ACH User's Guide
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Neobank Varo on Serving Customers' Needs As P2P Payments See A
AUGUST 2021 Neobank Varo on serving customers’ needs as P2P payments see Nigerian consumers traded $38 million worth of bitcoin on P2P platforms within the past month a rapid rise in usage — Page 12 (News and Trends) — Page 8 (Feature Story) How P2P payments are growing more popular for a range of use cases, and why interoperability will be needed to keep growth robust — Page 16 (Deep Dive) © 2021 PYMNTS.com All Rights Reserved 1 DisbursementsTracker® Table Of Contents WHATʼS INSIDE A look at recent disbursements developments, including why P2P payments are becoming more valuable 03 to consumers and businesses alike and how these solutions are poised to grow even more popular in the years ahead FEATURE STORY An interview with with Wesley Wright, chief commercial and product officer at neobank Varo, on the rapid 08 rise of P2P payments adoption among consumers of all ages and how leveraging internal P2P platforms and partnerships with third-party providers can help FIs cater to customer demand NEWS AND TRENDS The latest headlines from the disbursements space, including recent survey results showing that almost 12 80 percent of U.S. consumers used P2P payments last year and how the U.K. government can take a page from the U.S. in using instant payments to help SMBs stay afloat DEEP DIVE An in-depth look at how P2P payments are meeting the needs of a growing number of consumers, how 16 this shift has prompted consumers to expand how they leverage them and why network interoperability is key to helping the space grow in the future PROVIDER DIRECTORY 21 A look at top disbursement companies ABOUT 116 Information on PYMNTS.com and Ingo Money ACKNOWLEDGMENT The Disbursements Tracker® was produced in collaboration with Ingo Money, and PYMNTS is grateful for the companyʼs support and insight. -
SWEDEN Executive Summary
Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT SWEDEN Executive Summary Banking The Swedish central bank is the Sveriges Riksbank. Bank and other credit institution supervision is performed by the Swedish Financial Supervisory Authority (Finansinspektionen — FI). The Riksbank has commissioned Statistics Sweden (SCB) to compile balance of payment statistics on its behalf since September 1, 2007. The SCB uses a survey-based system to collate balance of payments statistics. The SCB selects companies to complete forms to record their cross- border transactions. Cross-border current account transactions are recorded by the use of sample surveys. Financial account items are recorded by the use of both cut-off and sample surveys measuring, for example, direct investment level. Resident entities are permitted to hold fully convertible foreign currency bank accounts domestically and outside Sweden. Residents are also permitted to hold fully-convertible domestic currency (SEK) bank accounts outside Sweden. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Sweden. Sweden has 89 registered banks. Of these, there are 40 limited liability banks, 47 savings banks and two co-operative banks. There is a significant foreign banking presence in Sweden – 38 foreign banks have a branch and 12 foreign banks have a representative office in Sweden. In addition, 538 foreign banks are authorized to offer cross-border banking services. Payments Sweden’s three main payment clearing systems are RIX, Bankgiro and Data Clearing. The most important cashless payment instruments in Sweden in terms of value are electronic credit transfers. In terms of volume, the use of cards, especially debit cards, has increased rapidly over recent years. -
SEPA Direct Debit Core Creditor
SEPA Direct Debit Core Creditor The SEPA Direct Debit (SDD) is the Pan European Direct Debit Contact HSBC scheme that has replaced domestic Euro Direct Debits (DD) HSBC understands the opportunities and challenges that your throughout the SEPA zone. It enables individuals and businesses business is facing with the advance of SEPA. This factsheet to pay or collect Euro DDs across the Single Euro Payments Area has been prepared for general guidance to business customers (SEPA), potentially from one bank account. It is based on an on our SEPA proposition. As ever, we would be very happy to agreement between the company collecting funds (Creditor) and answer any questions you may have or discuss any aspect in the consumer paying the direct debit (Debtor). This agreement greater depth. (SEPA mandate) is a standardised document and valid direct debit mandates obtained by the Creditor before migration to the Please contact your HSBC Representative or visit our website: SDD Core scheme will remain in force for SDD Core collections. www.hsbcnet.com/sepa for more information. About SEPA SEPA represents a major step towards a true single European 36 SEPA countries: market. An initiative of the European Commission (EC), SEPA Eurozone members of EU has replaced all domestic (legacy) Euro schemes throughout Austria Belgium Cyprus Europe. For businesses, SEPA creates a borderless system Estonia Finland France of payments that adds clarity, consistency and efficiency as transactions are subject to a uniform set of standards, rules Germany Greece Ireland and conditions and can circulate as easily, quickly, securely and efficiently as in national markets. -
(12) United States Patent (10) Patent No.: US 8,417,636 B2 Love Et Al
USOO841.7636B2 (12) United States Patent (10) Patent No.: US 8,417,636 B2 LOVe et al. (45) Date of Patent: Apr. 9, 2013 (54) APPROVING ACHOPERATOR PROCESSING USPC ............................................................ 705/43 OF ACH PAYMENTS BASED ON AN (58) Field of Classification Search ..................... 705/43 ORIGINATING DEPOSITORY FINANCIAL See application file for complete search history. INSTITUTIONS APPROVED ORIGINATOR LIST (56) References Cited (75) Inventors: Robert Anthony Love, Stockbridge, GA U.S. PATENT DOCUMENTS (US); Lantanya Neale Mauriello, 4,270,042 A 5/1981 Case Suwanee, GA (US); Nesta Valerie 4,727,243 A 2/1988 Savar Reckord-Yarde, Lithonia, GA (US); 4,823,264 A 4/1989 Deming Susan Lynne Robertson, Decatur, GA (Continued) (US); Robert Williams, Decatur, GA (US); Donald E. Nelson, Marietta, GA FOREIGN PATENT DOCUMENTS (US) WO WOOO3OO53 5, 2000 OTHER PUBLICATIONS (73) Assignee: Federal Reserve Bank of Atlanta, Atlanta, GA (US) “Development of interface between FED and Eurogiro', Jan. 14. 2003.* (*) Notice: Subject to any disclaimer, the term of this (Continued) patent is extended or adjusted under 35 U.S.C. 154(b) by 499 days. Primary Examiner — Garcia Ade (21) Appl. No.: 11/416,946 (74)74). Attorney,Att , Agent, or Firm — King & SpaldingSpaldi (57) ABSTRACT (22) Filed: May 3, 2006 Approving automated clearing house (ACH) payments for (65) Prior Publication Data processing by an ACH operator is based on an approved originator list identifying originators authorized by an origi US 2006/02O6427 A1 Sep. 14, 2006 nating depository financial institution (“ODFI) to originate ACH payments and to send those ACH payments to the ACH Related U.S. -
Automated Clearing House (ACH) Key Facts & Responsibilities for ACH Originators
Automated Clearing House (ACH) Key Facts & Responsibilities for ACH Originators Originator Guide July 2020 1 Contents Summary ............................................................................................................................................................... 3 ACH Legal Framework .......................................................................................................................................... 3 Your Responsibilities as an ACH Originator.......................................................................................................... 3 Industry Best Practices ......................................................................................................................................... 4 File Delivery Deadlines & Cutoff Times ................................................................................................................ 4 Direct Deposit Payroll Authorizations (Consumer) .............................................................................................. 4 Debit Authorizations (Consumer) ........................................................................................................................ 4 Corporate Authorizations ..................................................................................................................................... 5 Changing Date or Amount of Debits .................................................................................................................... 5 Pre-Notifications ................................................................................................................................................. -
ITALY Executive Summary
Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT ITALY Executive Summary Banking The Italian central bank is the Banca d’Italia. As Italy is a participant in the eurozone, some central bank functions are shared with the other members of the European System of Central Banks (ESCB). Bank supervision is performed by the Banca d’Italia. Italy applies central bank reporting requirements. A representative sample of around 7,000 companies are required to submit periodic reports directly to the Banca d’Italia. These resident companies must report all transactions with non-residents. Resident entities are permitted to hold fully convertible foreign currency bank accounts domestically and outside Italy. Residents are also permitted to hold fully convertible domestic currency (EUR) bank accounts outside Italy. Non-resident entities are permitted to hold fully convertible domestic and foreign currency bank accounts within Italy. Italy has a large number of credit institutions (641), most of which are small, Italian-owned banks, such as the 359 mutual savings and 31 cooperative banks. There is a significant foreign banking presence in Italy, with 84 branches of foreign banks and 23 subsidiaries of foreign banks. Payments The two main payment systems used in Italy are the pan-European TARGET2 RTGS system and a multilateral net settlement system, BI-COMP. The most important cashless payment instruments in Italy are payment cards in terms of volume and credit transfers in terms of value. Card payments have increased steadily, especially in the retail sector. The increased use of electronic and internet banking has led to a growth in the use of electronic payments. -
TERMS & CONDITIONS for PERSONAL CUSTOMERS
TERMS & CONDITIONS for PERSONAL CUSTOMERS APPLICABLE FROM JUNE 2017 This pamphlet contains the general terms and conditions that apply to our personal bank accounts and some related services for personal customers. Please read this pamphlet carefully and keep a copy for future reference. 1 Introduction 1.1 The terms and conditions set out in this pamphlet are the general terms and conditions for our bank accounts and related services for personal customers. They apply, unless otherwise specified, to all Personal bank account relationships. 1.2 Your agreement with us for personal bank accounts and related banking services is made up of the general terms and conditions set out below, your Personal Account application form and any “additional terms and conditions” (together, “the Terms”) we give you for any specific accounts and services. 1.3 Additional terms and conditions are the specific terms and conditions that apply to a particular service, for example, our interest rates and charges, notice periods on savings accounts and any minimum or maximum balances that may apply. 1.4 If there is any conflict between these general terms and conditions and any additional terms and conditions, then the additional terms and conditions will prevail. 1.5 This agreement only covers banking services that we provide for your personal use. We have different agreements for banking services that are provided for business use. 1.6 Some useful definitions: “we, us, our” means Turkish Bank (UK) Limited. “you, your” means the account holder or if the account is in joint names, all account holders. “account” means the account(s) in your name operated by us and may include additional services we may provide to you from time to time. -
Electronic Funds Transfer (NACHA) Rules.Pdf
Brigham Young University Office of Compliance and Audit Research Memo NACHA Operating Rules Law/Act: NACHA Operating Rules Public Law Citation: None U.S. Code Citation: None Code of Federal Regulations Citation: None Responsible Regulator: NACHA – The Electronic Payments Association BYU Responsible Officer Richard White, University Treasurer Version 2.0 Effective Date: December 14, 2010 BACKGROUND NACHA – The Electronic Payments Association (NACHA) is a non-profit private-sector trade association that oversees the Automated Clearing House (ACH) Network, which is one of the largest electronic payment transfer networks in the world.1 Formed in 1974 by various state and regional payment associations, NACHA’s purpose was “to establish uniform operating rules for the exchange of ACH payments among ACH associations.”2 Based on NACHA’s work, by 1978 it was possible for two participating financial institutions located in the United States to electronically exchange ACH payments under a common set of rules, known today as the NACHA Operating Rules.3 The ACH Network is a “batch processing, store-and-forward system” that allows for the interbank clearing of electronic payments.4 Electronic transfers in the network are stored then forwarded in batches to their destination banks at a predetermined time.5 ACH payments may include: Direct deposit of payroll, Social Security, and other government benefits; Direct deposit of tax refunds; Direct payment of consumer bills, such as mortgages, loans, utilities, and insurance premiums; Business-to-business -
ACH Network Rules Pandemic-Related Frequently Asked Questions Updated October 27, 2020
ACH Network Rules Pandemic-Related Frequently Asked Questions Updated October 27, 2020 Nacha has developed the following FAQs based on information it has provided, information it has learned, and inquiries posed to Nacha by industry participants. Newly added or revised FAQs are shown at the beginning of each section by date, followed by those previously published. RDFIs Revised October 27, 2020 1. How can an RDFI comply with the rule to obtain the consumer Receiver’s signature on the Written Statement of Unauthorized Debit? In ACH Operations Bulletin #5-2020, Nacha provides relief to RDFIs on the WSUD signature requirement by not enforcing the signature or similar authentication requirement. ACH Operations Bulletin #7-2020 extends this relief indefinitely. Nacha will publish a 30-day advance notice prior to the expiration of this relief. RDFIs that have the ability for consumers to similarly authenticate signatures by remote channels such as online and by telephone should continue to do so 2. If an RDFI has received a request for a copy of a Written Statement of Unauthorized Debit and cannot provide the copy to the ODFI within in ten Banking Days due to the pandemic, will the RDFI be subject to a rules violation? In ACH Operations Bulletin #3-2020, Nacha provides relief to RDFIs from the 10 Banking Day deadline for providing copies of WSUDs to ODFIs. ACH Operations Bulletin #7-2020 extends this relief indefinitely. Nacha will not enforce cases in which a WSUD is provided after the existing 10 Banking Day time frame, but is provided within 20 Banking Days. -
Entitlement Descriptions Mapping and Options Guide
J.P. Morgan Access® Entitlement Descriptions Mapping and Options Guide TM • Administration • J.P. Morgan Concourse • Cash Reports • J.P. Morgan Host-to-Host File Settings and Visibility • Checks • J.P. Morgan Host-to-Host Reporting • Commercial Loans • Merchant Services Reports • Counterparty Portal • Payments TM • Data Once • Statements • Digital Payments • Virtual Account Management (VAM) Portal • Electronic Specialty Account Portal • Virtual Branch • FX • More Services • Global ACH • Utilities • Host-to-Host Online • Security Token ® • J.P. Morgan Access Liquidity Solutions • J.P. Morgan Defined Roles for Express Setup J.P. Morgan Access® Last modified: July 21, 2020 This guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. All services described in this guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representation as to the legal, regulatory or tax implications of the matters referred to in this guide. J.P. Morgan is a marketing name for the Wholesale Payments businesses of JPMorgan Chase Bank, N.A. and its affiliates worldwide. JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. ©2020 JPMorgan Chase & Co. All rights reserved. 2 J.P. Morgan Access® -
Fighting Ach Fraud: an Industry Perspective
FIGHTING ACH FRAUD: AN INDUSTRY PERSPECTIVE Volume 2 TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................................................................................................... 3 THE ACH FRAUD PROCESS ............................................................................................................................................. 3 FINDING THE NEEDLE IN THE HAYSTACK................................................................................................................. 5 LEGAL LANDSCAPE ............................................................................................................................................................ 5 THE CUSTOMER’S ROLE AND RESPONSIBILITIES ................................................................................................. 6 2 Fighting ACH Fraud: An Industry Perspective EXECUTIVE SUMMARY A recent press release from the National Automated Clearing House Association (NACHA) announced that in 2012, ACH volume in the United States increased by 4.19% to 21 billion transactions. That corresponded to a staggering $36.9 trillion in funds transferred, which represents an 8.76% increase over the amount transferred in 2011. The increased adoption of ACH as a form of payment is not limited to the United States. Bacs, the United Kingdom‘s equivalent to NACHA1, reported an increase in direct debit activity (ACH debit) from 2011 to 2012 of 3.23%. Across Europe, the blue book also reports growth in both credit and -
Electronic Funds Transfer Agreement
141180_Muskegon_FCU_EFT_ Agreement_F1.qxp_.qxd 4/26/18 3:48 PM Page 1 11. Confidentiality: In general, you agree that we may disclose information 14. Regulatory Agency: If you believe that we may have violated the 22. Member Liability: You are responsible for all transactions to third parties about your account or the transfers that you make: Michigan Electronic Funds Transfer Act (Michigan Public Act No. 322 you authorize using your electronic funds transfer services under of 1978), you may contact: this Agreement. If you permit someone else to use an electronic A. Where it is necessary for completing transfers, or funds transfer service, your Card or PIN, you are responsible for B. In order to verify the existence and condition of your account for a National Credit Union Administration, Region 1 – Albany any transactions they authorize or conduct on any of your accounts. Electronic third party, such as a credit bureau or merchant, or 9 Washington Square, Washington Avenue Extension If you believe that an electronic funds transfer has been made Albany, NY 12205 C. In order to comply with government agency or court orders, or without your permission, telephoning is the best way of keeping State of Michigan D. If you otherwise give us your written permission. your possible losses down. Department of Insurance and Financial Services You are not liable for an unauthorized MasterCard debit card Funds In addition, if you have a MasterCard debit card, you agree that we may P.O. Box 30224 provide your personal data, to the extent allowed by law, to MasterCard, transaction that was not conducted at an ATM if you can Lansing, MI 48909 demonstrate that you exercised reasonable care in protecting your its Members, or their respective contractors for the purpose of providing 15.