Payments Pulse - October 2nd Edition

October 02, 2019

Payments Pulse

Payments Pulse, October 2, 2019

Industry News & Resources

Three Overlooked Trends In Fintech

Source: Forbes

Protecting Against Fraud
How to spot and prevent fraud schemes

Source: Nacha

Banks Risk Losing US$280 Billion in Payments Revenue by 2025

Source: Accenture

Meg Prieur to Retire

For 24 years, Meg Prieur, AAP and Education Specialist at TCHPA, has committed her time, talent and energy to serving the member. She has been instrumental in developing Accredited ACH Professionals (AAPs), helping with regulatory issues, training new operations staff…and the list goes on.

We’ve all learned a great deal from Meg. We’ll miss her careful, thoughtful approach to our work and willingness to do what it takes to support our members and the TCHPA team. Since making the decision to retire, Meg has been working one-on-one with some of our newer staff to make sure they are ready to support the membership going forward.

We wish Meg the very best in retirement, which will likely be spent adoring her 3 grandchildren and living happily at her Northern home, aka Soft Pines. Concepts 2019 attendees will be able to congratulate Meg in person prior to retirement at the end of the October. Others may send an email to wish her well and thank her for her support, expertise and friendship over the years!

We Get Questions...

Q.) One of our Originators realized an error was made with an ACH payroll file and a reversal has been sent, but what can be done to prevent this or other erroneous transactions in the future?

A.) Errors happen and the only way to minimize the chance of initiating a fraudulent or erroneous transaction, whether a credit or debit, is to have controls in place. These can be automated or manual, and implemented at the institution or corporate level. ODFIs should consider one or more of the following controls:

Exposure limits: If a limit is set at the average monetary amount of a file, anything over would be detected.

Dual-control: If two individuals are required to approve the file prior to transmission, there is a better chance anomalies would be caught.

Positive Acknowledgement: Once the ODFI receives a file, communication with the Originator in the form of a call or email (using pre-determined contact information) can take place to acknowledge the dollar and transaction amounts.

Have a question for TCHPA? Call 800-875-2242 (choose option 3) or email education.services@theclearinghouse.org.

Roadmap to RTP Webinar Series

This 4-week program is your introduction to RTP®, the newest payment system to hit the U.S. in 40+ years. Presenters will help financial institutions of all sizes move from the RTP® planning stage to execution. Registrants will participate in four webinars that address key concepts and steps related to becoming an RTP® network participant. The series is ideal for those with a need to fully understand the specifics of RTP®, and are ready to move from the conceptual to the practical.

Each 60 minute-webinar will begin at 2:00pm ET every Tuesday from October 29 - November 19, 2019. Best of all, there is no charge for TCHPA members!

Registration Details

Upcoming TCHPA Education

Please register in advance for all face-to-face sessions to allow our staff to arrange for meals, seating, and session materials for all attendees.

OCT

NCP Alliance Meeting (Grand Rapids, MI)

OCT

AAP/APRP Alliance Meeting (Grand Rapids, MI)

OCT

09-11

Concepts 2019 (Grand Rapids, MI)

OCT

RDFI Rules, Federal Gov’t Payments and Reg E (Webinar)

OCT

Roadmap to RTP (4-Part Webinar Series)

OCT

Nacha Webinar - Utilizing New ACH Return Reason Codes: R10, R11 and R17
Significant savings when you register via TCHPA!

Concepts 2019 – Just Around the Corner!

October 9-11, 2019*
JW Marriott - Grand Rapids, MI

If you’ve been thinking about attending Concepts 2019 in Michigan, register soon! Hear from today’s payments industry experts, network with your peers, and earn continuing education credits. Only $299 (member rate) for this multi-day event.

Reserve your seat now! Advance registration required.

Exhibitors:

Federal Reserve Bank
Magic-Wrighter, Inc.
ProfitStars
ECCHO
TCHPA

* Welcome Reception on Wednesday Evening / Sessions all day Thursday, half day Friday.

RDC Forum, Chicago

hosted by RemoteDepositCapture.com

Tuesday, October 15, 2019
Lombard, IL 60148

Members of The Clearing House - Save $50!
Enter the coupon code TCHF at check out.

The RDC Forum Chicago is designed to deliver top notch education to the industry combined with networking in a candid and intimate setting. The sessions are approved for 6.6 NCP CE credits.

Real-Time Payments

What's in it for you?

Banks Should Implement Real-Time Payments Solutions Ahead of Fed’s Entry

Source: S&P Global Market Intelligence

TCHPA: Professionals in every trade have an association they rely on for industry expertise, support and resources. We're the Association for Payments People^®

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