Serio Payments Consulting is proud to announce the addition of a trusted mentor, Darrold Wagner.8/3/2023 Dear colleagues and clients,
We are thrilled to announce a significant addition to our team at Serio Payments Consulting. Please join us in congratulating Darrold Wagner, CAMS our newest trusted mentor, compliance officer, and friend. Darrold brings a wealth of experience and expertise in compliance and anti-money laundering (AML)/Bank Secrecy Act (BSA) matters. Having previously served as a Title 31 Compliance Officer with the US Treasury and worked with renowned institutions such as Schwab, Casinos, Money Service businesses, Credit Unions, and PayForward, Darrold's extensive knowledge in the field is truly commendable. One of Darrold's standout achievements was his role as the AML/BSA Officer for PayForward, where he single-handedly designed their compliance policies from scratch, creating robust and effective frameworks. Additionally, his recent consulting position with the Federal Reserve Bank demonstrates his commitment to staying updated with the latest regulatory requirements and industry best practices. With Darrold Wagner CAMS now part of the Serio Payments Consulting team, we are confident that his guidance, mentorship, and expertise will help us navigate the complex world of financial regulations, foster a strong compliance culture, and proactively mitigate the risk of financial crimes. Please join us in extending a warm welcome to Darrold as we embark on this exciting journey together. We look forward to the positive impact he will undoubtedly make in enhancing our services and supporting our valued clients. Wishing you all the best, Anthony Serio Founder & CEO Serio Payments Consulting
0 Comments
Journey of Reflection and Connection: From Doubts to Gratitude, Local Gems, and Business Synergies7/18/2023  In search of clarity and to overcome any lingering doubts, I made the decision to embark on a long weekend getaway. This respite allowed me to dispel imposter syndrome and reconnect with friends who have become like family. Moreover, I embraced the opportunity to engage in conversations and forge new connections within the payment industry. Words cannot adequately convey the immense gratitude I feel for my Brandeis University family. Transitioning from the Navy, I found myself at Brandeis, where I discovered a tribe that, even after three decades, remains unyieldingly strong, supportive, loving, and fun. The passage of time holds no sway over the enduring bonds we share. Returning to campus serves as a poignant reminder of the exceptional professors who shaped my journey, the opportunities that were bestowed upon me, and the inspiration derived from the brilliance of my fellow classmates and family. Jon, Pete, Howie, Tony, Monica, Ruth—thank you for taking the time to reunite, share meals, share laughter, exchange stories, and reminisce. To all those whom I regrettably missed, please know that I hold each one of you dear and am forever grateful for your presence in my life. As I ventured onward to Maine, I had the pleasure of catching up with Briana, a fellow Brandeis alum, and her husband Jon. Together, they own and operate Time & Tide Coffee in Biddeford, Maine (https://www.timeandtidecoffee.com/). I urge you to pay them a visit and celebrate a local business that not only possesses an artful mastery of roasting and brewing, but also excels at fostering personal connections with customers. Once again, I was reminded of the incomparable experience that comes with supporting local enterprises—a testament to the power of community.   I must extend special recognition to The High Roller Lobster Company (https://highrollerlobster.com/). With a phenomenal staff, delectable fare, a menu that tantalizes the taste buds, great music resonating through the air, and an irresistible array of merchandise, this establishment is a must-visit.  And let us not forget Blaze Brewing Company (http://www.blazebrewing.com/), a hidden gem brimming with charm. As evidenced in the photo, Penelope, the resident house cat, graced me with her presence, perching atop my shoulder for affectionate caresses. Don't miss out on their pickle board and pizzas—an absolute delight! With an excellent selection of beers, seltzers, ciders, and four-packs to-go, as well as a wide range of Boylan Sodas for those who appreciate a non-alcoholic alternative, this brewery caters to all tastes.  Shifting gears to matters of business and entrepreneurial pursuits, I had the privilege of connecting with remarkable individuals such as Sallie Dwyer from https://ach.icheckgateway.com/ (iCG) Instantly recognizing the natural synergy between Serio Payments Consulting and iCG, I am convinced that our collaboration will make a positive impact in the payments landscape. Stay tuned for exciting developments as we uplift one another, safeguard your brand, and deliver top-notch services.
Fortune smiled upon me once more as I encountered another aficionado of all things FX: Paul Harrison from https://www.piifx.com/ (PIIFX), a preferred vendor of Serio Payments Consulting. Should you have inquiries concerning foreign exchange and cross-border payments, and if you seek a scalable solution to enhance your business, reach out to us, and we will gladly guide you through a demonstration. For me, building a business parallels the process of selecting my tribe—seeking opportunities, embracing openness, kindness, and honesty in all encounters, and relishing the chance to refine my pitch and articulate the value I bring. I find profound satisfaction in my current position, as a proud payments nerd, eagerly anticipating the boundless possibilities tomorrow holds. There are two areas of operational governance that will help drive decisions today, in the future and are required to drive success in our ever changing regulatory landscape.
Data-driven decision-making: Operational governance is becoming more reliant on data-driven decision-making processes. Organizations are collecting and analyzing vast amounts of data to gain insights into operational performance, identify risks and opportunities, and make informed decisions to enhance efficiency and effectiveness. Risk management and compliance: In an ever-changing regulatory landscape, operational governance is placing greater emphasis on risk management and compliance. Organizations are implementing robust frameworks to identify, assess, and mitigate risks while ensuring compliance with relevant laws, regulations, and industry standards. Here are ways we can help deliver and develop an evergreen mindset to help you de-risk your business. 1. Governance Framework: Serio can help establish a governance framework tailored to the specific needs of the startup. This framework outlines the roles, responsibilities, and decision-making processes within the organization, ensuring clarity and accountability. 2. Policies and Procedures: They can assist in developing and documenting policies and procedures that align with industry best practices and regulatory requirements. These policies cover areas such as fiscal management, data privacy, risk management, and compliance. 3. Risk Management: Serio can help identify and assess the risks associated with the startup's operations and provide guidance on implementing effective risk management practices. This includes evaluating potential risks in areas like fraud, cybersecurity, and operational disruptions. 4. Compliance and Regulatory Support: Startups often face regulatory requirements that can be complex and time-consuming to navigate. Serio can provide expertise in understanding and complying with relevant regulations, ensuring the startup's operations remain within legal boundaries. 5. Internal Controls: Developing robust internal controls is crucial for startups to mitigate risks and safeguard their assets. Serio can guide the implementation of internal control frameworks, including segregation of duties, approval processes, and monitoring mechanisms. Automated Clearing House (ACH) transactions have become a fundamental component of the modern banking system, enabling efficient electronic funds transfers for various purposes. As an ACH originator, whether you are a business owner, a financial professional, or an individual, comprehending your obligations is crucial. Understanding the responsibilities and requirements associated with ACH transactions ensures not only smooth financial operations but also compliance with legal and ethical standards. In this blog post, we will explore the significance of understanding obligations as an ACH originator and how it can benefit you in the long run.
Ensuring Compliance with Rules and Regulations One of the primary reasons for understanding your obligations as an ACH originator is to ensure compliance with the rules and regulations governing electronic fund transfers. The National Automated Clearing House Association (NACHA) provides guidelines and standards for ACH transactions in the United States, and similar regulatory bodies exist in other countries. Familiarizing yourself with these rules, such as the NACHA Operating Rules, helps you avoid costly penalties and legal consequences resulting from non-compliance. Maintaining Financial Security By understanding your obligations as an ACH originator, you can contribute to maintaining the financial security of both your organization and your customers. It includes implementing appropriate security measures to protect sensitive financial information, utilizing strong encryption methods, and employing multi-factor authentication for transaction authorization. Staying informed about the latest security practices and emerging threats allows you to proactively safeguard against potential risks, such as fraud or data breaches. Mitigating Operational Risks Comprehending your obligations as an ACH originator enables you to mitigate operational risks effectively. ACH transactions involve various parties, including financial institutions, payment processors, and consumers. By understanding your responsibilities, you can streamline operational processes, accurately transmit payment information, and resolve any issues promptly. This reduces the likelihood of errors, delays, or disputes, ensuring smooth and efficient transactions for all parties involved. Protecting Reputational Integrity Maintaining a strong reputation is vital for any organization or individual. As an ACH originator, adhering to your obligations helps protect your reputational integrity. By operating within the legal and ethical boundaries of ACH transactions, you demonstrate your commitment to transparency, integrity, and responsible financial practices. This builds trust among your customers, business partners, and stakeholders, which can lead to long-term relationships and potential growth opportunities. Enhancing Customer Experience Understanding your obligations as an ACH originator allows you to enhance the overall customer experience. By providing accurate and timely payments, you contribute to customer satisfaction and loyalty. Furthermore, being knowledgeable about regulations and compliance requirements helps you address customer concerns and queries effectively. This level of customer-centricity not only strengthens existing relationships but also attracts new customers who value professionalism and reliability. Conclusion As an ACH originator, recognizing and understanding your obligations is of utmost importance. By doing so, you ensure compliance with regulations, maintain financial security, mitigate operational risks, protect your reputation, and enhance the overall customer experience. Embracing these responsibilities enables you to foster trust, build credibility, and contribute to the seamless functioning of the electronic funds transfer ecosystem. Stay informed, adapt to changing requirements, and prioritize ethical practices to unlock the full potential of ACH transactions while safeguarding your financial interests. Please visit: https://www.nacha.org/products/2023-nacha-operating-rules-guidelines to get your copy of the 2023 Nacha Operating Rules & Guidelines! Actionable steps to help you lower ACH Returns, mitigate return risks, and thwart fraudulent transactions and bad actors.
For the uninitiated, money movement seems simple. There is the apparent ease at which mobile apps and financial institutions can move money in today’s instant manifestation of transacting. Beneath and behind the screen on one’s mobile device or laptop, however, live multiple elements [MB1] that enabled such movement of money. Inherent in all money movement is a risk that a transaction will be returned as ‘insufficient funds’ ‘unauthorized,’ ‘unknown account’ or ‘account closed’ The risk of returns of ACH transactions is segmented into three distinct categories: Administrative, Unauthorized and Overall Return Rate. Within these categories, Nacha has established thresholds; Administrative Returns 3%, Unauthorized Returns 0.5%, and Overall Return Rate 15%. For further details please see https://www.nacha.org/rules/ach-network-risk-and-enforcement-topics. At Serio Payments Consulting (SPC) we believe in demystifying ACH Returns by introducing tested and successful methodologies that will help you build out a set of controls designed to reduce your overall risk of returns. Establishing the following building blocks are key to successfully navigating ACH transactions: 1) client education, 2) understanding the funds flow and what they are looking to accomplish, 3) examining any programmatic controls in place, and 4) - most importantly - ensuring Originator’s understand Nacha’s Operating Rules & Guidelines. Implementing these four steps has in our experience helped lower the risk of returns:
Of course, the best way to see these building blocks manifest would be to hear and see the direct results of our clients’ actions and hear from them how our sound methodologies helped them succeed. Upcoming webinar to learn from others: We will be developing case studies and inviting industry leaders in the payments space to share their experiences and customer success stories. For questions related to this online seminar, contact Anthony Serio, CEO, at [email protected] On a weekly basis we will be reflecting on changes within our space, trends we are seeing, lessons learned, sharing blogs that we read and of course having fun! Stay tuned.
To best understand what ACH is, we should take a trip back in time to 1968 in which a group of Bankers in California realized that there was a very real problem in need of a solution, paper checks, an increasing volume, and a realization that the technology of the time would soon be surpassed not to mention the equipment trying to keep pace. Springing from their concerns helped form the Special Committee on Paperless Entries, or SCOPE and by 1972 they had formed the first ACH association in California to process electronic payments. By 1974 other regional networks emerged and with these networks Nacha was created to be the administer the ACH Network.
What is the Automated Clearing House (ACH): The Automated Clearing House (ACH) is the primary system used for electronic funds transfer (EFT). With ACH, funds are electronically deposited and managed in financial institutions, while Nacha manages the administration, governance, and development of the ACH Network. Nacha doesn’t facilitate the movement of monies nor has information on the data contained within a particular payment. Financial institutions, Third Party Service Providers and Third-Party Senders that participate in ACH must follow operating rules developed by Nacha. How do consumers interact with ACH? As an ACH credit, the payer has submitted an electronic/digital check in which the ACH Network transfers/pushes those funds to your account. Arguably the most recognized ACH Credit transaction is Direct Deposit from your employer. Every time one sees their paycheck deposited into their account, wallet or pushed to a debit card, ACH was seamlessly working in the background. Today’s consumers are keen on the time, they want instant credits to appear, prefer not to deposit paper in an ATM or brick and mortar Bank and there are folks out there disrupting the payments space with solutions. Where else are we seeing the benefits and optimization for merchants and consumers of the ACH Network? P2P payments, as a primary example, has become more than just a passing fad, and has greatly expanded the reach and accessibility of ACH payments within credits and debits. The free movements of monies between persons rides along the rails in the form of one account being debited while the other receives a credit, nearly instantly in approximately 20 seconds. The instant satisfaction of seeing the credit in your account is better than trying to divide up paper monies especially in our current environment. There are payments apps that facilitate solving the dinner bill divide and facilitates friends to “ACH” each other and ultimately paying the merchant, seamlessly, and instantly. We can move monies between like accounts and enable folks to get paid for all kinds of work in this ever-evolving gig economy. Take a survey, get paid, take a car ride pay and tip your driver, no time to make dinner, no matter the problem consumers face fighting for time and efficiencies, the ACH Network will be there facilitating payment so your dinner can be dropped off at your door. ACH is also behind the growing ease and conveyance of Direct Payments whether the end user sets up a one-time payment or allows a merchant access to their account to pull funds on a preauthorized and reoccurring basis. Online bill payment and mobile apps have enabled end users to transact with preauthorized debits, or the set it and forget it methodology, to ensure on time payments for your mortgage, credit card bill or utility bill. While paper checks are still here, consumers no longer must rely on the cost of postage and the possibility of a bill not getting paid in a timely manner. Additional consumer benefits to Direct Payments include payment apps that enable end users to set up reoccurring debits to pay a bill that in turn helps build credit, allows end users to seamlessly pay rent or any number of solutions that have been engineered to help the consumer payment experience and avoid additional costs, human error and save time. |
Archives
January 2024
Categories |
RSS Feed
Services
|
Company |
© COPYRIGHT 2024. ALL RIGHTS RESERVED.
|