Session Description:

As the complexity of money movement increases, a challenge that often comes up with Third-Party Senders is a need for more understanding of the nature of those business types. While we may think of Third-Party Senders, Money Transmitters, and Money Service Businesses (MSBs) as the same, that is not always the case. However, a financial institution needs to recognize the various types of third parties and be able to navigate through its obligations subject to business classification. Different state laws may also affect how you classify these types of businesses. At NEACH Payments Group, we help clients navigate these challenges. In this session, we will explore the nature and characteristics of various third-party senders. The onboarding, vetting, and identifying process will be addressed, and attendees will gain a solid understanding of applicable ACH-related requirements and balance the equation by exploring what money transmitters, MSBs, and FBO accounts are and the possible implications of banking these types of parties. Join us for a thought-provoking discussion that should help you refine your third-party identification processes.

Speaker(s):

Mark Dixon, AAP, APRP, NCP, NEACH Payments Group

Mark Dixon is the Vice President of Education at NEACH and an Advisor for its subsidiary, NEACH Payments Group (NPG). He is based in Peyton, CO, and is primarily focused on developing and refining NEACH’s educational offerings as well as serving as an instructor for delivering education.

Mark is a futurist and strategist with a passion for technology, strategy, and innovation as they relate to the ever-evolving payment landscape. As an Advisor of NEACH Payments Group, he imparts his knowledge to help financial institutions, corporations, and vendors solve operational and regulatory challenges, manage risk, and drive financial and business improvement through a suite of audit, risk management, and consulting services.

Mark has worked for multiple financial institutions, including banks, credit unions, bank holding companies, and two Payment Associations (Wespay and NEACH). Having served in capacities such as sales, consulting, education, operations, electronic banking, and IT operations, Mark has a wide breadth of knowledge and experience.

Mark completed his MBA and Bachelor of Business Administration degrees from Southern New Hampshire University, where he concentrated on the study of Business Intelligence, Organizational Leadership, and Information Technology. He is currently working on a Doctor of Business Administration program at Capella University, where he is focused on Strategy and Innovation in business. He also serves as a business core part-time adjunct instructor for Southern New Hampshire University.

Mark has been certified by Nacha as an Accredited ACH Professional since 2015 and an Accredited Payments Risk Professional since 2019. He was certified by ECCHO as a National Check Professional (NCP) in 2018 and is a Certified Trainer for the National Check Professional Certification Exam.

 

Sean Carter AAP, NCP, NEACH Payments Group

Sean Carter is the President and CEO of NEACH and its subsidiary, NEACH Payments Group (NPG). He is based in Burlington, MA, and is committed to strategic and innovative advancements in both payments and people. He adheres to the philosophy that innovation is simply about greater efficiency and improving the end-user experience.

As the President and CEO of NEACH Payments Group, Sean serves the industry at a personalized, one-on-one level. Specifically, he helps financial institutions, corporations, and vendors solve operational and regulatory challenges, manage risk, and drive financial and business improvement through a suite of audit, risk management, and consulting services.

Sean is a frequent speaker on payments topics at events and key forums across the country. He has spoken at national conferences including Nacha Payments; The Association for Financial Professionals; TRANSACT Connect, and CNP Summit, as well as many other regional gatherings.

With his focus on supporting the industry and shaping the future of payments, Sean has participated in a number of groups, including: the Fed Payments Improvement Security Group, Nacha’s Rules and Operations Group, Nacha’s Risk Management Advisory Group (RMAG), and the Center for Payments.

Sean has been certified by Nacha as an Accredited ACH Professional since 1999 and was reaccredited in 2004 and 2009.