Many banks and credit unions hesitate to modernize their payment infrastructure, not because they don't see the need - but because they don't see immediate ROI.
Payment fraud (i.e. unauthorized or deceptive use of stolen payment information to obtain money, goods, or services) remains a major challenge for financial institutions.
"We want to put banks in the risk management driver's seat," says Sima Gandhi, co-founder of the Council for Fintech Ecosystem Standards, which has worked with a group of fintechs to create risk and compliance standards banks can use to evaluate their fintech partners.
