Thursday, January 21, 2010
Payments Risk Management
A recent news story on financial crime caught my attention: “Subramaniam went to great trouble to hide his activity. He seems to have thought that carrying data around on memory sticks and using internet cafes would somehow protect him from scrutiny. He was wrong, says Lemon” (Finextra, 15 January 2010)
Recently, I attended the Federal Reserve task force meeting in Chicago. As a participant in the Federal Reserve’s task forces for Payments and Security, ACI has recently added our UP Immediate Payments solution to the newly opened Faster Payments Capability Showcase. As a result, this meeting offered an opportunity to collaborate with representatives from across the industry to identify ways to partner and bring immediate payments forward in the United States.
It seems wrong to start the New Year on a sour note, but as we approach the two-year anniversary of the SEPA Credit Transfer (SCT) go-live, it’s hard to find a silver lining to this particular cloud.
It has been six months since the EMV liability shift occurred in the US on October 1, 2015 – and it’s time to assess our progress, challenges and outlook.