In the financial services industry, strong risk-management controls are non-negotiable. When it comes to following your internal rules, policies and procedures, your bank is only as strong as its weakest link. It remains true that while the potential for human error might be slight, it can’t be eliminated altogether.
Seeing the importance of reducing risk, many banks are fortifying their ACH risk management efforts with automated tools. The best automated solutions will not only reduce the potential for inconsistency and human error but also help ensure regulatory compliance.
The automated ACH risk management solution available through BIDS is comprehensive. It features:
✓ Real-time notification of limit exceptions.
✓ Detailed information about transactions.
✓ Integration with your current transaction and reporting platform.
✓ Ability to set a daily limit for the dollar value transactions of a single customer.
✓ Ability to limit origination by specific Standard Entry Class (SEC).
✓ Monitoring of daily ACH return activity.
✓ Monitoring of multiple originators.
✓ Ability to set and monitor credit and debit caps at company level.
✓ Access to ACH monitoring information for people you authorize.
What’s more, the BIDS ACH risk management solution is priced lower than that of the most prevalent competitor—and it’s backed by personalized customer support from BBW. For more information about BIDS’ ACH risk management solution, contact your cash management officer or email firstname.lastname@example.org.
In September, an online resource center was set up by the EMV Migration Forum for the education of all parties involved or interested in the move to EMV chip technology in the United States.
Created by the EMV Migration Forum’s Communication and Education Working Committee, the Knowledge Center provides an “interactive view” tool that makes a wide variety of material easy to locate and sort by topic category, type of stakeholder, title, and author. Subject matter includes best practices, security, testing, compliance, end user considerations, and more.
The EMV Migration Forum emphasizes that the Knowledge Center was created for the convenience of the general public and EMV stakeholders seeking resources on EMV chip migration. The availability of information through the center does not indicate the endorsement of the material or the providers of the material by the EMV Migration Form or its member entities.
Wal-Mart’s addition of checking account services surely isn’t devastating news to community banks whose customers value mutual loyalty, great customer service and thriving local economies.
So no, the sky is not falling.
However, the news should motivate banks to double-check for potential gaps in their product lines. Does your current mix of accounts and products meet the ever-evolving needs of your customers? Are there opportunities for improvement? Must your customers purchase some of the financial products they want from a non-bank competitor (Wal-Mart, for instance)?
An honest self-evaluation will help you identify any weaknesses in your product line. The importance of making your offerings bullet-proof is this: With more competition in the marketplace, we all need to put our best foot forward.
If your bank doesn’t already have a prepaid card program, don’t forget—Wal-Mart does. You should also know that a 2014 Federal Reserve Bank study documented a four percent increase in the use of general-purpose reloadable (GPR) cards over a single-year period (August 2012 to August 2013) among all consumers in the study.
Here’s another point to consider if your bank is concerned about retaining younger customers: The FRB study reported the most significant increase in ownership of GPR cards during that period occurred in the 18-48 age group.
BANKERS’ BANK OF THE WEST CAN HELP
BBW’s Bank Card Division can provide your community bank with prepaid card programs that are straightforward and easy to implement. You can choose to offer any or all of these cards to your customers:
- Gift cards
- Reloadable cards
- Travel cards
- Youth cards
Let our bank card specialists customize a prepaid card program for your bank. Call 800-601-8630, or email email@example.com.
Bankers’ Bank of the West is a registered agent for the FedPaymentsTM Reporter Service (formerly known as FedEDI Plus). The service eases your bank’s compliance and operations efforts by automatically generating reports for return item, notification of change, death notifications, SEC codes, and routing transit activity. You can also set up encrypted email messages to be sent to business customers (e.g. health care providers) to help match ACH payments to invoices, payroll records, or healthcare claims.
For more information on the capabilities of this service, contact any of the BBW operations specialists at 303-291-3700 (toll-free 800-873-4722) or email firstname.lastname@example.org.