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A series of bank failures in 2023 prompted bank management teams, boards, and regulatory agencies to ramp up regulatory standards of treasury risk management practices within financial institutions. Traditionally, small to midsize banks operate under less regulatory scrutiny compared to their colossal counterparts. However, these recent seismic shifts in the industry have flipped the script.…

What you need to know about Basel III Endgame Q&A with Heitmeyer’s Senior Director Advisory & Consulting Service, Robin Collins. Give us a quick rundown on your experience. I worked in about every area banking you can think of for 35 years. Some of my favorite areas would be leading teams in lending, engineering, project…

In a landmark decision that sent ripples through the financial services industry, Visa and Mastercard have reached a settlement with merchants to reduce interchange fees, also known as swipe fees. These fees are charged to merchants by banks for the privilege of accepting credit card payments and are a significant revenue source for financial institutions.…

Clarity and Consolidation Create Opportunity A singular, consolidated platform for all types of payments is no longer a pipe dream, but a reality. Banks and institutions, including the Federal Reserve, have been implementing payments hub solutions to increase their speed and efficiency, reduce costs, and adapt to customer demands and preferences. With a 360-degree view…

FedNow is a groundbreaking initiative by the Federal Reserve designed to revolutionize the U.S. payment system and reshape the way payments are processed. Allowing for real-time 24/7 transactions that enhance speed, efficiency, and accessibility, banks who understand FedNow’s intricacies can strategically position themselves to adapt to the changing payments landscape and unlock new avenues for…

We all witnessed the seismic shifts that rocked the banking industry in 2023, with multiple banks collapsing within a matter of weeks of each other. This shift was largely due to regulatory standards being rigorously enforced, leaving no financial institution untouched. And as we step into 2024, one thing remains crystal clear: Intense banking regulations…

The banking sector has undergone significant shifts in recent years, prompted by changes driven by the COVID-19 pandemic—and how customers’ wants, needs, and expectations intensified in response. Four years later, banks are still trying to strike the perfect balance for their customers who demand both digital convenience and more traditional, in-person banking services.  One thing’s…

Welcome to the second installment of our series, The Journey to Modernization, where we’ll look at four key drivers of banking’s profound evolution. Gone are the days of conventional banking practices, as the sector grapples with a confluence of forces that have ushered in a new era of transformation. From the advent of disruptive digital…

Welcome to the first installment in Heitmeyer’s newest series, The Journey to Modernization, where we’ll explore the many topics surrounding core banking transformation. As we venture into a new era of banking, characterized by rapid technological advances and changing customer expectations, financial institutions have no option but to adapt and innovate. One key aspect of…

In June 2022, the Federal Reserve Board announced the final timeline and implementation details for the adoption of a new Funds Service message format: ISO 20022.  As you may know, ISO 20022 is a universal financial industry messaging scheme that provides a platform for the development of standardized message schemas for transactions, including payments, securities, trade services,…