Automated Clearing House (ACH) frauds are among the most common financial crimes involving the illicit siphoning of money from one account to another. Financial institutions rely on the ACH network for transactions involving direct deposits, checks, cash transfers, and billing, underlining the prevalence of automated clearing. Therefore, the risk occurrences and monetary implications are growing …
The digitized marketplace highlights two striking trends for mortgage lenders viz. the growing customer expectations and the evolving regulatory landscape necessitating more robust measures for meeting compliance. Digital-savvy borrowers expect faster loan processing, personalized interactions, and hassle-free services. They have multiple options, including traditional banks, specialized lenders, and Fintech offerings, competing on service offerings, experience, …
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Reconciliations are critical processes banks need to perform to check and ensure that the financial statement of a company matches with its balance sheet in terms of the opening cash balance, transactions, and closing balance. This “reconciling of records” aka reconciliations management is crucial to understanding the actual account balance (cash flow) vis-à-vis the data …
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Business process documentation is a vast and tedious activity every banking and financial institution needs to perform perpetually in line with their internal policy frameworks and regulatory mandates. Banks often need to maintain a dedicated staff or capacity for documenting the business processes diligently. At least a few hundred processes and sub-processes constitute front, middle, …
The COVID-19 pandemic has brought drastic changes in the mortgage industry, increasing the costs, customer expectations, and impacting other business-critical factors. The year 2022 sees an ongoing spike in inflation, as indicated by CPI. The Federal Reserve’s hike in mortgage interest rates is a critical factor adding to the costs. The National Association of Realtors reveals …
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