What Financial Services Processors Need to Know About Account Verification
With the increased speed of the electronic payments clearing house system, banks have to work quickly to prevent fraud and maintain the integrity of the network. Fortunately, NACHA compliant account verification services can help them process consumer and business payments in high volumes.
OFAC Compliance: A Primer For Financial Professionals
OFAC is an arm of the U.S. government designed to promote U.S. policy abroad. For companies doing business in U.S. jurisdictions, failing to comply with OFAC can result in hefty penalties and public rebuke that is harmful to the company’s reputation. Fortunately, partnering with a commercial data company focused specifically on OFAC compliance can prevent violations.
5 Tips for Implementing Sanctions Screening
OFAC sanction screening is required by U.S. law. Doing so efficiently and accurately helps your business by allowing you to grow your customer base without worry. Here are some easy-to-implement strategies that improve OFAC screening procedures to reduce risk for companies.
Why You Need Integrated Account Verification for New Customer On-boarding
Integrated account verification systems can help you make sure that your customers are pleased and that employees are doing their best to serve the needs of your business. These integrated systems also make it easy to compare solutions, collect feedback and update systems with new technologies as they become available.
Beware of These Three Trending Payment Fraud Activities
So many changes occur in the global payments industry every day that many (if not most) merchants find it difficult to keep up with the strategies needed to protect themselves from the consequential losses. Business owners who understand the origins of most fraudulent activity, however, do have an opportunity to reduce their exposure. Adopting new […]
LYONS COMMERCIAL DATA TO EXHIBIT AT 2018 NACHA PAYMENTS CONFERENCE
JACKSONVILLE, FL – April 17, 2018 – Lyons Commercial Data, a leading provider of U.S. financial institution data and risk management solutions, has announced that they will be exhibiting at the NACHA PAYMENTS conference. The conference takes place April 29th – May 2 at the San Diego Convention Center in downtown San Diego, CA. For nearly […]
The Benefits of Instant Account Verification
Today’s consumers move fast. With all of the computing power of a desktop tucked away in nearly every pocket, today’s businesses can’t delay basic transactions. The longer it takes to make a purchase from one vendor, the more likely they are to finish buying somewhere else.
Is OFAC Screening Enough?
In this era of global commerce, it can be difficult to know the specific details of every client with whom one does business. Federal law actually prohibits transactions with certain companies, businesses and individuals in order to limit nefarious activity. However, many U.S.-based entities fail to do the full due diligence to ensure compliance with […]
What is RegTech? A Definitive Guide on Regulatory Compliance Technology
The newest iteration of FinTech, regulatory technology, or RegTech, is a series of services designed to help financial institutions navigate the increasingly murky waters of regulation. After the 2008 crash, regulators focused on banks and other financial institutions, tightening restrictions on many aspects of banking and lending. With the rules constantly changing, financial institutions need […]
Minimize Onboarding Risks with Fraud Prevention and OFAC Screening
The federal government issues sanctions against foreign-based governments, people and companies that break the American laws prohibiting terrorist activities, narcotics or human trafficking. Once those sanctions are in place, the government also prohibits American companies and individuals from doing business with the sanctioned entities. The OFAC — Office of Foreign Assets Control, a division of […]