Electronic Checks: the Low-Risk, Low-Cost Way to Accept Online Payments
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First Washington Associates Washington, D.C. December,,: 198
5 1- BANK JAMAICA/U.S. FULL SERVICE MERCHANT DEVELOPMENT CONCEPT-PAPER' Prepared by First Washington Associates Washington, D.C. December,,: 198 .2.1 TABLE!OF CONTENTS Page 1. Concept. * 1* II. Economic Climate and Private Investment . .4 III. Existing Financial Infrastructure ..... 7 IV. Activities of the New Bank . ... 13 V. Formation, Ownership, and Capitalization ,19 VI. Direction and Management,. .. " .22 VII. Implementation . ' .• ****25 0-H- I. CONCEPT 1. This discussion paper has been prepared at the,, request of the Bureau for Private Enterprise (PRE) and the Jamaican Mission of the U.S. Agency for International Development (AID) and is intended to describe the role which a new Jamaica/U.S. Full-Service Merchant Development Bank can play in helping achieve economic development and growth through expansion and stimulation of the private sector in Jamaica. 2. Under the Government of Prime Minister Seaga, Jamaica has embarked upon a serious, across-the-board program of measures to encourage expansion of private sector productivity and output and lead to substantial new investments in agri culture, manufacturing, and related service industries. The private sector is looked upon as the major driving force for economic rehabilitation, and investments from the United States and local entrepreneurs are being counted upon to bring new vitality and diversification to the Jamaican economy, reverse the outward flow of private capital, transfer new technologies, and help solve the country's balance of payments and unemployment problems. 3. Seriously limiting the achievement of these goals is the lack of an adequate institutional infrastructure to provide equity funding and aggressive medium- and long-term credit facilities to stimulate capital investment. -
BR-69915-210X297mm-Update the UBS Securities China Brochure
UBS Securities First foreign-invested fully-licensed securities firm in China, 51% owned by UBS AG He Di Eugene Qian UBS Securities Co., Limited (UBS Securities) was incorporated on 11 December 2006 following the restructuring of Beijing Securities Co., Limited. In December 2018, UBS AG increased its shareholding in UBS Securities to 51%; the first time that a foreign financial institution had raised its stake to take majority control of a securities joint venture in China. With the support of the UBS Group and the dedication of our employees, UBS Securities remains at the forefront of the industry as the first foreign-invested fully-licensed securities firm in China. Client-centric and committed to the pursuit of excellence and sustainable performance, UBS Securities relies on international experience complemented by local expertise to maintain its market- leading position. Our success would not have been possible without our employees. We would also like to thank our clients, shareholders, business partners, as well as government and regulatory bodies for their support which has been a driving force for the business. Our market position today is a strong foundation for the decades to come. We are determined to build on our core strengths to capture the opportunities arising from ongoing wealth creation, market reforms and globalization in China. We will continue to offer world-class products, services and advice to our clients, and work with all stakeholders towards the further development of China’s financial markets. Very best wishes. He Di Eugene Qian Chairman President UBS Securities UBS Securities 2 Milestones Moving forward December 2018 UBS AG increased its shareholding in UBS Securities to 51%, first international bank to increase stake to take majority control in a China securities joint venture. -
Electronic Bill Payment and Presentment: a Primer
P Electronic Bill Payment and Presentment: A Primer Ann H. Spiotto Federal Reserve Bank of Chicago Emerging Payments Occasional Paper Series December 2001 (EPS-2001-5) FEDERAL RESERVE BANK OF CHICAGO Electronic Bill Payment and Presentment: A Primer Ann H. Spiotto Ann H. Spiotto is senior research counsel with the Emerging Payments Studies Department of the Federal Reserve Bank of Chicago. She previously spent twenty-five years as an attorney for First Chicago Corporation working with its retail banking and credit card operations – during her last ten years at First Chicago she was responsible for the legal work performed for the credit card business. Special thanks to Brian Mantel for his support in reviewing and critiquing this article. The views expressed in this article are those of the author alone and do not necessarily reflect the views of the Federal Reserve Bank of Chicago or the Board of Governors of the Federal Reserve System. The Occasional Paper Series is part of the Federal Reserve Bank of Chicago’s Public Policy Studies series. Address any correspondence about this paper to Ann H. Spiotto, Federal Reserve Bank of Chicago, 230 S. LaSalle Street, Chicago, Illinois 60604 or e-mail Ann at [email protected]. Requests for additional copies should be directed to the Public Information Center, Federal Reserve Bank of Chicago, P.O. Box 834, Chicago, Illinois 60690-0834 or telephone (312) 322- 5111. This paper is available at http://www.chicagofed.org/publications/publicpolicystudies. This paper first appeared in substantially similar form in the November 2001 edition of The Business Lawyer. -
PAYMENTS DICTIONARY Terms Worth Knowing
PAYMENTS DICTIONARY Terms worth knowing 1 Table of contents Terms to put on your radar Terms to put on your radar ..............................3 Card not present (CNP) Card acceptance terms ....................................4 Transaction in which merchant honors the account number associated with a card account and does not see or swipe Chargeback terms ..........................................7 a physical card or obtain the account holder’s signature. International payment terms ...........................8 Customer lifetime value Prediction of the net profit attributed to the Fraud & security terms ....................................9 entire future relationship with a customer. Integrated payment technology terms ............ 12 Omnicommerce Retailing strategy concentrated on a seamless consumer Mobile payment terms ................................... 13 experience through all available shopping channels. Payment types .............................................. 15 Payments intelligence The ability to better know and understand Payment processing terms ............................. 18 customers through data and information uncovered from the way they choose to pay. Regulatory & financial terms .......................... 23 Transaction terms ......................................... 25 Index ........................................................... 27 References ................................................... 31 2 3 Card acceptance terms Acceptance marks Credit card number Merchant bank Sub-merchant Signifies which payment -
ULTIMATE RETAIL PAYMENTS FIELD GUIDE Everything Merchants Need to Know from Those in the Know YOUR ULTIMATE GUIDE
ULTIMATE RETAIL PAYMENTS FIELD GUIDE Everything Merchants Need to Know from Those in the Know YOUR ULTIMATE GUIDE Today’s payments landscape is the stuff of dreams for merchants. New markets are in your grasp. New payment methods offer unlimited potential. And new customers knock at your doors. But those dreams can quickly become a nightmare without the right strategies and solutions to bring them all together. In this guide, you’ll get expert insights into the hottest issues in retail payments. We’ll explore new frontiers in payments, examine investment trends and even help prevent chargebacks. And that payments jargon? Consider it covered. TABLE OF CONTENTS 1 INVESTMENT TRENDS IN RETAIL ...................................................................................................................4 2 CROSS-BORDER eCOMMERCE EXPANSION: AN ACI FRAUD PERSPECTIVE ..............................5 3 FIVE SIMPLE STEPS TO PREVENTING MORE CHARGEBACKS ..........................................................8 4 NEW FRONTIERS IN MERCHANT PAYMENTS............................................................................................10 5 DECIPHERING PAYMENTS JARGON: EIGHT KEY TERMS DEFINED .................................................12 2 3 RETAILERS ARE BATTLING RISING COSTS THROUGH INVESTMENT INVESTMENTS IN INNOVATION 48% of retailers have suffered from a rise in payment operating costs TRENDS IN over the last three years. To combat this, retailers are investing in their 1 payment platforms. 48% expect to increase their investment in payments over the RETAIL next 18-24 months 36% are investing in payment acceptance capabilities to support growth In 2018, ACI® and Ovum 16% want to improve the integration between payments and partnered to produce the 2018 other systems to drive efficiencies Global Payments Insight Survey KEY TAKEAWAY for Merchants. In it, global Strategic investments in payments will deliver more integrated and merchants shared their opinions cost-effective platforms that can enable growth. -
Brazilian Charge Cards
® THE MOST POPULAR CREDIT CARDS USED FOR PRODUCT PURCHASES IN BRAZIL Credit cards are a major payment method for online purchases in Brazil including the Brazilian brands Aura and Hipercard. However, credit cards issued in Brazil, even Visa's and MasterCard's, are often restricted to local purchases in Brazil. With Alternative Payments, you can reach this market by accepting these local payment methods. Hipercard is a credit card with its own brand. Controlled by Itau, Hipercard is popular in the North- east and South of Brazil, with 470 thousand accredited establishments and more than 13 million cards issued in 2010. It was initially created as a loyalty card for Bompreço grocery stores in Recife back in 1969. Its expansion started in Recife in 1991, when its name was changed to Hipercard and by 1993 it was fully operating as a credit card. This expansion turned Hipercard into the first store card to be accepted by other commercial establishments as a credit card. In 2004, it was acquired by Unibanco, which now belongs to Itau. Through its partnership with merchant acquirer Redecard it is accepted in more than six thousand commercial establishments. Hipercard started as a private label credit card company for the Bompreço chain of supermarkets and is now an independent credit card company and one of the most popular Brazilian online payment method. Cetelem (BNP Paribas) is one of larger Aura credit card issuers, who has entered into a partnership with MasterCard for Aura-MasterCard co-branded cards. Currently there are over 3 million co-branded Aura cards in Brazil. -
Know Your Customer Form
KNOW Y OUR C USTOMER F ORM To be used for business entities only PLEASE COMPLETE THE FORM IN ITS ENTIRETY IN BLOCK LETTERS ONLY . To comply with our obligations under the Proceeds of Crime Act, Chap. 11.27 (as amended), the Financial Obligations Regulations, 2010 (as amended) and the Foreign Account Tax Compliance Act (FATCA), we are mandated to request the information contained therein. SECTION 1 Identity Information Registered / Legal Name Company Type Limited Liability Partnership Credit Union Financial Institution State Enterprise Statutory Body Government Club / Association Non-Profit Org. Charitable Org. Non-Government Org. Industry Nature of Business SECTION 2 Purpose of Business Relationship Open/ Renew Fixed Deposit Open Demand Deposit Apply for Loan Facility Advisory Services Open Mutual Fund Foreign Currency Exchange Purchase Bond / T-Bill Syndication & Participation Wealth Management Services Other (Please specify) SECTION 3 Expected Source of Funds through Accounts Trade Business Service Fees Interest/ Dividends Rental Income Donations Loan Proceeds Capital Gains Subsidiaries Other (Please specify) SECTION 4 Address Information a. Head Office/ Main Business Address b. Correspondence/ Mailing Address Address Line 1 Address Line 2 City/ Town / Village Country SECTION 5 Connected Parties (if company is a subsidiary or affiliate in a Group of Companies) Parent Company Address Line 1 Address Line 2 City/ Town / Village Country Please list the Affiliated firms/ Subsidiaries if any SECTION 6 Contact -
Alternative Internet Payments Outside the Banking System
Journal of Economic Crime Management Fall 2002 Volume 1, Issue 2 The Risk of Alternative Internet Payments Susan Lynch, Director of Financial Solutions Searchspace Abstract Alternative Internet Payment systems have been created as an option for consumers to use instead of credit cards, debit cards and checks while conducting electronic commerce on the web. Developed to mimic paper cash systems, alternative payments are identified by a variety of names such as: electronic currencies, cyber payments, Internet dollars, digital currency, etc. The companies that offer the service promote the ability to transfer value (typically through e-mail), anonymously between people and /or businesses through private closed networks. Many of the providers are located outside the United States; those in the US have expanded to allow international transfers. Because the networks are private and do not utilize the traditional federally insured banking systems to move funds, they do not have to comply with government regulatory policies such as the Bank Secrecy Act. The ability to transfer value anonymously has attracted the attention of government regulators as well as law enforcement agencies. The concern is that the methodology is yet another avenue to move funds for a potentially criminal enterprise. This article will identify the risks and make recommendations to mitigate the exposure to unlawful activity. Introduction “Money in the 21st century will surely prove to be as different from the money of the current century as our money is from that of the previous century…Electronically initiated debits and credits will become the dominant payment mode, creating the potential for private money to compete with government –issued currencies.” – Jerry L. -
Financial Crimes Enforcement Network
Federal Register / Vol. 69, No. 163 / Tuesday, August 24, 2004 / Proposed Rules 51979 (3) Covered financial institution has to document its compliance with the include the agency name and the the same meaning as provided in notice requirement set forth in Regulatory Information Number (RIN) § 103.175(f)(2) and also includes: paragraph (b)(2)(i)(A) of this section. for this proposed rulemaking. All (i) A futures commission merchant or (ii) Nothing in this section shall comments received will be posted an introducing broker registered, or require a covered financial institution to without change to http:// required to register, with the report any information not otherwise www.fincen.gov, including any personal Commodity Futures Trading required to be reported by law or information provided. Comments may Commission under the Commodity regulation. be inspected at FinCEN between 10 a.m. Exchange Act (7 U.S.C. 1 et seq.); and Dated: August 18, 2004. and 4 p.m., in the FinCEN reading room (ii) An investment company (as in Washington, DC. Persons wishing to William J. Fox, defined in section 3 of the Investment inspect the comments submitted must Company Act of 1940 (15 U.S.C. 80a–5)) Director, Financial Crimes Enforcement request an appointment by telephoning Network. that is an open-end company (as defined (202) 354–6400 (not a toll-free number). [FR Doc. 04–19266 Filed 8–23–04; 8:45 am] in section 5 of the Investment Company FOR FURTHER INFORMATION CONTACT: Act (15 U.S.C. 80a–5)) and that is BILLING CODE 4810–02–P Office of Regulatory Programs, FinCEN, registered, or required to register, with at (202) 354–6400 or Office of Chief the Securities and Exchange DEPARTMENT OF THE TREASURY Counsel, FinCEN, at (703) 905–3590 Commission under section 8 of the (not toll-free numbers). -
The Pandemic Is Giving Banks the Opportunity to Create Goodwill With
September 2020 | americanbanker.com Never let a good crisis go to waste — the pandemic is giving banks the opportunity to create goodwill with consumers and our annual survey of bank reputations offers some insight on how to keep the positive momentum going REPUTATION REBOUND ABM0920_Cover_Final.indd 1 8/11/20 2:11 PM Maximize the Value of Your Seniors Housing Loans Welltower (NYSE: WELL), an S&P 500 company, is the largest owner of seniors housing and medical-related real estate assets in the world. Our platform of best-in-class operators, key health care industry relationships, unparalleled data analytics capabilities and access to capital allows us to work alongside and in partnership with you to maximize the value of your seniors housing industry loans (CRE as well as construction loans). We o er solutions to buy your existing loans or to bring in operating partners to turn around existing situations. Please contact us today to explore ways we can partner WELL with you. CONTACT US TODAY Tim McHugh, EVP and CFO Nikhil Chaudhri, VP, Investments [email protected] [email protected] (646) 677-8743 (646) 677-8772 0C2_ABM0920 2 8/12/2020 2:30:18 PM Contents September 2020 | VOL. 130 | NO. 9 REPUTATION SURVEY 14 14 On the rebound Buoyed by its efforts to help consumers and businesses weather the pandemic, the banking industry saw its reputation improve for the first time in several years. Our annual survey offers some insight on how to keep the goodwill flowing. 20 Talking points The coronavirus crisis shows how much crisis communications matter. -
The Evolution of Electronic Bill Payment in Canada November 21, 2011 the Evolution of Electronic Bill Payment in Canada by W
The Evolution of Electronic Bill Payment in Canada November 21, 2011 The Evolution of Electronic Bill Payment in Canada By W. H. (Bill) Loewen, C.M., F.C.A., Chairman, Telpay Incorporated Since 1985 an estimated two billion bill payments have been generated electronically, first by telephone and then by personal computers. Nearly all of those payments were generated by individuals paying monthly bills such as utilities and credit cards. The resulting savings have been enormous. One consultant estimated that the bank cost of processing an electronic payment was one ninth the cost of a paper payment. That would put nearly $200,000,000 in the pockets of the banks and credit unions. The utilities and credit card companies probably saved in the order of $1.00 per payment over processing cheque payments via the mail. That could be $2 billion in savings to them. Then the bill payers saved over 50¢ per payment for postage alone for another billion dollars savings. At 2010 volumes of over 400,000,000 electronic payments, the annual savings to all parties, consumers, utilities and financial institutions, would likely come to somewhere near $600,000,000. And volumes continue to increase annually. How did this come about? The Canadian Payments Association (CPA) would have us believe they had a big hand in it. Their submission to the Task Force for Payment System Review says “The CPA was instrumental in driving the transition from cheques and paper in the 80s to electronic payments in the 90s”. That is simply not true. It was Telpay that started electronic bill payment 1985 and had to dodge sticks from the CPA and certain banks to stay in business. -
Banner Bank Small Business Bill Pay Agreement
SMALL BUSINESS BILL PAYMENT AGREEMENT – TERMS AND CONDITIONS OF THE BILL PAYMENT SERVICE This Small Business Bill Payment Agreement (“Agreement”) sets forth the terms and conditions of the bill payment service offered by Banner Bank (the “Service”). This Agreement supplements the terms and conditions of the Account Agreement as defined below. SERVICE DEFINITIONS “Account Agreement” means the signature cards and accompanying documents that comprise the depository account agreement and related depository services, including, the Terms and Conditions of Your Account, Online and Mobile Banking User Agreement, and as applicable, treasury management or other agreements. "Agreement" means these terms and conditions of the bill payment service. “Bank,” “we” or “us” means Banner Bank. "Business Day" is every Monday through Friday, excluding Federal Reserve holidays. "Customer Service" means the Customer Service department of Banner Bank. Please see the CONTACT AND SUPPORT section below for Customer Service contact information. "Due Date" is the date reflected on your Payee statement for which the payment is due; it is not the late date or grace period. "Pay From Account" is the checking account from which bill payments will be debited. "Payee" is the person or entity to which you wish a bill payment to be directed or is the person or entity from which you receive electronic bills, as the case may be. "Payment Date" is the day you want your Payee to receive your bill payment. This day can only be a Business Day and is only an estimate. Delivery may take more or less time when we are required to mail a check to your Payee.