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.
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