Advisory Consult Services

Even with the declining volume of checks written, Check Fraud continues to plague businesses, consumers and financial institutions alike. Regardless of your role, Wespay Advisors can help. Our seasoned consultants will:

• Review your policies and procedures on check clearing and acceptance
• Provide you with industry practices to identify key aspects of check fraud
• Present recommendations for your internal processes

• Evaluating your current risk profile for Account Transfers
• Identifying gaps in processes and policies which could be used to shore-up risk mitigation
• Suggest changes to funding processes, product offerings and risk exposure considerations

Growing at the speed of payments.

From Checks and ACH to Wires and Cards, the world of Instant Payments is getting faster.

Today, financial institutions like yours look to implement or optimize their Instant Payments offerings, building a strategy, choosing between RTP or FedNow (or both), and getting their teams up to speed.

Where are you in that process? 

Still determining your strategy?
Ready to receive transactions?
Receiving and ready to send?

No matter which step you’re at, the right plan and implementation is critical to your success.

Wespay Advisors helps you stay up to speed and ahead of the game.

At Wespay Advisors, our accredited and highly experienced Consultants know the business of payments inside and out. We help strategize and guide your institution while considering every facet of implementing payment rails, such as:

• Product Features and Positioning
• Rules Compliance
• Risk Management
  Processing in a 24/7/365 Environment

Wespay Advisors – The Right Service

Service Type 1 – Strategy

To stay competitive, you look to implement new products and services that benefit your accountholders. To do so, you need a strategy that considers client needs, technical considerations, and risk appetite within your institution. Our team offers:

• Meetings with your team to provide education on IP network characteristics, applicable rules and compliance, state of the payments industry, volumes & participants.
• Conducting interviews with key stakeholders on overall payments strategy, competitive market analysis, and product roadmaps.
• Facilitating discussions with your risk management team to determine risk appetite and risk mitigation capabilities. 
• Establishing existing and future target client base and marketing approaches, including use cases. Conduct gap analysis and best use of “Faster” vs. “Instant” payments.

Upon completion, we’ll provide a comprehensive report with observations and recommendations, including a payments product gap analysis and strategies for moving forward. Our report will help guide your institution’s 2 – 5-year strategic plan.

Service Type 2 – Implementation (Receive)

Ready to implement new products and services? Our implementation engagements consist of two phases. 

• Preparation Phase: We provide sample documents, including an IP Policy, IP Risk Assessment, and additional resources to fully document your IP program. Upon completing the preparation phase, we provide a comprehensive report with observations and recommendations, including risk and vendor considerations as you move forward toward implementation.  
• Implementation Phase: As your team implements, we provide guidance and support as needed. 

Service Type 3 – Implementation (Send)

You’re familiar with receiving Instant Payments and processing them in a 24/7 environment. Now, it’s time to offer your accountholders the benefit of sending transactions in real-time. To do so, you’ll need to establish the right fraud controls, especially when money can be missing on the other side before your client knows it’s gone from their account. 

Our Payments Consultants can help by

• Educating your IP team on system workflows, handoff points, and areas for reconciliation.
• Working with your designated areas to understand IP fraud and available tools to combat deception.
• Help guide your product teams on use cases, benefits, and interfaces to both consumer and business applications. 
• Attend vendor calls to identify gaps in product features as well as gaps in processing.