By: Farah Hirji, Marketing Coordinator

 

 “Can I get a SNAP YES?!?”

Keynote speaker and author Dede Murcer Moffett took the stage to deliver a moving address titled Life Changes in a SNAP! See New Achievable Possibilities Now at the 2016 WesPay Payments Symposium in Las Vegas last week. Dede shared an inspiring personal story of how she overcame a great challenge in her life after a heart-breaking wake-up call, transforming herself into the “SNAP Out of it Woman.” Her insights about seeing new achievable possibilities (SNAP) wherever you go in business, and in life, was motivating. It was one of the week’s best presentations. Dede also stressed the importance of stepping outside of the box to discover the right tools for success. She concluded her keynote with the wisdom that “once you SNAP, you will realize your purpose, up your productivity and start living fully alive.” SNAP Yes!

 

The 2016 WesPay Payments Symposium featured an array of dynamic speakers from the commercial banking industry as well as an exhibit hall featuring payment solution providers. Common themes that resonated in workshops and group discussions included the advancement of blockchain technology, priority of payments security for faster payments methods and the coexistence of banks and non-banks in the digital economy.

 

 

 

Top Takeaways from WesPay

In our conversations at WesPay, many discussions hinged around the move to Same Day ACH and the need for strengthening KYC programs industry wide. With that said, new innovation and regulations have heightened the need for insightful planning, clear direction and enterprise thinking to stay ahead of the competition while retaining customers.

 

Here are a couple sessions that stood out to us:

 

Third-Party Due Diligence: Accelerating in Importance was led by Deana Rich of Rich Consulting and Tim Miller, head of global credit and risk for the Merchant Acquirers Committee. Deana and Time broke down best practices for underwriting of third parties in your portfolio and stressed the importance of a solid business customer monitoring program. The credit card industry has underwritten third parties with great scrutiny for some time. Deana emphasized the importance of background checks to know your third parties and understand how they are seen from the outside looking in, and what to look for in their policies and procedures.

 

Another session, Rev Up Your KYC Program for Same Day ACH, was led by Jane Hennessey, head of external alliances for G2 Web Services. Speaking to the challenge of regulatory compliance in the move to Same Day ACH (SDA) this year, Jane focused on the need to get ahead of issues in your portfolio by proactively analyzing business customers before offering SDA. While transaction monitoring can help, it can miss key risk factors that may jeopardize your portfolio. She further acknowledged that G2 Business Customer Intelligence can help you gain important insights into your business customers that will greatly bolster your KYC program in this rapidly changing, regulatory environment.

 

Big thanks to everyone that we had the opportunity to meet and discuss risk solutions with, and a big thanks to WesPay for hosting such a great conference! We are looking forward to the 2017 WesPay Payments Symposium. If we missed you at the event, please get in touch with us at kyc@g2webservices.com.

 

To find where G2 will be over the coming months, hop over to our upcoming events page for details on travel and conferences.