Legislation, Regulations, Audit, Industry Standards
Government’s Need to Stem Improper Payments Mirrors Banking Industry’s Need for Same
Jul 23rd
Improper payments have been a worsening hemorrhage for the Federal government for longer than a decade. Passage of the Improper Payment Information Act of 2002 was an early signal that the costs were headed even higher. Targeting a $110 billion source of government waste makes sense. Signed into effect by President Obama yesterday the Improper Payments Elimination and Recovery Act targets deficit reduction by ending wasteful spending resulting from payments made in the wrong amount, to the wrong person, or for the wrong reason.
It is equally important that banks and payment processors look at the costs and risks created by the financial system’s own “improper payments” dilemma presented by the marked increase in exception items within the payment stream. By this, I mean that there has been a notable increase in the level of fraud and systemic error in the payment processing environment as a whole. We talk about it all the time with our customers. Our primary focus as a company is to identify and resolve these issues. (CONIX issued a news release expressing its position on improper payments yesterday, read the release at http://www.conixsystems.com/News/pr_InappropriatePaymentsr.asp.
Frank Stokes of CONIX featured in American Banker
Jun 7th
Frank Stokes, CONIX Systems’ President of Technology, was recently featured in American Banker’s Viewpoint to discuss the risk management of remote deposit capture and image exchange. Stokes discusses the need for earlier identification and resolution of exceptions.
