Bank Regulatory Concerns with Peer to Peer (P2P) Payment Services: Zelle, Venmo, and Other Applications
Bank Regulatory Concerns with Peer to Peer (P2P) Payment Services: Zelle, Venmo, and Other Applications
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Peer-to-peer (P2P) payment services present unique compliance obligations and risks for financial institutions and their customers. Financial institutions must comply with existing laws and private rule sets while balancing customer expectations of speed and convenience to remain competitive. These interests must be ap-propriately balanced to satisfy both legal compliance obligations and customer ex-pectations. This presentation will explain how P2P payment services provide services, discuss the unique compliance risks associated with these services, and out-line steps financial institutions can take to mitigate these risks.
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Instructor
BankersHub Membership
Peer-to-peer (P2P) payment services present unique compliance obligations and risks for financial institutions and their customers. Financial institutions must comply with existing laws and private rule sets while balancing customer expectations of speed and convenience to remain competitive. These interests must be appropriately balanced to satisfy both legal compliance obligations and customer expectations.
This Course explains how P2P payment services provide services, discuss the unique compliance risks associated with these services, and out-line steps financial institutions can take to mitigate these risks.