OVERVIEW
With the movement from paper to electronic and the issues that arise from those actions plus the non-bank payment channels getting into the fray; more and more your plans and polices to combat payment theft and related fraud need to be strengthened. There are red flags to watch for and prevention methods to put in place to have the best practices for GRC.
The role of the compliance officer is changing because banks are struggling to serve many masters; some with like goals and others with contradictory ones. Regulators, corporate clients, Board of Directors, and shareholders are pulling in their own directions. Fraud in some payment types are declining while others are picking up that slack. ACH, CHIPS, and Fedwire payments are taking the place of B2B checks but there exists compliance and fraud issues in all of them.
WHY SHOULD YOU ATTEND
The B2B payments industry in the US is struggling with an identity crisis. Regulatory authorities are demanding that the payments industry tighten their reins on the adherence to regulations and compliance mandates; technology is enabling payments providers, banks, and networks to venture further into new frontiers; practitioners are worried about security; and infrastructures are getting old and in need of repair or replacement. The task of replacing these systems is so daunting; no wonder no one wants to launch a project to overhaul the enterprise payments network within the business or within the banks.
The yearly payment volumes – B2B only - of processors such as CHIPS, Fedwire, SWIFT, and ACH are growing steadily, while checks are declining at a small single-digit rate.
Banks are spending significant dollars to upgrade existing solutions to support new SaaS and cloud-based integration interfaces to lower the cost associated with linking into corporate enterprise systems (both front office and back-office). Banks are also adding resources to staff to improve integration to the clients made with the goal of getting a leg up on the competition.
AREAS COVERED
- Payment types that are declining and those that are growing: ACH, CHIPS, and Fedwire
- B2B check fraud and controls to put in place
- Key aspects of the role and key players involved B2B payments
- Regulatory agencies and their roles
- Role of the Compliance Officer
- Movement from paper to electronic and the issues that arise
- Non-bank payment channels
- Plans and polices to combat payment theft and related fraud
- Red flags to watch for and prevention methods
- Best practices for GRC
WHO WILL BENEFIT
- Payments professionals
- Bank Compliance Officer
- Cash Management professionals
- Risk/Compliance Officer
- Deposit Operations managers
- Corporate finance officers
- Regulatory Compliance Associates and Managers
LEARNING OBJECTIVES
Businesses of all sizes are trying to send payments in the most cost-effective way and not necessarily through the bank- established channels. Corporate financial professionals want a conversion from paper to electronic payments, but only if they can get the payment information with the money transfer.
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