Payment Fraud is one of the biggest threats to a treasurers' reputation and career path in an organization. One of the most common ways to reduce payment fraud is to reduce human intervention and to increase the levels of automation in payment structures. However, a recent PwC study of Global Corporate Treasurers shows that 89% of all survey respondents still use spreadsheets to collect data and analyse projected cash flows.
This is an example of one of the many treasury process that is still managed manually, increase the chances of fraud and error. There are two ways to lower the risk of payment fraud in payment processing:
- Increase the level of Straight Through Processing
- Implement a Payment Hub
Higher level of Straight Through Processing
Corporates sometimes have hundreds of banking relationships and thousands of bank accounts, all managed manually on spreadsheets. Redesigning these treasury processes based on STP creates an integrated treasury workflow that streamlines processes effectively and provides treasurers with timely access to financial information. No more manual entries, no more errors.
Implementing a Payment Hub
A centralized payments platform combats payment fraud while also ensuring treasurers of having the money they need to manage day-to-day business obligations.
Some key benefits include:
- Centralized monitoring and control
- Flexibility and efficiency in payments
- Reduced banking costs
- Global Visibility
- Easy access and more transparency
Would you like to learn more about how a Corporate Payment Hub combats Payment Fraud?