Trends & Research

Trends & Research

Access the power of data and objective insight. Data from various sources, including NEACH surveys and member interviews, is compiled and made available as white papers, case studies, articles, benchmarking, and industry reports to provide a snapshot of both the current and future payments landscape. 

Published on Wednesday, January 20, 2021

Breaking Down Your Payments Strategy Questions - How does risk and compliance tie into payments strategy?


While oftentimes the risk and compliance departments find out about new products at the eleventh hour, when looking at developing a payments strategy, we recommend they have a seat at the table from the start. With the introduction of any new technology, there are inherent risks, and FinTechs don’t always understand the regulatory obligations we face. Bring your risk and compliance teams into the fold early in the process. They offer different perspectives as you’re building your strategy that help to guide the vision and approach you take.

 

In addition, you may want to consider new solutions. Some now integrate “smart” data monitoring and analysis. For example, if you can use new technologies like machine learning to help you run ongoing smart analytics on your payment trends data, you may be able to identify anomalies that help to decrease your reaction time in dealing with fraud. In fact, you may be able to catch fraud happening in real-time versus after funds have been moved out. Incorporating these sorts of technological solutions can be a helpful addition to your payments strategy.

 

I’d be remiss if I didn’t mention the impact COVID has had on FI controls as well. DDOS attacks were up this past quarter, and new attacks emerged through Zoom as more prevalent account take-over efforts took place. With more people working remotely, there’s more technology involved in going about our day-to-day business. We have to understand and prepare for this evolving environment, so we have the proper controls in place.

 

Begin to unlock the possibilities of technology to help you in balancing risk and innovation. Check out our “Building Blocks of Faster Payments” series for more information.

 



Breaking Down Your Payments Strategy Questions:

(Part I) - Why do we need a specific payments strategy if we have an overall business strategy?
(Part II) - What are the most important elements of a payments strategy?
(Part III) - What about faster payments? How do they tie into our payments strategy?
(Part IV) - What role do FinTechs play in a payments strategy?
(Part V) - How does risk and compliance tie into payments strategy? 

 

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AUTHOR: Mark J. Dixon, AAP, APRP, NCP
Director, Payments Innovation

As the Director of Payments Innovation for NEACH, Mark focuses on exploring innovative solutions and technologies
that will help position members for success, both now and in the future. Connect with Mark to read more of his blogs, articles, and posts.

 

 

 

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