Course "U.S. Payments Industry: The Players, Trends, and Compliance Issues Faced" has been pre-approved by RAPS as eligible for up to 12 credits towards a participant's RAC recertification upon full completion.
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
Who will benefit:
- Operations manager
- Payments manager
- Compliance Officer
- Accountants and CPAs
Day 1 Schedule
Overview and Grounding
- Overview of payment types - both B2B and consumer payments
- Payment types that are declining and those that are growing:
- ACH, CHIPS, Fedwire, electronic payments, virtual currency, etc.
Differing Views/Perspectives of Payments
- What is the customer's view of payments?
- What are their needs?
- View of compliance/rules/regulations
- What is the financial institution's view?
- How do they stay compliant?
- Rules and regulations the customer does not see
- Balancing customer service and compliance
- S.W.O.T. Analysis
- U.S. Bank, International bank, Non-bank, Virtual bank
B2B Payments and the Compliance Issues They Face
- 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
Case Study and problem solving in small groups
Day 2 Schedule
Faster Payments around the World and impact on US
- The U.K. Payment System before the FPS
- United Kingdom Faster Payments Service (FPS) now
- FPS Costs and who bore them
- FPS Implementation
- Benefits of such a system
- Implications for the United States
- Value of the benefits versus costs of adopting the service?
- Impact on existing systems
- Future for existing systems
Payment Risk Management and Fraud Control
- Payment System Risk Policy
- FFIEC Action Summary for Retail Payments
- Areas of Risk and Risk Assessment Activities
- Cross Channel Risk Mitigation
- People, Processes, and Products
- Is there an optimal organizational structure / for managing payments strategy?
- Are there best practices that apply to my institution?
- What are the hurdles in establishing an organization focused on the payments business?
- Are there common pitfalls?
Consumer E-Payments - Complying with Auditor's Standards: Part I - Identifying and Understanding the Risks
- Assessing the risk level in consumer payments
- Establishing the scope and objectives
- Assessing the oversight quality
- Risk management and support for bank card issuance
- Quality of policies, procedures, and limits
- Risk assessment and support for:
- EFT/POS processing
- ACH processing
- Emerging technologies
Case Study and/or roundtable discussion of what we have learned
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