Trending payments news and insights, written by the Wespay Advisors’ staff, and updated regularly to keep you learning and your business growing. Got a question you’d like us to cover? We’d love to hear from you.
Fraudsters utilize generative AI to gather large amounts of personally identifiable information from data breaches, public records, and social media. Using a combination of real and fake information, fraudsters then create a fraudulent identity to circumvent…
As the payments landscape continues to evolve, complying with Regulation E has become increasingly complex. Wespay receives hundreds of questions every year from financial institutions looking for guidance on interpreting and applying Regulation E’s requirements.
Wespay Advisors is excited to announce three new consulting engagements to meet the ever-changing payments landscape: Board Payment Strategy, Payments Business Continuity Plan, and GTM – Treasury Management Sales Enablement.
Discovering that you’ve onboarded a Third-Party Sender (“TPS”) can feel like a compliance challenge—but it can also be a strategic growth opportunity. With the right framework, your institution can strengthen controls, align internal…
The compliance deadlines for Nacha’s Fraud Monitoring have arrived. If your Institution, Originators, or Third-Party Senders still need a documented, risk-based fraud monitoring program, now is the time to act.
Financial institutions that work with Third-Party Senders (TPS) know the importance and the complexity of meeting Nacha Rules requirements, including the requirement for Third-Party Senders to complete an annual ACH Rules Compliance Audit by December 31.
Receiving instant payments via the Real-Time Payments (RTP) and FedNow networks is generally simple and benefits all account holders’ cash flow. However, sending such payments is more complicated and relies on the vendor’s capabilities.
First Party Fraud, commonly known as “Friendly” fraud, occurs when an account holder abuses consumer protection rights to steal funds from institutions. Wespay has received questions from members who have observed this type of fraud.
Wire transfers and remote deposit capture (RDC) are essential payment channels—but they also represent some of the highest risk exposure for financial institutions today.