The PATH to Success: ISO 20022 Bulletin Starting Again, Call-in Wire Codes Issued in May, and Compliance Corner

April 2025

Bankers' Bank of Kansas will be closed on Monday, May 26, 2025, in observance of Memorial Day. We will reopen for business on Tuesday, May 27.

As you prepare for audits and exams - don't forget that you can request audit packets and find Vendor Due Diligence on our website at www.bbok.com.

Instant Payments

Recently, the Faster Payment Council finalized their 2025 Barometer. Check some interesting facts about faster payments:

84% of financial institutions consider faster payments essential.
54% of e-commerce businesses are utilizing faster payments.
51% are adopting faster payments at the point of sale.
There has been a 193% increase in FedNow® Service adoption.
RTP adoption has risen by 117%.

As instant payments continue to expand and establish within institutions, are you ready to start your path toward providing instant payment solutions for your customers?

While we still provide specialized core instant payment roundtables and occasional general sessions, feel free to reach out for a one-on-one conversation about instant payments by sending a request to path@bbok.com.

ISO 20022

The compliance deadline for the ISO 20022 standard has been extended from March 10, 2025, to July 14, 2025.

We will begin sending our weekly ISO 20022 Bulletins in May to help you and your team prepare for the adoption date of July 14, 2025. Additionally, you can access all our resources, including our ISO 20022 Bulletins, webinar recordings, and training videos, on our ISO 20022 Resources webpage to assist you and your staff in getting ready.

We encourage you to take advantage of the date extension and ensure that your vendors and core are ready to comply with the ISO 20022 standard by the effective date of July 14. While we at BBOK are prepared, we cannot go live with the ISO 20022 standards until the Federal Reserve implements the change on July 14.

Our team at Bankers' Bank of Kansas would be happy to

speak with you about instant payments or ISO 20022.

For questions regarding ISO 20022, please visit the ISO 20022 Resources page at BBOK.com or email us at path@bbok.com.

For questions related to instant payments, please contact either of our

Vice President - Relationship Managers, or email us at path@bbok.com:

Bryan Blundell

Vice President - Relationship Manager

direct 316.681.9213 | mobile 316.218.2129

office 316.681.2265 | bblundell@bbok.com

Matt Allred

Vice President - Relationship Manager

direct 316.681.9248 | mobile 316.833.2841

office 316.681.2265 | mallred@bbok.com

New Call-in Wire Codes Issued End of May

Update your call-in wire users now! Be on the lookout for two emails at the end of May:

The first, unencrypted, will notify you of the new call-in wire.
The second, encrypted, will contain your call-in wire code.

The encrypted email will have your call-in wire code - SAVE AND STORE THIS CODE SECURELY. Bankers' Bank of Kansas won't process call-in wires without a valid call-in wire code, ensuring fraud protection for both parties. Make sure to update your authorized call-in wire users and watch for the emails at the end of May. If you have questions or need assistance, please contact path@bbok.com.

COMPLIANCE CORNER

Anomaly Detection: check the box or fraud tool?

How are you using anomaly detection in PATH? Are you checking the box by entering your initials? Are you keying in “approved by so-and-so”? Or are you using it as a fraud tool?

Type in “fraud statistics” in any search engine and the results are staggering. In previous compliance corners I have highlighted disaster related scams, timeshare fraud, and deep fakes. We have all seen our customers fall for romance scams, check fraud, work from home opportunities, and many more.

IN THE KNOW

Stay up to date on all things happening in the Cash Management department at BBOK!

Bank Staff Changes

BBOK has your bank's Authorized Signature card on file. If you have had recent bank staff changes for individuals listed on these files, please contact rwalcher@bbok.com to review if new Authorized Signature cards are needed.

The PATH to Success Newsletter - We Want Your Feedback!

We have been sending this newsletter for more than a year and would love to hear your thoughts on our performance. Please send us your feedback to path@bbok.com and let us know if the newsletter is valuable to you. If you find value in the information, we welcome your compliments. Similarly, if you have suggestions for improvement, we would greatly appreciate your input to enhance the newsletter’s benefit for you. Thank you!

Upcoming Events

Webinar