Peer-to-peer (P2P) payment services present unique compliance obligations and risks for financial institutions and their customers. Financial institutions must comply with existing laws and private rule sets while balancing customer expectations of speed and convenience to remain competitive.

These interests must be appropriately balanced to satisfy both legal compliance obligations and customer expectations.

This presentation will explain how P2P payment services provide services, discuss the unique compliance risks associated with these services, and out-line steps financial institutions can take to mitigate these risks.What You'll Learn:Structure of P2P Payment Services

• Private Technology Interface
  
• Underlying Flow of Funds

Overview of Applicable Laws and Rules

• Electronic Fund Transfer Act
  
• P2P Network Rules
  
• Payment Method Rules
  
• Federal and State UDA(A)P Laws
  
• Banking Agency Guidance Regarding Third-Party Risk Management

Errors and Fraud

• Definitions
  
• Investigation Obligations
  
• Tension Between Investigation Obligations and Consumer Protection Interests

Risk Mitigation Strategies

• Diligence of P2P Service Providers
  
• Agreements With P2P Service Providers
  
• Agreements With Customers, Including Disclosures
  
• Policies and Procedures