Analysis

Banks Need To Boost Compliance Tech Amid Faster Payments

Law360, New York (August 21, 2017, 7:33 PM EDT) -- As the Federal Reserve and private actors seek to speed up the U.S. payments system, banks are going to have to upgrade their technology to make sure their fraud-prevention and suspicious-transaction tools keep pace and continue to ensure compliance with regulations, experts say.

It is unlikely that the faster payments system envisioned by the Fed, which plays a central role in the U.S. system for transferring money, will require the adoption of any new rules. However, the banks and payment networks that will operate on that system will likely need to overhaul their compliance technology, said Steve Kenneally, vice president of...

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