With the introduction of FedNow, more financial institutions are expected to join the 700 plus banks already using the service to provide instant payments to their customers. In moving to an instant payment environment, banks need a holistic management strategy that appropriately considers any changes to operating systems and risk management practices that are needed. When a bank offers instant payments, its risk management practices will need to identify, manage, and control the various risks, including fraud, liquidity, compliance, and third-party risks. Learn more about managing instant payment risks in the latest Community Banking Connections: https://bit.ly/3Z3Hj3R
Federal Reserve Bank of Kansas City’s Post
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Compliance Consulting | AML/Financial Crimes | Outsourced CCO | Independent Reviews | Consumer Compliance | FinTech & Virtual Assets Compliance | Risk Management | Banking
Word of the day- redundancy! Where two is one and one equals none. Many fintechs learn this the hard way when dealing with banking partners and the increased scrutiny of BaaS. Having one banking partner isn’t enough. Having multiple bank partners that understand proper risk management and oversight is invaluable.
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New guidance from a trio of regulators designed to aid community banks in their management of third-party relationships is a welcome sign in the industry. Partner and U.S. Head of Community Banking, @John Soffronoff tells @Banking Dive the guidelines provide a good roadmap for community banks to evaluate their third-party relationships throughout their entire lifecycle. Click on the image below to learn more about what John has to say ⬇️ #Communitybanking #Risk #Financialservices
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New guidance from a trio of regulators designed to aid community banks in their management of third-party relationships is a welcome sign in the industry. Partner and U.S. Head of Community Banking, @John Soffronoff tells @Banking Dive the guidelines provide a good roadmap for community banks to evaluate their third-party relationships throughout their entire lifecycle. Click on the image below to learn more about what John has to say ⬇️ #Communitybanking #Risk #Financialservices
Third-party risk guide 'a welcome sign,' analysts say
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Key Elements of Operational #Risk in #Banks & Financial Institutions - An in-depth exploration of Operational Risks in Banking and Financial Institutions, and the imperative of robust #riskmanagement practices https://lnkd.in/dB6Y34TD
Key Elements of Operational Risk in Banks & Financial Institutions
stanleyepstein.substack.com
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Compliance Consulting | AML/Financial Crimes | Outsourced CCO | Independent Reviews | Consumer Compliance | FinTech & Virtual Assets Compliance | Risk Management | Banking
The Federal Reserve Board's recent enforcement action against Customers Bancorp, Inc. emphasizes the critical need for robust oversight and risk management in the realm of digital assets. The agreement mandates the bank to enhance regulatory compliance and internal controls to address risks linked to digital assets. This underscores the importance for financial institutions to maintain strong governance and risk management frameworks while engaging with evolving technologies like digital assets. #digitalassets https://lnkd.in/etMCdgcS
Written Agreement by and among Customers Bancorp, Inc., Customers Bank, and Federal Reserve Bank of Philadelphia
federalreserve.gov
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New guidance from a trio of regulators designed to aid community banks in their management of third-party relationships is a welcome sign in the industry. Partner and U.S. Head of Community Banking, @John Soffronoff tells @Banking Dive the guidelines provide a good roadmap for community banks to evaluate their third-party relationships throughout their entire lifecycle. Click on the image below to learn more about what John has to say ⬇️ #Communitybanking #Risk #Financialservices
Third-party risk guide 'a welcome sign,' analysts say
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Credit, Fraud & AI-Powered Risk Decisioning for Banks, Credit Unions & Lenders | Executive Leadership for Sales, Pre-Sales Engineering & Consulting in Financial Services | Clinically Proven
Sponsor Banks really need to have transparency into and oversight over their fintech's risk strategies. Cloud-native risk decisioning platforms like Provenir provide this, enabling collaboration and more compliant risk strategies for lending products.
Piermont, Sutton banks hit with FDIC consent orders over BaaS
bankingdive.com
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New guidance from a trio of regulators designed to aid community banks in their management of third-party relationships is a welcome sign in the industry. Partner and U.S. Head of Community Banking, John Soffronoff tells Banking Dive the guidelines provide a good roadmap for community banks to evaluate their third-party relationships throughout their entire lifecycle. Click on the image below to learn more about what John has to say ⬇️ #Communitybanking #Risk #Financialservices
Third-party risk guide 'a welcome sign,' analysts say
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Transparency in your #FinTech-bank relationship is key. To avoid losing customer funds, it's crucial for fintechs and their banking partners to ensure effective risk management and compliance, Paige Smith writes in Bloomberg. Organizations should seek regulated partners that understand the significance of visibility and customer trust in #BankingPartnerships. https://bloom.bg/3YXUgfv
A Fintech's Collapse Raises Questions About a Hot Business Model
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Economist, Banking Operations Specialist Consultant and Trainer. Instructor at Illumeo.
Key Elements of Operational #Risk in #Banks & Financial Institutions - An in-depth exploration of Operational Risks in Banking and Financial Institutions, and the imperative of robust #riskmanagement practices https://lnkd.in/dYumfc6n
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