OFAC (Office of Foreign Assets Control) is a part of the U.S. Department of the Treasury that enforces sanctions against entities and individuals engaged in activities that threaten the nation’s security, economy, or foreign policy.
Omni-channel banking involves providing customers and members with consistent, reliable experiences across self-service and full-service channels. Financial institutions that successfully deliver omni-channel experiences make it easy for account holders to switch between channels without losing track of their banking journeys.
With paycheck scams, the fraudster reaches out to the victim and offers a work from home job, to be a secret shopper, use their vehicle for advertisement (Car Wrapping) or to test out a money transfer service. A check is then mailed to the victim with instructions.
Peer-to-peer (P2P) payments involve transferring funds electronically between individuals (peers) via digital platforms or mobile apps.
A person-centric approach to enterprise content management enables financial institutions to create a banking environment that treats account holders as unique individuals.
Professional bank couriers are used to move documents—and sometimes cash—between a bank’s locations, often from a branch to its main facility.
The Rate Spread Calculator is an online tool provided by the Federal Financial Institutions Examination Council (FFIEC) that helps bankers compare a loan’s APR to the national average, based on the set of terms offered in a HMDA-reportable loan.
Real-Time Payments (RTP) is a U.S.-based instant payment infrastructure operated by The Clearing House, designed to enable the immediate transfer of funds between participating financial institutions.
Related entities refer to relationships between a bank’s customers and accounts.
A financial institution might “resolve” an exception once the item in question has come into conformity with certain predefined requirements.
A retail lockbox is designed for businesses that deal with high volumes of consumer payments, such as utilities, credit card companies, and subscription-based services.
In banking, self-service capabilities enable customers or members to complete transactions that previously required visiting a branch or calling the institution’s servicing center. Wide-spread adoption of digital and mobile banking solutions have helped banks and credit unions empower account holders with additional self-service capabilities.