Wrestling Payments

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Today, June 15, is National Elder Abuse Awareness Day.

The Wrestling Payments podcast was started to discuss "wrestling" with payment topics. Topics like technology implementation and AI, but perhaps we've become so numb to the problems of Elder Financial Abuse and Human Trafficking, that the issues have faded into the background. I ask the Industry, how can we do better?

In this episode of Wrestling Payments, Joe Casali talks with Andrea Higgens, a Criminal Elder Abuse Investigator from the San Mateo County District Attorney's Office, and Patty Presta, Director of Education at NEACH. Andrea shares her 25 years of law enforcement experience, focusing on elder financial abuse and the critical role of financial institutions in preventing these crimes. Patty adds her insights from decades of advocacy and education on elder abuse prevention.

Andrea discusses the importance of suspicious activity reports (SARs) and how they can help law enforcement track and prevent elder abuse. She emphasizes the need for financial institutions to educate their frontline staff on identifying and reporting suspicious activities. Patty highlights the significance of cross-reporting to Adult Protective Services (APS) to ensure timely interventions.

Throughout the conversation, Andrea, Patty, and Joe explore real-life examples of how collaborative efforts between financial institutions and law enforcement have successfully protected elders from financial exploitation. This episode sheds light on the complexities of elder financial abuse and the continuous efforts needed to safeguard vulnerable seniors.

GUESTS AT A GLANCE

• Andrea Higgens, Criminal Elder Abuse Investigator
• San Mateo County District Attorney's Office
• LinkedIn
• Noteworthy: Over 25 years in law enforcement, specializing in elder abuse cases. 

• Patty Presta, Director of Education
• NEACH
• LinkedIn
• Noteworthy: Passionate advocate for elder abuse prevention since 1994

KEY INSIGHTS
The Role of Financial Institutions in Elder Abuse Prevention

Andrea Higgens emphasizes the crucial role financial institutions play in preventing elder financial abuse. She highlights the importance of suspicious activity reports (SARs) and cross-reporting to Adult Protective Services (APS). By identifying unusual transactions and collaborating with law enforcement, banks and credit unions can help protect vulnerable seniors. Andrea stresses the need for frontline staff to ask open-ended questions and be vigilant in detecting signs of abuse. She also suggests financial institutions host educational events for customers and their families to increase awareness and preventive measures. Empowering bank employees with knowledge and tools to identify potential abuse can make a significant difference in safeguarding elders from financial exploitation.

The Power of Cross-Reporting to APS

Andrea discusses the impact of cross-reporting suspicious activities to Adult Protective Services (APS). When financial institutions notice unusual transactions, they can trigger an investigation by APS, leading to timely interventions. She shares a success story where a bank's prompt cross-reporting helped uncover a significant financial abuse case. The abuser had liquidated large sums of money and taken ownership of the victim's home. Thanks to the bank's quick action and collaboration with APS and law enforcement, the victim's assets were recovered, and the abuser was prosecuted. This example illustrates how cross-reporting can prevent further exploitation and protect vulnerable seniors.

Empowering Frontline Sta

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Episode Summary
In this episode of Wrestling Payments, host Joe Casali sits down with Jaime Shapiro Berg from Alkami - ACH Alert to discuss the rapidly changing payments landscape and the critical role of fraud prevention. Jaime shares her extensive career journey, from starting in treasury management at KeyBank to her current role at Alkami, emphasizing the importance of adapting to new technologies and staying ahead of fraudsters.

The conversation highlights the innovative Positive Pay & ACH Reporting solutions provided by Alkami to address the need for automated fraud prevention tools in the financial sector. Jaime explains how Alkami's Positive Pay solutions have evolved to help banks and credit unions combat check and ACH fraud, reducing losses and enhancing customer trust.

Joe and Jaime also dive into the broader challenges facing the banking industry, including the need for better education and training in banking operations and treasury management. They stress the importance of financial institutions investing in comprehensive fraud prevention strategies to protect themselves and their customers in an increasingly digital world.

Guest-at-a-Glance

• Guest: Jaime Shapiro Berg
• What she does: Director - ACH Alert Sales
• Company: Alkami - ACH Alert
• Noteworthy: With over 25 years of experience in the banking and FinTech industries, Jaime Shapiro Berg has a deep understanding of treasury management and fraud prevention. Jaime's background includes transitioning from traditional banking roles to leading innovative solutions in digital banking.
• Where to find Jaime: LinkedIn

Key Insights
Payments Are Rapidly Evolving
The landscape of payments is continuously changing, particularly driven by consumer demands for the latest and most efficient technologies. Consumers always seek the newest and shiniest innovations, pushing businesses to adapt quickly to stay competitive. While businesses also desire cutting-edge solutions, their primary goal remains to generate profit effectively. This dynamic environment necessitates that companies stay updated with technological advancements to meet consumer expectations and achieve their financial objectives.

Fraud Prevention Requires Continuous Innovation
Fraud prevention in the financial sector demands innovative and seamless solutions to combat increasingly sophisticated fraudulent activities. Traditional methods, often manual and error-prone, are no longer sufficient. ACH Alert's Positive Pay solutions automate fraud detection, minimizing human error and resource expenditure. By integrating these automated solutions, financial institutions can significantly enhance their ability to prevent fraud, thus safeguarding their operations and maintaining customer trust.

Education in Banking Operations Is Essential
There is a growing need for comprehensive education and training in banking operations and treasury management. Many financial institutions struggle to hire individuals with relevant experience due to a lack of specialized training programs. Enhancing educational opportunities in these areas can help bridge the skills gap, ensuring that banks have the necessary expertise to manage operations efficiently. Institutions should consider revamping management training programs to focus not just on lending but also on critical areas like treasury and operations management to maintain a robust talent pipeline.

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Episode Summary

In this episode of "Wrestling Payments," host Joe Casali dives into the details of National Small Business Week. He emphasizes the importance of utilizing available resources, such as the SBA’s virtual summit and educational programs, to help small businesses thrive. Joe highlights key sessions on AI, cybersecurity, and marketing strategies that are crucial for business growth and stability in today’s dynamic environment.

Joe also discusses the practical aspects of running a small business, including managing cash flow and leveraging e-commerce. He underscores the significance of tools like positive pay for fraud prevention, sharing real-life examples to illustrate its benefits. His insights provide actionable advice for small business owners to navigate challenges and secure their operations.

Throughout the episode, Joe reminds listeners of the critical role small businesses play in the economy. He encourages owners to utilize community banks and credit unions for support and stresses the importance of staying informed about the latest industry trends and solutions. This episode is a valuable resource for any small business owner looking to enhance their operations and safeguard their future.

Key Insights
AI Can Drive Small Business Growth

Artificial Intelligence (AI) offers numerous benefits for small businesses, from generative AI to automation and pattern recognition. Generative AI can create content, such as business stories and marketing materials, efficiently and effectively. Automation and pattern recognition help businesses spot trends and anomalies, enhancing risk management and decision-making processes. AI's potential to streamline operations and improve accuracy makes it an invaluable tool for small businesses looking to grow and stay competitive in a rapidly changing market.

Cybersecurity is Critical for Remote Work

In the current landscape where remote work has become prevalent, securing business operations is more crucial than ever. Small businesses must prioritize cybersecurity to protect sensitive data and ensure smooth operations. This includes implementing robust security protocols and educating employees about best practices. With the increasing threats of cyber-attacks, having a strong cybersecurity framework helps businesses safeguard their assets and maintain trust with their customers and partners.

Positive Pay Prevents Fraud

Positive pay is an essential tool for small businesses to prevent fraud. It involves the business providing a list of authorized checks to their bank, which then cross-checks any checks presented for payment. This system helps detect and stop unauthorized transactions before they can cause significant financial damage. The use of positive pay can save businesses time and resources by preventing fraudulent activities, thereby maintaining the integrity of their financial operations and protecting their bottom line.

Link to Positive Pay Survey: Positive Pay Market Survey (neachgroup.com)

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Episode Summary
In this episode of "Wrestling Payments," Joseph Casali dives into the often-misunderstood realm of government benefit payments and their reclamation process. Highlighting a new course he's developed; Joe explains the crucial difference between the Nacha Rules and those dictated by government agencies when a beneficiary passes away. His insights illuminate the complex interactions between the law, the "Green Book" guidelines, and real-world banking practices, emphasizing the practical implications for those managing such funds.

Joe also introduces the concept of constructive knowledge, explaining its vital role in determining financial institution liability. Through compelling examples, he outlines how seemingly simple knowledge can trigger significant financial responsibilities, stressing the importance of being proactive and informed.

The episode wraps up with a call to action, inviting listeners to engage with the course that not only educates but also equips financial professionals with the tools to navigate these intricate scenarios effectively. Joe's approachable discussion aims to enhance understanding and help institutions limit their financial risks associated with government benefit reclamation.

Key Insights

• Government Benefit Payments Are Bound by Dual Regulatory FrameworksNavigating the realm of government benefit payments demands understanding the distinct yet overlapping rules set by federal agencies and the Treasury. While agencies may deem a person "eligible" for certain payments, financial institutions must adhere strictly to the regulations, which only recognize allow benefit payments if the recipient was alive on pay day. This discrepancy creates a complex scenario, especially in situations the deaths of beneficiaries is unknown to their financial institution, leading to significant operational challenges for banks and credit unions as they reconcile these obligations and liabilities.
•  Constructive Knowledge Determines Financial Liability
• The concept of constructive knowledge plays a critical role in managing the liability associated for government payments. Financial institutions are expected to act upon any commercially reasonable information indicating a beneficiary's death, which sets their liability from that point forward. This encompasses various scenarios where knowledge can come from direct notifications like letters from nursing homes or even more informal sources like local knowledge of a death. Ignoring such information can significantly increase the institution's financial risk and legal exposure.
• Effective Training Reduces Risk in Payment Reclamations
  Proper training in handling reclamations is essential for reducing potential liabilities. Financial institutions must implement robust procedures to manage and respond to death notifications and other signals of beneficiary status changes. Through well-structured courses and tools, institutions can ensure their staff is equipped to adhere to both the legal framework and operational best practices, thereby minimizing financial losses and enhancing compliance with regulatory requirements.

31 Code of Federal Regulation Part 210
The GREEN BOOK
NEACHU - "Notified of Death, Now What?"

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Episode Summary

In this episode of Wrestling Payments, Joe Casali sits down with Charlie Kelly from Remedy Consulting. They dive into the evolving landscape of payment systems. Charlie shares insights from his vast experience, focusing on core conversions, contract negotiations, and the challenges community banks and credit unions face.

Charlie emphasizes the importance of navigating the complexities of payment system upgrades. He highlights how Remedy Consulting aids institutions in understanding their core provider's language and the broader ecosystem. This support is crucial for making informed decisions during core negotiations or considering conversions.

The conversation also explores the intricacies of connecting traditional banking systems with emerging fintech solutions. Charlie discusses the hurdles in integrating new technologies with established banking infrastructures. He stresses the balance between innovation and maintaining security and reliability in payment systems. This episode offers a glimpse into the critical role of consultancy in simplifying and guiding financial institutions through technological transitions.

Guest-at-a-Glance
Charlie Kelly
Partner at Remedy Consulting and Host of BankTalk Podcast
Remedy Consulting
Charlie Kelly brings a wealth of experience from his tenure at one of the nation's leading core providers, focusing on project management, pricing, and contracts. Now at Remedy Consulting, he specializes in helping community banks and credit unions navigate complex payment system conversions and negotiations.
LinkedIn

Key Insights
Navigating the Maze of Payment System Upgrades

Charlie Kelly discusses the intricate process involved in payment system conversions, emphasizing the common pitfalls financial institutions encounter. A significant challenge highlighted is the misalignment between digital providers and core systems, which often lack seamless integration. This disconnection can lead to costly mistakes, such as the cancellation of nearly finalized contracts due to unrecognized incompatibilities. Kelly’s expertise shines as he guides institutions through these complex negotiations, ensuring they make informed decisions that align with their technological and financial goals.

Modernizing Financial Systems: A Delicate Balance

The episode dives into the difficulties of integrating cutting-edge fintech solutions with legacy banking systems. Charlie Kelly points out the vast gap between the innovative ideas emerging from fintech startups and the reality of incorporating these into the established infrastructure of traditional banks. The biggest hurdles are the entrenched systems of larger providers, which are not easily adaptable or open to prioritizing new fintech integrations. This insight underscores the crucial role of consulting services like Remedy Consulting in facilitating this integration, ensuring that banks can innovate while maintaining the reliability and security of their payment systems.

The Crucial Link: Consultancies in Payment Innovations

Charlie highlights the essential role of consultancies in assisting community banks and credit unions with navigating the complexities of payment system upgrades and core conversions. By acting as an intermediary between these institutions and their core providers, Remedy Consulting plays a pivotal role in deciphering the jargon and technicalities of contracts. This service is invaluable for smaller institutions that might otherwise struggle to understand the full scope of their technological choices and the long-term implications of these decisions on their operational capabilities and s

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Episode Summary
Welcome to our 25 Episode. Before we get to the official description, this was such an enjoyable episode to record and catch up with an old "Ring" veteran. What started out as a catch-up session, turned into an amazing valuable episode, check below for some resource links.

In this episode of Wrestling Payments, host Joe Casali welcomes Patty Presta, AAP, NCP, the Director of Education at NEACH. Patty shares her unique journey from aspiring to be a nurse to becoming a pivotal figure in the payments industry. Her transition highlights the unexpected paths that lead to rewarding careers in finance.

Patty and Joe discuss critical topics like elder abuse and human trafficking. They emphasize the importance of education and vigilance within financial institutions to prevent exploitation. Patty’s experiences from teaching to working on the front lines against financial crimes offer invaluable insights into the evolving challenges in payments.

The conversation also covers the evolution of payment systems, from direct deposits to modern AI and P2P technologies. Patty's return to NEACH marks a full circle, bringing her expertise back to where her journey in payments began. This episode sheds light on the ongoing fight against financial crime and the importance of continuous learning in the payments industry.

 Guest-at-a-Glance
Patty Presta, AAP, NCP,  Director of Education NEACH
Over 20 years in payments, passionate about elder and financial abuse education.
LinkedIn  

Key Insights
The Unplanned Journey into Payments

Patty’s career path serves as a fascinating example of how life can take unexpected turns. Originally aspiring to be a nurse, Patty’s journey into the payments industry began with a temporary job that unexpectedly evolved into a significant role in education within NEACH. This story highlights the unpredictable nature of career paths and the importance of being open to new opportunities. Patty's transition from a secretary tasked with web development to becoming a pivotal figure in payments training underscores the role of adaptability and learning on the job in achieving professional success.

 Addressing Elder Abuse and Human Trafficking in the Financial Sector

Patty brings to light the critical issues of elder abuse and human trafficking, underscoring the financial industry's role in combating these problems. With a deep-seated passion for protecting the vulnerable, she has dedicated a significant part of her career to educating financial institutions on recognizing and preventing financial exploitation. Patty’s work in creating awareness and training materials for detecting signs of abuse and trafficking within financial transactions reveals the power of education and vigilance in making a difference. This insight underscores the importance of the financial sector's proactive engagement in societal issues.

Links
https://polarisproject.org/
https://www.thorn.org/

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Episode Summary

In this episode of Wrestling Payments, host Joe Casali dives into the complexities of the modern banking sector, focusing on the dynamic between risk management and innovation. Joe, an expert in the field, shares insights on how banks are adapting to regulatory changes and the increasing importance of cybersecurity.

The conversation shifts towards the challenges and opportunities presented by digital payments and consumer protection. Joe emphasizes the need for banks to evolve while ensuring customer safety in an increasingly digital world.

The episode concludes with a look ahead, as Joe discusses the future of financial services. He highlights the balance between embracing technological advancements and maintaining robust security measures to protect both banks and their customers. This episode provides a comprehensive overview of the current state and future direction of banking and payments.

Guest-at-a-Glance
Joseph Casali
NEACH
LinkedIn

Key Insights
The Risk of Complacency in Banking

Governor Michelle Bowman's speech highlighted the inherent risks of complacency within the banking sector, emphasizing the large regulatory burden faced by financial institutions. Bowman articulated the dual challenge banks encounter in balancing risk management and compliance efforts while striving for innovation and growth. This insight underlines the need for constant vigilance and adaptability in the face of evolving financial landscapes and regulatory expectations.

Innovating Consumer Protection in Digital Payments

The episode discusses a report from the Federal Reserve Bank of Atlanta on credit push fraud, underscoring the necessity for banks to update their approach to consumer protection. This includes adapting mitigation techniques to counteract authorized push payment fraud more effectively. It points to the importance of shifting strategies in consumer protection to keep pace with the changing nature of digital payments and the innovative tactics employed by fraudsters.

The Call for Regulation in Payment Apps

District Attorney Alvin Bragg's letter to payment apps like Venmo, Zelle, and Cash App, following a series of fraudulent scams, calls for immediate actions to enhance consumer protection. Bragg's recommendations, including multi-factor authentication and setting default lower limits on transactions, emphasize the urgent need for regulatory measures to address vulnerabilities in digital payment platforms. This insight reflects the ongoing challenges in balancing the convenience of instant payments with the security measures necessary to protect consumers from fraud.

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Episode Summary

In this episode of Wrestling Payments, host Joe Casali talks with Sean Carter, President & CEO at NEACH, about the significant changes in ACH rules. They dive into the recent ballots passed with over 93% approval, focusing on the new risk management framework. This framework aims to protect the payment network from fraud, a challenge all payment systems currently face. Carter emphasizes the collective effort required to combat fraud, highlighting that the changes affect not just one party but all involved in the ACH network.

The conversation then shifts to specific rule changes, particularly the ACH credit monitoring by RDFIs. This new concept asks receiving financial institutions to do more in spotting and preventing fraud, marking a departure from the traditional focus on originators and ODFIs. Examples of past fraud incidents are discussed to illustrate the potential impact of these rules in preventing future fraud. Carter points out the importance of collaboration between RDFIs, ODFIs, and originators to effectively use these rules.

Finally, Carter stresses the urgency of implementing these changes well before the 2026 deadline. He suggests that financial institutions should not wait to adapt, given the serious implications of fraud on society, including funding for trafficking, drugs, and terrorism. The discussion concludes with the importance of keeping information up to date in the NACHA registry and leveraging technology like AI to enhance fraud detection efforts.

Guest-at-a-Glance
Sean Carter
President & CEO
NEACH

Key Insights
A United Front Against ACH Fraud

 Sean Carter emphasizes the importance of a collective effort in combating fraud within the ACH network. The new ACH rules, passed with overwhelming approval, reflect this approach by not singling out any one party but rather distributing the responsibility across RDFIs, ODFIs, originators, and third-party senders. This strategy acknowledges that fraud is a complex issue that no single entity can address alone. By mandating contributions from all sides, the aim is to fortify the entire payment system against fraudulent activities, demonstrating a shift towards a more inclusive and collaborative defense mechanism within the financial ecosystem.

Enhanced Role of RDFIs in Monitoring ACH Credits

The episode dives into one of the major changes in the ACH rules: the requirement for RDFIs to monitor ACH credits more closely. This significant shift tasks RDFIs with identifying and addressing potential fraud more proactively. Previously, the focus was predominantly on the originators and ODFIs. By extending this responsibility, the new rules aim to leverage the unique position of RDFIs to spot unusual activities, such as unexpected large deposits, that might indicate fraud. This change underscores a holistic approach to fraud prevention, recognizing that effective detection requires insights from all parties involved in the transaction process.

Immediate Action Required to Combat Fraud

Despite a 2026 deadline for implementing the new ACH rule changes, Sean Carter stresses the importance of starting now. He highlights the critical nature of fraud prevention, not just for the integrity of the payment system but also for societal concerns, as fraud often funds illegal activities. By encouraging financial institutions to adopt new measures promptly, Carter underscores the notion that waiting is not an option when it comes to safeguarding against fraud. This urgency is a call to action for all entities involved in ACH transactions to review and update their processes, utilize new technologies, and ensure compliance with the evolving landscape of financial security measures.

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Episode Summary

In this episode of Wrestling Payments, Joe Casali shares insights from the MIT Fintech Conference, focusing on the rapid evolution of fintech. He discusses how artificial intelligence and blockchain technology are driving change in the payments industry. Joe also highlights the importance of navigating regulatory landscapes to foster innovation while ensuring security and trust.

The conversation shifts to the impact of digital currencies and payment platforms on traditional banking systems. Joe emphasizes the need for financial institutions to adapt to these changes to remain competitive. He provides examples of how fintech startups are challenging established players by offering more efficient and user-friendly solutions.

Lastly, Joe offers advice for entrepreneurs entering the fintech space. He stresses the significance of understanding customer needs and regulatory requirements. The episode concludes with Casali predicting future trends in fintech, including further integration of AI and personalized financial services.

Guest-at-a-Glance
Host: Joseph Casali
Company: NEACH
Where to find Joe: LinkedIn

Key Insights

Navigating the Future: Fintech's Leap into AI

Joe Casali discusses the significant strides in artificial intelligence (AI) within the fintech sector, particularly emphasizing AI's potential as an underlying operating system for financial platforms. This concept heralds a transformative approach to handling financial transactions, where AI's integration could lead to more informed decision-making processes and a new era of financial services innovation. The conversation sheds light on the cautious yet optimistic embrace of AI in fintech, highlighting the balance between leveraging cutting-edge technology and ensuring reliable, garbage-free outputs.

The Real-time Payments Challenge: Finding a Use Case

A significant part of the discussion centers around the excitement and subsequent skepticism surrounding real-time payments (RTP). Despite the technological achievement of developing RTP systems like FedNow and RTP, Casali underscores a pivotal concern: the need for compelling use cases that justify the adoption and widespread use of these systems. This insight delves into the industry's quest to demonstrate how RTP can meaningfully change the financial landscape, reflecting a critical juncture where potential meets practical application.

Fintech's New Frontier: Making Regulatory Compliance a Core Competency

In the fintech industry, where innovation races ahead, regulatory compliance emerges as a key area of focus. Joe highlights how fintech companies are now prioritizing knowledge about banking regulations, transforming compliance into a valued skill rather than a cumbersome obligation. This shift reflects a broader understanding that navigating the complex regulatory environment is essential for sustainable growth and innovation in fintech. It marks a maturation of the fintech sector, acknowledging the importance of aligning cutting-edge financial solutions with regulatory standards.

Episode Highlights
AI as Fintech's Backbone: The Next Revolution
Timestamp: [00:14:07]

Joe Casali discusses the pivotal role of artificial intelligence (AI) in shaping the future of fintech. He emphasizes AI's potential to act as the foundational operating system for financial services, transforming decision-making processes and enhancing service delivery. Casali highlights the dual nature of excitement and caution in adopting AI, stressing the importance of informed models to avoid "garbage in, garbage out" scenarios.

"AI could become the underlyi

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Episode Summary

In this episode of Wrestling Payments, host Joe Casali engages with the intricate world of payment systems. He dives into the evolving landscape, highlighting the shift towards faster and more secure transactions. Joe sheds light on the technological advancements driving change, from blockchain to AI, emphasizing their impact on both consumers and financial institutions.

Primarily, this episode reports on the responses to our listeners responses of the areas of interest they would like to hear more about in 2024. It also includes a thank you for named respondents.
 

1. Faster Payments – Operational Considerations
2. Faster Payments – Strategic Considerations
3. AI and Fraud
4. Payments Modernization – Payment Choices

Joe concludes with insights into the future of payments, including the potential of FedNow and other real-time payment solutions. Casali's expert commentary provides listeners with a comprehensive understanding of the payment industry's current state and dynamic future, making this episode a must-listen for anyone interested in financial technology and innovation.

Key Insights

The Rise of Faster Payments and Operational Considerations

 The episode dives into the rapidly evolving landscape of faster payments, highlighting operational considerations that businesses face. With faster payments, questions around functionality, error handling, and unexplored details come to the forefront. The push for speed in transactions offers benefits but also introduces complexities in implementation and management. This insight underscores the need for financial institutions to adapt to new technologies while ensuring reliability and security in their operations.

Strategic Implications of AI and Fraud in Payment Systems

 AI's integration into payment systems marks a significant shift towards combating fraud more effectively. Joe explores how AI tools enhance fraud protection by analyzing patterns and identifying anomalies in transaction data. This technological advancement is not just about preventing unauthorized transactions; it's also about streamlining processes and improving operational efficiency. The episode emphasizes AI's role in shaping future payment security strategies, illustrating its potential to mitigate risks in an increasingly digital financial landscape.

Payment Evolution: From Barter to FedNow

 Tracing the history of payment systems from barter to the introduction of FedNow, the episode provides a comprehensive overview of how payment methods have evolved. It highlights the persistence of older payment systems alongside the adoption of new technologies. The focus on FedNow's launch and its adoption by financial institutions showcases the industry's movement towards instant payment solutions. This insight reflects on the diverse payment mix available today and the strategic decisions businesses must make to accommodate consumer preferences and technological advancements.