basel Framework. The consultation will be published later this month.

Consulting

PYMNTS

OCTOBER 7, 2016

.” Financial institutions today are also struggling to connect the dots between all of the ways they use data analytics to mitigate risk and add value to their lending operations, added Horrocks. He offered the example of banks using analysis of financial statements to assess risk in the loan origination process.

Origination

PYMNTS

FEBRUARY 27, 2020

Below, PYMNTS looks at the latest developments in open banking and bank-FinTech collaboration, including a look at how data sharing drives challenger bank competition, China’s exploration of open banking, and FinTechs embracing data connectivity to broaden their small business services. Open Banking Drives Challenger Bank Adoption.

Small Business

PYMNTS

JULY 9, 2020

Reducing the risk of harm to customers in the payments sector has been a priority area for the FCA for some time,” an FCA spokesperson said. Under the FCA’s new rules, payment providers and electronic money issuers must maintain records of all funds received and maintain a “safeguarding account” for customer money, the news outlet reported.

Rules

PYMNTS

DECEMBER 17, 2019

Yet both of these strategies require a third-party service provider to facilitate payment processing, whether funds are coming in via check or ACH. Again, third-party service providers play an important role in alleviating ACH friction for companies. The Check-To-ACH Migration.

ACH

PYMNTS

DECEMBER 28, 2020

Yet the current trade credit landscape comes with significant challenges, especially for the supplier, with Floate pointing to the requirement for vendors to take on the financial risk until after an invoice is actually paid.

B2B

PYMNTS

OCTOBER 3, 2019

Balancing Risks. Among the most recent shifts in this debate stems from Google , which announced in July it would be reviewing its privacy policies following revelations that personal information and private conversations recorded by its virtual assistant tool, the Google Assistant , were leaked to third-party contractors.

Privacy

PYMNTS

OCTOBER 29, 2018

However, retailers, financial institutions (FIs) and payment services providers are increasingly turning to machine learning, artificial and augmented intelligence, risk management software and the algorithms that power them to gain early warning of potential fraud attacks and identify the source of those criminal activities.

Fraud Prevention

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. Over time, consolidation among service providers has resulted in large numbers of banks reliant on a small number of service providers.”.

OCC

EBizCharge

JULY 19, 2024

This article will explore five reasons why using PDF forms for payment collection doesn’t meet PCI DSS requirements, highlighting the risks and security gaps inherent in this method. It also restricts physical access to cardholder data, mitigating the risk of any unauthorized access. What is PCI compliance?

PCI DSS

PYMNTS

MARCH 8, 2018

Instead, the draft carves out exceptions from notice for three categories of businesses: “third parties;” “service providers;” and a large category of “financial institutions.”

Data Breach

Basis Theory

OCTOBER 1, 2024

Third-Party Service Provider ( TPSP or "service provider") refers to an entity other than the Merchant, Acquirer, or Issuer involved in storing, processing, or transmitting card data. So reviewing your PCI assessment helps them better understand the risk you pose to them as a Merchant.

PCI DSS

PYMNTS

MARCH 4, 2017

After all, when a FinTech develops a B2B payments solution far more sophisticated and agile than what a bank can offer, that bank now risks losing a client — or at least part of that client’s business. But we believe the exact opposite, that banks are in fact that ecosystem participant best positioned to profit from the era of the API.” .

API

PYMNTS

JUNE 26, 2019

Mitigating Risk For Third Parties. Supply chain verification is instrumental in mitigating the risk of noncompliance for marijuana firms regulated at the state level. ” Today, the financial industry continues to explore ways to provide legal services to marijuana businesses.

Legal

PYMNTS

SEPTEMBER 27, 2019

The company wrote in a blog post , “Earlier this month, we became aware of unusual activity involving a third-party service provider.” Report: How Payment Plans Remove the Risk from Booking Adventure Travel . DoorDash has announced it was the victim of a data breach in May.

Data Breach

PYMNTS

FEBRUARY 2, 2021

This week's look at the latest in open banking and bank-FinTech collaboration finds financial institutions (FIs) exploring both partnerships and acquisitions to strengthen their offerings for corporates, while third-party service providers have also boosted their data-sharing capabilities to empower those financial service provider tie-ups.

Lockbox

PYMNTS

FEBRUARY 18, 2019

“It’s going to go where cost savings are the greatest, and where there is the least amount of risk. That is, without having to pay the fees or give up customer data to third-party service providers like PayPal or Visa — information that can be valuable to businesses that want to develop their own loyalty programs, for example.

B2B

PYMNTS

MARCH 4, 2017

After all, when a FinTech develops a B2B payments solution far more sophisticated and agile than what a bank can offer, that bank now risks losing a client — or at least part of that client’s business. But we believe the exact opposite: that banks are in fact that ecosystem participant best positioned to profit from the era of the API.” .

API

PayHawk

APRIL 18, 2023

H High-Risk Merchant A merchant that operates in a high-risk industry, such as adult entertainment or gambling, and is considered a greater risk for chargebacks or fraud. Payment Gateway A service that enables merchants to accept electronic payments from customers through a website or mobile application.

Process

PYMNTS

AUGUST 10, 2020

Expanding the opportunity for third-party providers of these products is the fact that as a result of the cash flow struggles of many SMBs today, combined with market uncertainty, some of the traditional providers of ABL and AR financing — namely, smaller community banks — are largely pulling back from the market.

B2B

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Governance The covered entity’s board or senior governing body is tasked with oversight, funding, and maintenance of the company’s cybersecurity risk management program.

Cybersecurity

Global Fintech & Digital Assets

NOVEMBER 7, 2023

The SFC notes the potential benefits of tokenisation, including increasing efficiency, enhancing transparency, reducing settlement time, and lowering costs for traditional finance, but also recognises that the use of DLT can create additional risks.

Distributed Ledger Technology (DLT)

PYMNTS

JULY 22, 2019

A business may be warned about the risk of fraud connected to paying with checks and believe “It won’t happen to me,” when in many cases, it already has — or it soon will be. Clark emphasized the importance of third-party service providers delivering a clearer message to accounts payable departments.

B2B

PYMNTS

OCTOBER 24, 2019

Further, the financial risks of this challenge expand into areas like payments fraud and cyberattacks, with Lutz pointing to the growing sophistication of such crimes, and the increasing complexity of identifying them and mitigating these risks. And a lot of that pressure is on banks. APIs are no longer optional.

Treasury

PYMNTS

JUNE 18, 2019

. “Today’s bank customers — both on the retail and corporate side — are increasingly accustomed to on-demand services in all aspects of their lives,” said Finastra Transaction Banking Solutions Head of North American Sales Jeff Otten in a statement.

RTP

EBizCharge

JULY 16, 2024

This article will explore the essential aspects of staying compliant with NACHA rules, such as risk management, data security, authorization protocols, and more, to help institutions maintain the highest standards of operational integrity and customer trust. What is NACHA?

NACHA