Past event: U.S. Payments Industry: The Players, Trends, and Compliance Issues Faced Seminar

The U.S. payments industry 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.

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.

Why should you attend:

The role of the compliance officer is changing because banks and corporations are struggling to serve many masters; some with similar goals and others with contradictory ones. Regulators, corporate clients, Boards of Directors, and shareholders are pulling them in their own directions.

Dodd-Frank is open to scrutiny and possible change by the new administration. What advantages or new security issues will that exercise bring?

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. Some frauds are committed by simple actions while others are much more sophisticated.

Is your institution ready to take on those challenges in the more effective and efficient way?

Areas Covered in the Session:

• Background of payment types, their uses, and differences
• Volumes by dollars and transaction trends
• How payments are viewed by different parties
• B2B payments and fraud issues
• Electronic payments and their issues
• Risk Assessment
• Consumer payment fraud issues
• People, Processes, and Programs
• Role of the compliance officer