Wachovia Bank has made the first commercial use of the Electronic Payments Network’s (EPN) Universal Payment Identification Code (UPIC) in a payment to the University of Florida. The University is using the UPIC to receive grant payments electronically via the Automated Clearing House (ACH). A UPIC is a unique number assigned to a bank account and coupled with a universal routing and transit number. It increases the security of electronic payments by allowing organizations to provide customers the information needed to initiate electronic ACH credit payments, without having to publish sensitive bank account details. Essentially, the UPIC becomes the organization’s ACH remittance address. ‘We have only just begun to tap the benefits of the UPIC. Soon, many other state agencies will begin remitting payments using our UPIC. And certainly the next time we are notified of a bank merger, we will know our ACH payments are secure,’ said Kathleen Tillett, Assistant Controller of The University of Florida.
UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.