Title:The Federal Reserve Board Announced Details of the FedNow℠ Service
Summary:The Federal Reserve Board on Thursday announced details of the FedNow℠ Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States.
PublishDate:8/7/2020 12:00:00 AM
Title:Payments Gripes Soar During the Pandemic, According to CFPB Data
Summary:Consumer complaints about payment products and services have shot up since March, when the national emergency was declared to deal with the Covid-19 pandemic. Complaints about credit and prepaid card products are up 29% over the same period last year, and gripes about money-transfer, virtual-currency, and money services have soared 77%.
PublishDate:7/28/2020 12:00:00 AM
Title:Remittance Transfers Small Entity Compliance Guide: Developed by the CFPB
Summary:The purpose of this guide is to provide an easy-to-use summary of the Remittance Transfer Rule. The guide also highlights issues that businesses, in particular small businesses and those that work with them, may want to consider when implementing the Rule.
PublishDate:7/14/2020 12:00:00 AM
Title:Fraudsters’ Covid-19 Schemes Draw FinCEN Warning
Summary:With trillions of dollars in federal stimulus money sloshing around in the economy to help consumers who have lost their jobs due to Covid-19, fraudsters are ratcheting up their efforts to get a piece of that pie.
PublishDate:7/14/2020 12:00:00 AM
Title:Mitigating Synthetic Identity Fraud in the U.S. Payment System
Summary:This white paper, published by the Federal Reserve highlights different ways that organizations – both individually and collectively– can work to mitigate synthetic identity fraud. Additionally, we summarize a number of external factors that impact mitigation, such as the regulatory environment.
PublishDate:7/2/2020 12:00:00 AM
Title:Even During a Pandemic, Direct Deposit Delivers
Summary:Direct Deposit is one of those things that’s easy to take for granted. Like clockwork, it delivers employees' salaries each payday, as well as Social Security and veterans benefits. And as far as most people are concerned, it all happens without a second thought. But in these unprecedented times, Direct Deposit has found itself in the forefront.
PublishDate:6/15/2020 12:00:00 AM
Title:Important Message from WesPay's President & CEO
Summary:View an announcement regarding WesPay's 2020 Payments Symposium.
PublishDate:5/18/2020 12:00:00 AM
Title:F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan
Summary:The $2 trillion relief bill will send money directly to Americans, greatly expand
unemployment coverage and make a number of other changes.
PublishDate:3/30/2020 12:00:00 AM
Title:Nacha Provides Relief to RDFIs on Signature Requirements for Written Statements
Summary:The Nacha Rules require an RDFI to accept a consumer’s Written Statement of Unauthorized Debit (WSUD), and also require that the WSUD be signed or similarly authenticated.
PublishDate:3/27/2020 12:00:00 AM
Title:WesPay is Here for You
Summary:Message from WesPay's President & CEO, William J. Schoch - Many of you are working diligently to review and activate your business continuity plans and develop flexible work schedules that will limit the spread of the coronavirus. WesPay is taking many of the same precautions, and I want to share with you how we will continue to support our members during this unusual period.
PublishDate:3/17/2020 12:00:00 AM