Information Lifecycle Management (ILM) for financial institutions is a strategic approach to managing data that encompasses the entire lifecycle of information, from its creation to its eventual disposition.
Instant Payments are electronic transactions that are initiated, cleared, and settled within seconds—available 24/7/365. Two key infrastructures in the US include real-time payments (RTP) operated by The Clearing House, and FedNow, with the Federal Reserve.
Intercepted Checks refer to checks, particularly tax refund checks, that are stolen from mailboxes, mail carriers, or during transit before they reach the intended recipient.
ISO 20022 messaging is an international standard for financial communication that provides a common language and structure for exchanging data between financial institutions. It is designed to improve interoperability, efficiency, and transparency in global payments and other financial transactions.
KYC is the set of regulatory, operational, and governance processes banks and credit unions use to establish, verify, and maintain a clear understanding of who their account holders are, how they use financial products, and the level of risk they present over time.
The LAR (Loan/Application Register) Formatting Tool is designed to assist banks in formatting loan application data in the appropriate manner to support ongoing compliance with Home Mortgage Disclosure Act (HMDA) requirements.
Legal Amount Recognition (LAR) refers to the process by which financial institutions, such as banks and credit unions, validate and process the legally recognized amount on a check.
A letter of credit is a bank-issued document guaranteeing a business’s payment for goods or services to a third party up to a specified dollar amount.
In banking, the life of the loan encompasses the time period from a loan’s application through its payoff.
Loan administration is a broad topic in banking that involves determining loan eligibility, tracking loan documentation, and generating reports.
In banking, a loan approval process workflow includes those steps undertaken by a financial institution to approve a loan. Specific steps vary depending on the financial institution’s loan policy and type of lending activity, but credit analysis and underwriting are examples.
A loan assistant supports a lender on the front-end of the loan process. This allows the lender to be more productive in his or her own position.