Remote Deposit Capture (RDC): Rules and Regulations - Legal and Compliance Requirements
Speaker: Donna K Olheiser, AAP
Speaker Designation: VP of Education & Founder, Dynamic Mastership
Speaker: Donna K Olheiser, AAP
Speaker Designation: VP of Education & Founder, Dynamic Mastership
Remote Deposit Capture (RDC), just like other payment collection systems has guidance, laws, and rules that are required for a financial institution to utilize to help mitigate the risks involved and ensure compliance with its RDC Program.
It is suggested that financial institutions regularly produce internal reports on the status of their RDC service. Financial institutions and their customers are legally obligated to comply with laws and regulations implemented to help prevent and detect money laundering and international terrorist financing.
This payments webinar will cover FFIEC Guidance on remote deposit capture which includes all types of RDC (i.e., merchant, mobile, ATM etc.)
This RDC compliance training will take attendees through a comprehensive review of rules and regulations.
Although RDC offers considerable benefits to financial institutions and their customers, the service is not without risks. The FFIEC guidance covers several issues that require management attention. Included in this session will include FFIEC Guidance, Regulation J, Check 21, RDC mobile and commercial agreements, the participants and roles of NACHA, ECCHO, and participants in the RDC chain.
Remote Deposit Capture is based on a set of rules, regulations, and legal agreements that define the parties' warranties, responsibilities, and liabilities. Understanding how they work is critical to your organization's ability to reduce Remote Deposit Capture risk.
As things evolve, there are new ways to capture the data of checks and invoices (RDC 2.0) will be discussed.
Attendees will also see scenarios where lessons can be learned with the implementation of Regulation CC regarding the challenges of implementation, remaining issues/opportunities, and best business practices for ensuring compliance with Regulation CC.
Remote Deposit Capture (RDC) is a product available for years for financial institutions to offer to their account holders (business and consumer), as an easy and convenient way to make deposits and even in some cases make payments. There are laws, regulations and rules surrounding this process that users of the RDC product should know. This session will cover those details. As times change, so does RDC, it is evolving and where advances have been made in the RDC space (RDC 2.0 is the term used) – this information will be outlined with the process involved and benefits, included will be what that means for the user of this product.
This webinar will take attendees through a comprehensive review of the following about RDC:
Remote Deposit Capture (RDC) offers significant benefits, but it requires strict adherence to legal and regulatory frameworks to protect against risks like fraud, data breaches, and non-compliance with AML regulations. Financial institutions must ensure that both they and their customers follow established rules to maintain the security and integrity of the service.
Donna founded Dynamic Mastership, LLC in December 2014 in an effort to utilize her 24+ years’ experience in the financial services industry, by sharing her passion for training financial institutions and organizations on the Rules and processes for electronic payments (with her specialty being ACH payments). She holds the Accredited ACH Professional (AAP) designation (achieved in 2004). Donna’s experience before founding Dynamic Mastership, includes 9 years' serving as the Education Service Director at a Regional Payments Association (RPA), where she managed and facilitated the entire Education program for nearly 800 financial institution members. Prior to that, Donna spent 14 years with the Federal Reserve Bank of Minneapolis in various departments, where she started her training career as the Training and Development Specialist in 2003.
Donna is a certified Master Trainer who continually uses her extensive knowledge, experience, enthusiasm and passion for transferring payment processing details, while using the adult learning theory is remarkable! Her training style has helped many payment professionals remain consistently informed of the NEW and ever-changing NACHA Operating Rules and explaining how the Rules apply when performing daily operational tasks including complex return and exception processing. She incorporates scenarios and examples in her detailed training, so the Rules are easy to comprehend and apply to real-life day-to-day ACH processing. Donna's ability to engage the learner through the entire training event helps the adult learner apply what they've learned during and after each training session.
