Industry News & Resources
The Clearing House announced that the delivery of Immediate Cross-Border Payments (IBX) pilot service will leverage the existing real-time payments systems RTP® in the United States, run by TCH, and RT1 in Europe, run by EBA CLEARING. IXB will begin processing the first live transactions in the euro and U.S. dollar currency corridor in the coming months. "The IXB pilot will help prepare for a full commercial rollout that will revolutionize the way cross-border payments are made between the United States and Europe,” said Rusiru Gunasena, Senior Vice President, RTP® Product Management and Strategy, at The Clearing House. “The connection between RTP and RT1 delivers a new way of moving money across borders safely, quickly, and at lower cost.”
The IXB pilot service is planned to be followed by the launch of a full service IXB offering. The service will be aligned with the focus areas related to speed, access, cost and transparency, as outlined by the Committee on Payments and Market Infrastructures (CPMI) and Financial Stability Board (FSB) for enhancing cross-border payments. Based on a model that can be replicated across other currency corridors and payment systems, the IXB initiative is expected to add additional currencies from an early stage to meet customer expectations for instant cross-border payments across the globe. To read more,
click here.
October is Cybersecurity Awareness Month
Cybersecurity means helping everyone stay safe and secure online. During the month of October, CISA and NCA will highlight key action steps everyone should take such as Enable Multi-Factor Authentication, Use Strong Passwords, Recognize and Report Phishing, and Update Your Software. No matter what role you play, whether you are an individual, company, or consumer, you should take basic steps to protect your online account information and privacy. See yourself in Cyber and do your part! To learn more or to get involved in the CISA Cybersecurity Awareness Program,
click here.
Source: CISA
Source: Forbes
Source: PYMTS
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Your Data May Not Be as Secure as You Think
At a recent TCHPA Corporate Roundtable meetings, attendees discussed implementing Nacha’s Supplementing Data Security Rule for ACH. Participants described the process as “an inconvenient and cumbersome task they must complete to maintain compliance.” However, they were surprised to find unsecured data and old project work arounds still being used. The group shared “A Ha!” moments in realizing the data was not as secure as they thought and acknowledged they would not have found the vulnerabilities to potential fraud, hacking, and reputational loss if they had not implemented the required Data Security rule. All in all, they expressed gratitude for the rule because the company’s processes were improved and customers’ data is now better protected.
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Payments Education
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Live! November 10th at 2pm EST
This session provides a review of recent ACH Rule changes and a preview of the rules effective in 2023.
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Live! December 13th at 2pm EST
Join TCHPA as we preview our 2023 education program. From ACH to Faster payments, we have you covered. Looking for payments risk and compliance education or BSA/AML training? Considering the Accredited ACH Professional (AAP), Accredited Payments Risk Professional (APRP), or National Check Professional (NCP) accreditation? Look no further. Get a jump start on your plans for payments education in the new year!
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On Demand Webinar
Keeping an organization secure in an ever-evolving cyber-threat landscape is a big job. David Drossman, SVP and Chief Information Officer at The Clearing House addresses the important steps an Information Security (IS) department must take to keep up with emerging threats as well as the need for an in-depth defense model that also requires employees to play an active role in preventing cyber-attacks and business disruption. Register Now!
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On Demand Webinar
Presenter Nancy Lake, Director of Training with ARC Risk and Compliance and AML-ology, presented this one-day virtual workshop via live webinar. This course was developed for those who have responsibility for their financial institution’s (FIs) Bank Secrecy Act / Anti-Money Laundering programs. However, everyone is welcome to learn about the latest updates from FinCEN, important news that impacts your financial institution, and details on Cybersecurity. Register Now!
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