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Sponsored by Lorman Education
Product ID: 406551EAU
 
Credit & Course Provided by:

Bank Regulatory Concerns with Peer-To-Peer (P2P) Payment Services: Zelle, Venmo and other Applications

OnDemand Webinar (89 minutes)

Gain insight into key regulatory issues within the different P2P services with regard to bank operations and potential bank liability.This topic will provide an overview of major person-to-person (P2P) payment services currently available in the marketplace, including bank-partner P2P services (Zelle, PopMoney) as well as standalone P2P services (Venmo and Google Pay) that still create transactions to accounts. You will learn about key regulatory issues and also discuss issues of error and fraud resolution within the different P2P services with regard to bank operations and potential bank liability. Finally, this information will highlight some key contractual provisions in bank-partner P2P services, and will discuss the potential impacts of real-time payments on P2P services.

Authors

Erin Fonte, Hunton Andrews Kurth LLP

Agenda

Overview of Major P2P Payment Services

• Zelle

• Popmoney (Fiserv)

• Google Pay

• Venmo (Paypal)

Regulatory Issues and Considerations

• Banking Regulations and Money Transfer Regulations

• Electronic Funds Transfer (EFT) Act and Regulation E

• UDAP (FTC) and UDAAP (CFPB) Issues

• CFPB Prepaid Rule and Application to P2P Platforms

• BSA/AML and OFAC Considerations

Fraud Issues and Considerations

• Error Resolution

• Unauthorized or Fraudulent Transaction Resolution

• Future of P2P and Real-Time Payments

Contractual Considerations for Direct Bank Partner P2P Services

• Complaint and Data Sharing

• Marketing