In the pilot program launched by NACHA, a participating financial institution signs up corporate customers, permitting them to offer this authorization method for debit payments. For example, a participating utility company could accept a telephone-authorized debit for an overdue bill rather than requiring a consumer to pay in person to prevent a cutoff in service. The debit is made using the Automated Clearing House (ACH) Network. Operating rules for the ACH Network currently require debit authorizations to be in writing and signed or similarly authenticated. While useful for recurring bill payments for mortgages, insurance premiums, utilities and other recurring payments, a written authorization can be cumbersome for one-time, non-recurring payments. Some of the financial institutions that enrolled in the pilot are Bank of America, Bank One, Chase Manhattan Bank, Citibank, and Wells Fargo/Norwest.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more