NEACH - New England Automated Clearing House Association

The federal bank regulatory agencies announced their third notice requesting comments to reduce the regulatory burden. The agencies divided the regulations into 12 categories and are now soliciting comments on three: Rules of Procedure, Safety and Soundness, and Securities. The public has 90 days from the date the regulations are published in the Federal Register to comment on them. NEACH’s Dec. Executive Summary has more. https://lnkd.in/e6Mb5hSB

The methods fraudsters use are constantly evolving. Are you keeping up? Here's what you need to know: - They're targeting payroll: Adding fraudulent payees to payroll files is a common tactic. - They're using money mules: These individuals receive and transfer stolen funds, making them difficult to trace. - They're after your data: Compromised data can lead to identity theft and long-term financial damage. How are you protecting your business and your customers from these evolving threats?

Collaboration is at the heart of successful payments operations. Our white paper explores how to build an inclusive and collaborative culture in a multi-generational team, empowering every voice to contribute to strategic goals. 📥 https://lnkd.in/eaefHPcG 🔍 Access: Eight Payments Skills for Future Success #CollaborativeCulture #PaymentsOperations #InclusiveLeadership

When evaluating third-party relationships in the financial services industry, one question should be at the forefront of your due diligence process: "How does this product or service potentially impact consumers?" This question should guide your risk assessment, prompting you to consider potential impacts on data privacy, security, and financial well-being. Understanding the potential consumer impact is crucial for identifying and mitigating risks, ensuring compliance with regulations like those issued by the CFPB and FTC, and maintaining consumer trust. Prioritizing consumer protection is not just a regulatory requirement; it's a cornerstone of ethical and responsible business practices.

In the world of finance, 2025 is shaping up to be a year of monumental change. Traditional payment rails-the backbone of how money moves through economies-are poised for a significant shake-up as new technologies, regulations, and consumer preferences converge to rewrite the rules of payments. For credit unions, staying ahead of these changes is critical to remaining relevant and competitive. Traditional payment rails, such as ACH, SWIFT, and card networks, have long facilitated the secure and reliable movement of funds. Yet, these systems come with inherent limitations: high transaction costs, settlement delays, and a lack of transparency. Read the full article: https://lnkd.in/eDggb_zW Do you get our Innovating Payments Top 3 News Headlines, your quick guide to the most critical developments shaping the payments landscape every other week? Stay ahead with insights into regulatory updates, industry readiness, and future trends impacting the financial sector.

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The benefits of standardized data formats and exchanges in financial services are myriad. Banks are moving toward the ISO 20022 financial messaging standard, tied to Swift, which noted that the open standard can be used for all types of financial transactions, including cross-border fund flows. The messaging formats support the inexorable global movement toward real-time payment, with 68% of businesses telling PYMNTS that they plan to adopt instant payments in the next two years via the RTP® Network or FedNow® Service. Certain verticals are outpacing that overall percentage in terms of intent: 81% of companies in consumer and retails plan to harness instant payments, followed by 75% in hospitality and leisure, and 70% in healthcare. Read the full article: https://lnkd.in/exAExDG6 Do you get NEACH's Innovating Payments Top 3 News Headlines? We send you quick links to the most critical developments shaping the payments landscape every other week. Stay ahead with insights into regulatory updates, industry readiness, and future trends impacting the financial sector..

While the transition to digital payments is well underway, certain niche use cases for paper checks continue to persist. One surprising example is the intentional use of checks for delayed payments, such as rebate checks that are sometimes issued with the expectation that a portion will never be cashed. This highlights the complexities of migrating to a fully digital payment ecosystem and the need for flexible solutions that can accommodate diverse business practices and consumer behaviors. While the volume of check transactions is declining, these niche use cases suggest that paper checks may not disappear entirely in the near future.

The Consumer Financial Protection Bureau (CFPB) took action to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency's final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market. The reforms will allow large banks several options to manage their overdraft lending program: they can choose to charge $5; to offer overdraft as a courtesy by charging a fee that covers no more than costs or losses; or continue to extend profit-generating overdraft loans if they comply with longstanding lending laws, including disclosing any applicable interest rate. Read the full article: https://lnkd.in/d-bfS_MZ Do you get NEACH's Innovating Payments Top 3 News Headlines? We send you quick links to the most critical developments shaping the payments landscape every other week. Stay ahead with insights into regulatory updates, industry readiness, and future trends impacting the financial sector..

IBANs (International Bank Account Numbers) and LEIs (Legal Entity Identifiers) are crucial tools for enhancing security and transparency in financial transactions. IBANs, widely used in European markets, provide a unique identifier for each individual and business bank account, streamlining international payments and reducing errors. LEIs offer a globally recognized identifier for legal entities, enhancing transparency and accountability in financial markets. By combining these unique identifiers, we can add an extra layer of verification to payment processes, making it more difficult for fraudsters to operate and improving the overall security of the financial system.