Understanding and Onboarding Third Party Relationships

With increased focus on third-party processing relationships it’s imperative that your organization maintains a comprehensive procedure to manage these opportunities. In this session, the presenters will review and share experiences identifying and successfully onboarding Third-Party Service Provider and Third-Party Sender relationship structures. They will discuss how to recognize and distinguish between the two, the documentation requirements for each type of relationship and the risk areas that you and your organization must consider. This includes conducting due diligence, evaluating compliance requirements and documenting ongoing legal requirements to continue to meet your organization’s risk tolerance and regulatory expectations. The session will address different types of relationship and transaction structures identifying responsibility for Nacha Rules, BSA/AML, customer disputes, FDIC recordkeeping, compliance transaction monitoring, third-party payment processor opportunities and brokered deposit considerations.