B2B Payments in the U.S. and the Compliance Issues They Face
OVERVIEW With the movement from paper to electronic and the issues that arise from those actions plus the non-bank payment channels getting into the fray; more and more your plans and polices to combat payment theft and related fraud need to be strengthened. There are red flags to watch for and prevention methods to put in place to have the best practices for GRC. The role of the compliance officer is changing because banks arestruggling to serve many masters ; some with like goals and others with contradictory ones. Regulators, corporate clients, Board of Directors, and shareholders are pulling in their own directions. 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. WHY SHOULD YOU ATTEND The B2B payments industry in the US is struggling with an identity crisis. Regulatory authorities are demanding that the pay...