Description

Payments are the lifeblood of financial institutions, and understanding the different systems and processes is critical for ensuring seamless operations, reducing risk, and providing exceptional customer service. Whether you’re new to banking or looking to strengthen your knowledge, our 4-Part Payments Basics Series will walk you through the foundational elements of payment systems, giving you the confidence and tools to navigate this essential area of banking. This comprehensive series is designed to provide a high-level overview of the most common payment types: ACH, checks, wires, and cards. Each session will explore the basics of how these payment systems work, their key use cases, and the risks and compliance considerations you need to know.

Session 3: Wire Basics
Explore the essential components of wire transfers, including how they differ from other payment types, their benefits for high-value, time-sensitive transactions, and best practices for ensuring security and compliance.

Key Take-Aways:

• Understand the purpose and functionality of each payment type: ACH, checks, wires, and cards
• Learn rules, regulations, and compliance considerations for each payment method
• Review risk management and fraud prevention strategies specific to each payment type

• BSA Officers and Support Teams
• Call Center
• Client Facing Teams
• Deposit Operations
• Electronic Banking
• Finance and Accounting
• Fraud Management
• Internal Audit
• In-House Counsel
• Risk Management
• Senior Leadership
• Treasury Management

Topics include:

• Wire Transfer