Financial IT firm Fiserv has launched the CheckFree International Payments Processing Suite of software products to assist financial institutions in obtaining regulatory and processing compliance with both the Office of Foreign Assets Control (OFAC) and NACHA. Due to growth in the international payments market, NACHA implemented a unique Securities and Exchange Commission code called International ACH Transaction (IAT) for the purpose of clearly differentiating international payments from domestic transactions. In response, Fiserv developed this product suite, which includes two stand-alone modules, the CheckFree AML Advisor module and CheckFree IAT Format Validation module. “As globalisation accelerates, international funds transfers are becoming more of a concern for businesses and the banks that serve them,” said Aaron McPherson, practice director for Financial Insights, an IDC company. By 20 March 2009 all financial services organisations must comply with the new IAT regulatory coding and government mandates. As a result, companies must analyse information in the data fields and compare them with government lists to ensure that no funds are transferred in or out of accounts blocked in accordance with OFAC sanctions, while making certain that additional data elements have been completed for all international financial transactions.
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