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2. How has increased pressure on financial institutions to ensure their third-party partner oversight of AML regulations affected your role as a service provider?
3. How are you helping your merchant clients when it comes to data security and fraud?
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companies & people
Industry Views: Give ’Em What They Want
It’s a challenging regulatory environment for financial institutions right now. At Marqeta, we place a great deal of attention on reviewing programs and their risks well in advance of launch to minimize financial and regula- tory risk. We’ve built propri- etary tools that recognize and score risky behaviors in real time; we have real-time risk
management capabilities; and we provide our banks with near real-time access to data in addition to the typical daily reports and feeds that most banks have come to regard as the standard. We believe this proac- tive approach will help our banks remain competitive and thrive in this challenging environment.
The impact has been felt,
in terms of additional docu- mentation and reporting, but it’s not unexpected. Rêv has been operating under strict AML/CTF practices since inception in every market
in which we operate. Issuers are very aware of their obli- gations under their charter country’s or state’s legal AML
framework and their obligations under scheme rules. They require program managers and processors to conform to the same standards. We believe increased attention to AML prevention practices will only increase consumer (and government) confidence in these types of financial products, which should be to the benefit
of the industry as a whole.
—Rene Gonzalez,
executive vice president, Rêv Worldwide
Safe and secure payments for consumers are top of mind at Skrill. A Skrill account enables consumers to pay with just an email address and a password. Card or bank details are never revealed. When it comes to fraud and breach concerns, Skrill meets the highest stan- dards of the PCI compliance, which means our encryption
and data security make information unreadable if someone attempts to intercept it. We also have a team of security experts working 24/7 to further ensure safe transactions for millions of consumers.
—Christopher Russell,
3. 3.
—Eric Bachman,
COO, Marqeta
Vantiv is very focused on providing a comprehensive suite of tools and services enabling merchants of all sizes to manage risk, fraud, data security, compliance and financial exposure. Our solution includes point-to-point encryp- tion, tokenization, PCI compli- ance, breach assurance and EMV technologies.
—Daniela Mielke,
chief strategy and product officer, Vantiv Inc.
CEO, Skrill USA