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In this episode of "Wrestling Payments," host Joe Casali welcomes back Nanci McKenzie for a follow-up discussion on third-party relationships within the financial industry. Nanci, an independent consultant with extensive credentials in banking and risk management, shares insights from her session at PMC 2024. She emphasizes the evolving nature of third-party relationships, particularly the regulatory changes and guidance updates from agencies like the OCC, FDIC, and the Federal Reserve Board of Governors.

Nanci and Joe dive into the specifics of interagency guidance approved in 2023, which now includes fintechs and offers consolidated advice for banking organizations. They discuss the critical aspects of these regulations, such as consumer data protection, compliance requirements, and the implications of third-party relationships on risk management. Nanci highlights the importance of identifying and managing risks associated with third-party vendors, stressing the need for comprehensive information security programs and regular audits.

Towards the end of the episode, the conversation shifts to data privacy and the potential complications arising from the CFPB's new rule under the Gramm-Leach-Bliley Act. Nanci points out that financial institutions must ensure their third parties comply with these regulations to safeguard against data breaches and financial crimes. Joe and Nanci conclude by acknowledging the increasing complexity of compliance and the ongoing need for vigilance in managing third-party risks.

To hear this episode and many more like it, listen here or subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts.

For show notes, transcripts, and other resources visit www.wrestlingpayments.com.

Host: Joe Casali, EVP, NEACH

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In this episode of Wrestling Payments, Joe Casali and Kevin Olsen continue their discussion from the International Payments Alliance meeting by Nacha, diving into various topics surrounding payment systems and regulations.

They start by addressing the move in Germany to eliminate checks and explore how the reduction of paper transactions could simplify banking systems. Kevin points out that while checks have been a long-standing payment method, most use cases for checks can be replaced by instant or recurring payments, except for scenarios where checks are deliberately not meant to be deposited.

The conversation then shifts to comparing the regulatory frameworks and roles of service providers in the US and Europe. Kevin highlights that in Europe, service providers often have more direct regulatory oversight and higher requirements compared to the US. He discusses the implications of such differences on the efficiency and responsibilities of these providers.

Finally, they dive into the concept of Central Bank Digital Currencies (CBDCs) and the digital euro, reflecting on the controversies and discussions around privacy, technology adoption, and regulatory challenges. They note the contrasting approaches and advancements in digital payment systems between the US and other countries, emphasizing the potential and complexities of moving towards a more digital financial ecosystem.

To hear this episode and many more like it, listen here or subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts.

For show notes, transcripts, and other resources visit www.wrestlingpayments.com.

Host: Joe Casali, EVP, NEACH

#wrestlingpayments #wrestlingpaymentspodcast #paymentspodcast

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In this episode of "Wrestling Payments," host Joe Casali sits down with Kevin Olsen, also known as the "Payments Professor." The discussion kicks off with Kevin's signature introduction and his enthusiasm for making payments engaging. They delve into their experiences at the Nacha Payments Alliance international meeting in Berlin, where both were deeply impressed by the city's historical significance and the intense professionalism of its business community. Kevin shares his personal experiences of exploring Berlin with his son, highlighting the city's rich history and its mix of architectural styles.

The conversation shifts to the core of the episode: the insights and learnings from the Nacha Payments Alliance meeting. Joe and Kevin reflect on the valuable networking opportunities the event provided, allowing them to connect with key decision-makers in the global payments industry. They discuss the significance of the meetings, particularly the discussions on fraud prevention, and the innovative approaches being taken to tackle fraud globally. Kevin emphasizes the importance of the Payments Innovation Alliance meetings and how they bring together leaders from various countries to share their approaches and solutions to common problems in the payments landscape.

Finally, Joe and Kevin explore specific topics discussed during the meeting, such as the implementation of the Legal Entity Identifier (LEI) and the concept of verification of payee. They express their admiration for the collaborative efforts seen in Europe to enhance payment security and efficiency and ponder the potential challenges and benefits of adopting similar measures in the United States. The episode wraps up with reflections on the importance of such international collaborations and the shared goals of improving the payments industry worldwide.

To hear this episode and many more like it, listen here or subscribe to Wrestling Payments on Apple Podcasts, Google Podcasts, Spotify, or anywhere else you listen to podcasts.

For show notes, transcripts, and other resources visit www.wrestlingpayments.com.

Host: Joe Casali, EVP, NEACH

#wrestlingpayments #wrestlingpaymentspodcast #paymentspodcast