he Federal Reserve Board (FRB) must clarify the legal protections afforded to corporate users of substitute checks authorized by the Check 21 Act, according to recommendations issued by the Association of Financial Professionals (AFP). The association has also requested the FRB provide examples of the legal and operational consequences of using substitute checks. Check 21 will bring about wide-ranging changes in check collection practices. Consequently, the AFP urged the Board to accept industry standards for substitute checks only if they retain the integrity of corporate cash management services, incorporate advanced fraud control techniques and adhere to quality measures. In addition, the AFP recommended payors who receive substitute checks be afforded the same legal protection against fraud that they have when fraud occurs on their original checks. The association also noted that it opposed any provision in the rule that would deny legal equivalence to a substitute check requested by a company specifically to resolve a payment dispute or claim.
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