登录查看更多内容

How can you manage risks when using real-time payment systems?

由人工智能和领英社区提供技术支持

Real-time payment systems (RTPS) are becoming more popular and convenient for businesses and consumers, as they allow instant and secure transfers of funds across different accounts and platforms. However, RTPS also pose some unique risks that need to be managed carefully, such as fraud, operational failures, liquidity issues, and legal uncertainties. In this article, you will learn some tips and best practices on how to mitigate these risks and use RTPS safely and efficiently.

此文章中的业界达人

由社区从 6 条内容中精选。了解更多

Naresh Kurup

Brand Marketing & Communications Consultant
Peter Goldfinch
Manas Malviya

Retail Technology Partner | IT Leadership | Digital Transformation | Cards and Payment |

1 Understand the features and limitations of RTPS

Before using RTPS, you should familiarize yourself with the features and limitations of the specific system you are using, such as the transaction limits, fees, dispute resolution mechanisms, and security measures. You should also check the terms and conditions of the system and your service provider, and understand your rights and obligations as a user. For example, some RTPS may not offer refunds or reversals for erroneous or fraudulent transactions, or may have different liability rules for different types of payments.

添加您的观点

Naresh Kurup

Brand Marketing & Communications Consultant
举报内容
Organizations can manage risks in real-time payment systems by implementing strong authentication, continuous monitoring, and encryption. Regular security assessments, employee training, and vendor due diligence help identify and address vulnerabilities. Transaction limits, incident response plans, and compliance with industry standards bolster defense. Collaboration with financial institutions, updates, and cyber insurance further enhance the system's security.

已翻译

赞

2 Verify the identity and details of the payee

One of the main advantages of RTPS is that they allow fast and easy payments without requiring much information from the payee, such as their bank account number or card details. However, this also means that you need to be extra careful when entering the payee's details, such as their name, phone number, email address, or QR code. You should always verify the identity and details of the payee before initiating a payment, and avoid paying strangers or untrusted sources. You should also be wary of phishing or spoofing attempts that may try to trick you into sending money to a fraudulent account.

添加您的观点

Peter Goldfinch
举报内容
This statement is basically correct. Account numbers of the payer can be entered but proxies such as email address, biller codes, phone numbers etc. can be used. We are seeing overlays being implemented. In Australia the BPAY, bill payment service originally supported by phone banking is now supported on the RTPS (NPP) as an overlay.

已翻译

赞

3 Monitor your transactions and balances

Another benefit of RTPS is that they provide real-time notifications and confirmations of your transactions, which can help you keep track of your payments and balances. However, you should also monitor your transactions and balances regularly, and report any suspicious or unauthorized activity to your service provider and bank as soon as possible. You should also review your statements and receipts, and reconcile any discrepancies or errors. You should also set up alerts and limits for your RTPS transactions, and use strong passwords and authentication methods for your accounts and devices.

添加您的观点

Peter Goldfinch
举报内容
Not all RTPS services will support notifications. This largely depends on the capability of your financial institutions core banking system. You simply will receive a notification that your account has been credited. The payer will through their mobile banking app or Internet banking service receive a successful or unsuccessful message to display. The account balance should be immediately updated. As you will receive credits and debits to your account from multiple payment services if is important to monitor account activity. The ability to search for specific transactions and download transactions in a CSV format should be offered through your mobile and Internet banking services.

已翻译

赞

4 Manage your liquidity and cash flow

RTPS can also help you manage your liquidity and cash flow, as they enable you to receive and send money instantly, without waiting for settlement or clearing. However, you should also be aware of the potential liquidity and cash flow risks that RTPS may entail, such as overdrafts, insufficient funds, or mismatched timings. You should plan your payments and receipts carefully, and ensure that you have enough funds in your account to cover your RTPS transactions. You should also consider the impact of RTPS on your working capital and cash management strategies, and adjust them accordingly.

添加您的观点

Peter Goldfinch
举报内容
This is common sense and your mobile app or Internet banking service will decline any payment if there are insufficient funds. If payments are forward dated the service my support a memo post to your account to ensure funds will be available to ensure the payment proceeds. Settlment is not a payer's concern if the payee is with another financial institution. Advance RTP services support an inter-bank faster settlement service, (FSS).

已翻译

赞

5 Comply with the regulatory and legal requirements

RTPS are subject to various regulatory and legal requirements, depending on the jurisdiction, system, and type of payment involved. You should comply with these requirements, such as anti-money laundering, consumer protection, data privacy, and tax laws, and ensure that your RTPS transactions are lawful and transparent. You should also be aware of the potential legal uncertainties and disputes that may arise from using RTPS, such as the validity, enforceability, and finality of the payments, and the jurisdiction and remedies available in case of conflicts or claims.

添加您的观点

Peter Goldfinch
举报内容
As previously stated RTPS support non-repudiation. There should be a regulatory service delivered by the service provider and/or the central bank to manage disputes. The system rule book should desrcibe the dispute process and the rights of the various parties. Bank account transaction details are critical for the delivery of a resolution.

已翻译

赞

6 Educate yourself and your staff

Finally, one of the best ways to manage risks when using RTPS is to educate yourself and your staff on the benefits, challenges, and best practices of RTPS, and to keep up to date with the latest developments and trends in the industry. You should also seek professional advice and guidance from your service provider, bank, or other experts on how to use RTPS effectively and securely, and how to address any issues or concerns that may arise. You should also encourage feedback and suggestions from your staff and customers on how to improve your RTPS experience and performance.

添加您的观点

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Manas Malviya

Retail Technology Partner | IT Leadership | Digital Transformation | Cards and Payment |
举报内容
Compatibility, integration and scalability is to that the real-time payment system you choose can seamlessly integrate with your existing financial infrastructure, accounting software, and customer management systems. Compatibility is crucial for smooth operations. Assess whether the payment system can scale with your business as it grows. Ensure that it can handle an increasing volume of transactions without compromising speed or reliability.

已翻译

赞

Payment Systems

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

How can you manage risks when using real-time payment systems?

1

2

3

4

5

6

7

1 Understand the features and limitations of RTPS

2 Verify the identity and details of the payee

3 Monitor your transactions and balances

4 Manage your liquidity and cash flow

5 Comply with the regulatory and legal requirements

6 Educate yourself and your staff

7 Here’s what else to consider

Payment Systems

给文章评分

感谢您的反馈

更多Payment Systems相关文章

更多相关阅读内容

How can you manage risks when using real-time payment systems?

1

2

3

4

5

6

7

1 Understand the features and limitations of RTPS

2 Verify the identity and details of the payee

3 Monitor your transactions and balances

4 Manage your liquidity and cash flow

5 Comply with the regulatory and legal requirements

6 Educate yourself and your staff

7 Here’s what else to consider

Payment Systems

给文章评分

感谢您的反馈

查看其他技能