Archives

  • Third Time’s a Charm: Same-Day ACH to Settle 3 Times Daily
    NACHA President and CEO Jan Estep revealed more details on her organization's new, phased-in approach to same-day ACH.
  • Industry Group Outlines New Project to Speed E-Payments

    The Remittance Coalition, a group of payments industry players that works to increase the efficiency of B2B payments made and reconciled by U.S. businesses, shared more details of its much-anticipa

  • NACHA Requests Comment on Addenda Record Expansion
    NACHA is requesting comment on the possible expansion of the number and types of addenda records available for use with ACH payments. The electronic payments association is considering expanding these
  • AFP Fraud Survey: Card Fraud Up, As Is Security Spending
    Credit card fraud increased last year despite heightened interest in reducing security risks, according to the 2014 AFP Payments Fraud and Control Survey, sponsored by J.P. Morgan. In response, compan
  • AFP Fraudwatch: FBI Takes Down ATM Skimming Gang
    The FBI has indicts 17 people for their involvement in an international ATM skimming and money laundering scheme. Also, Sally Beauty admits its recent breach was larger than anticipated, and two banks
  • Bitcoin Breakdown: IRS Declares Bitcoin a Property
    The Internal Revenue Service said last week that it will treat Bitcoin as a property for tax purposes, rather than a currency. The classification means that Bitcoin and other virtual currencies will n
  • Wal-Mart Accuses Visa, Banks of Colluding over Interchange Fees
    Wal-Mart is suing Visa for $5 billion for allegedly colluding with some of the largest U.S. banks to fix interchange fees for retailers. The suit claims that banks have agreed to not compete with each
  • RMB Payments Surge in Australia
    Renminbi payments are booming in Austrialia, according to SWIFT data. Nevertheless, the RMB fell behind the Swiss franc as payments currency in February. RMB payments have increased by 248 percent in
  • Fed Survey: POS Mobile Payments on the Rise
    Consumers using mobile phones to make purchases at the point-of-sale (POS) tripled in 2013, according to recent data from the Federal Reserve. Smartphone users making POS mobile payments jumped from 6
  • AFP Releases Second Payables Strategy Guide
    AFP has released the second installment in its two-part series on creating a payables strategy. Underwritten by Fifth Third Bank, the new guide offers an even more in-depth look at how a payab
  • AFP Fraudwatch: Sally Beauty Breach May Have Affected All Locations
    This week, research by Brian Krebs indicates that the Sally Beauty breach may be much larger than the retailer is letting on, the California Department of Motor Vehicles appears to have incurred a car
  • Strike Back: Appeals Court Overturns Interchange Fee Ruling
    Banks scored a big win last week as the D.C. Circuit Court of Appeals reversed a federal judge’s ruling last summer, which had struck down the Federal Reserve’s cap on debit interchange fees. The appe
  • March 2014 Payments Newsletter
    This month, we look at the Foreign Account Tax Compliance Act (FATCA), the Mt. Gox meltdown, the importance of having an enterprise payment strategy that works in harmony with your working capi
  • NACHA Takes Steps towards Same-Day ACH Settlement
    NACHA announced Tuesday that it is taking steps to bring ubiquitous, same-day ACH settlement to the U.S. Through a “phased approach,” NACHA plans to introduce multiple, same-day settlement options tha
  • AFP Fraudwatch: Target Ignored Malware Alerts
    This week, we look at how the Target breach was the result of the retailer's security team brushing off serious malware alerts. Also, how the Target breach has affected organizations that take recurri
  • Japanese Bank Hit with U.S., Canadian Lawsuits over Mt. Gox
    Mizuho Bank, one of the largest lenders in Japan, has been named in lawsuits in the U.S. and Canada in the aftermath of the Mt. Gox collapse. The bank has been accused of profiting from fraud.
  • Defining Your Enterprise Payment Strategy
    It is essential to develop a working capital management strategy to maximize cash flow, reduce reliance on short-term debt and pay for current liabilities and operating expenses. And one of the greate
  • Bitcoin Breakdown: CFTC, NY Move to Regulate Virtual Currency
    The Commodity Futures Trading Commission (CFTC) indicated Tuesday that it is considering regulating Bitcoin. Separately, New York’s financial services regulator also took steps toward state regulation
  • AFP Fraudwatch: ATMs Soon to Be Highly Vulnerable to Cyberattack
    This week, the PCI Security Standards Council issues a warning to banks that after April 8, 95 percent of the world’s ATMs will be susceptible to cyberattacks. Also, Target's chief information officer
  • Bitcoin Breakdown: Another Bitcoin Site Goes Belly-Up
    Less than a week after Mt. Gox admitted to losing all of its money to cybertheft, Bitcoin site Flexcoin has found itself in the same boat. Also, Japan prepares to regulate Bitcoin as a commodity, and
  • AFP Fraudwatch: AFP Treasury Advisory Group Confronts Cybersecurity
    When a group of treasury executives meet nowadays it should come as no surprise that cybersecurity tops the list of conversation topics. That’s what happened when AFP’s Treasury Advisory Group (TAG) m
  • Bitcoin Breakdown: The Demise of Mt. Gox
    This week, Mt. Gox files for bankruptcy, admitting that it has lost approximately all of its Bitcoins—or nearly half a billion dollars. Also, researchers discover 146 different types of Bitcoin malwar
  • Bitcoin Bombshell: Mt. Gox Closed After Apparent Cybertheft
    Is this the end of Bitcoin? Troubled Bitcoin exchange Mt. Gox suspended trading and was offline Tuesday amid reports that a security breach resulted in the loss of more than $350 millio
  • AFP Fraudwatch: Fraudsters Are Developing Virtual Currencies
    This week, fraudsters eschew Bitcoin for their own virtual currencies, crooks offer a discount on cards stolen in the Target breach, and a Barclays branch employee is accused of stealing milli
  • Bitcoin’s Applicability to Corporate Treasury
    As companies like Overstock.com embrace bitcoins, corporate treasurers are increasingly interested in this virtual currency. But will interest lead to adoption? More importantly, should it?
  • 10 Predictions to Help Your Business Process Outsourcing
    The world of business process outsourcing (BPO) is evolving. Application integration, an emphasis on service, and increased government involvement will all impact BPO in the next year. Here are 10 pre
  • Bitcoin Breakdown: BMO Gets Out of the Bitcoin Business
    Bank of Montreal is closes all Bitcoin-related accounts following disparaging comments from the Canadian Finance Minister, Bitcoins on Mt. Gox tank as the exchange tries to work out its problems, and
  • February 2014 Payments Newsletter
    This month, Payments reviews recent Senate hearings on cybersecurity, a major topic of discussion in Washington following the recent breaches at Target and other retailers. Overall, the sentiment at t
  • AFP Fraudwatch: Would EMV Have Prevented the Target Breach?
    In the wake of the massive Target breach, retailers and policymakers are calling for faster migration to EMV chip technology at the point of sale. But just how safe is EMV? Would chip technology have
  • Alternative Payments Come of Age in Africa
    ChildFund International has many operations in regions of the world that are extremely remote, or in places where the indigenous cultures prefer to be unbanked. The organization has found that in deve
  • Federal Agency Sets Cybersecurity Framework for Critical Groups
    The National Institute of Standards and Technology (NIST) finalized its final cybersecurity framework for the critical infrastructure community. The voluntary guide is intended to make financial, ener
  • Best Practices for Check Language
    Recently on AFP’s discussion list corporate treasury and finance professionals discussed best practices for check language.
  • AFP Fraudwatch: PayPal President’s EMV Card Skimmed
    This week, PayPal President David Marcus became the victim of card fraud at the point-of-sale. However, he was using a chip card—so what happened? Also, new revelations about the Target breach, as wel
  • 2014 Outlook: Corporates to Focus on Technology and Payments
    AFP recently received predictions from economists at financial institutions and financial services firms on the domestic economy. In Part 2 of our discussion, we asked what they were hearing from thei
  • Fed Moving Forward with Updated Payments System
    The Federal Reserve praised responses to a recent consultation paper on the U.S. payments system and is taking steps towards updating the infrastructure as a whole. Industry feedback is being used to
  • Bitcoin Breakdown: No FinCEN Regs for Bitcoin Miners, Investors
    Some users of Bitcoin and other virtual currencies are exempt from registering with the government and complying with certain money-laundering regulations, according to two new rulings last we
  • Washington Calls for Tougher Cybersecurity Standards
    Two Senate hearings this week focused on the multiple data breaches that have erupted across the retail sector. Politicians, regulators, law enforcement agencies, retailers and banks agree tha
  • Four Ways to Execute FX Spot Transactions
    Spot trades are transactions that are settled “on the spot,” as opposed to a pre-determined future date. This method is utilized by many smaller firms who engage in FX transactions and whose smaller v
  • AFP Fraudwatch: Retail Cybersecurity Woes Continue
    This week, Michaels investigates a possible data breach, Neiman Marcus admits that 1.1 million of its customers may have been compromised, and Target faces scrutiny from Congress.
  • RMB Cracks Top 10 Payments Currencies as Corporate Adoption Grows
    The Chinese renminbi was one of the top 10 most-used currencies for payments in both November and December 2013, according to SWIFT. It currently resides in eighth place.