Publication Date: April 14, 2008
Document Format: pdf
Authors: Colin Kerr
Banks and other financial services institutions (FSIs) must continually invest in compliance technology to prevent funds transfers for illegal activities. As of 1Q 2008, they have directed much of that technology at traditional payment methods such as wire-transfer and automated clearing house (ACH) transactions. In the modern economy, however, banks and FSIs are introducing new and creative payment alternatives. This TowerGroup ViewPoint discusses the changing nature of payments and ponders the compliance gaps associated with transactions via alternative payment methods such as mobile payments.
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