How a construction company's Treasury Manager tackled fraud and streamlined their treasury operations
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“The thing that keeps me up at night as a Treasury Manager is fraud – both internal and external.”
The Company
Founded in 1800’s, this company has always been forward thinkers. A privately-owned contracting and interior fit-out group, leaving a lasting impact in communities is at the heart of what they do. The team are also driven by a strong sense of purpose that their activities should deliver long-term societal benefits – a fact reflected in many of their ambitions, such as being a zero-carbon in operation company by 2030. To achieve these ambitious targets their Treasury Manager knows that their internal processes must play a key part. After coming across AccessPay, the company realised that becoming a partner with AccessPay would allow them to continue helping communities across the United Kingdom with increased efficiency.Find out more about what they offer here.
The Challenge
Previously, their finance team used a number of banking portals. While these processes served them well, they realised their processes wouldn’t scale with their future growth. For example, manual intervention remained a must, the ability to check every line of every report, scanning for instances of fraud and human error. Not only this, but they were also undergoing a digital transformation project, which is a major task for a large company. Put simply, the company needed a solution that was smart, simple, and secure
The Solution
AccessPay were able to be the conduit that the company needed. Prior to teaming with AccessPay, the finance team had toyed with the DIY approach. It can seem like an appealing choice, but is undone when the sheer amount of maintenance, effort and resources required becomes apparent. The Treasury Manager said, “These were changes we didn’t have the resource and in-house expertise to undertake. So it made sense for AccessPay to solve the problem for us.” He’s right – every bank has its own intricacies that can make DIY solutions a nightmare. Not to mention, issues such as handling file transformation are an added headache that Embedded Corporate Banking can solve for businesses.The Results
Their primary worry was security – an important consideration when banking operations scale up in size. “The thing that keeps me up at night as a Treasury Manager is fraud – both internal and external”, he elaborates. Thankfully, they now benefit from vastly increased payment visibility, meaning that there’s no longer a need to manually check each report or retrieve statements. Not only this, but the added convenience means they can focus on more mission-critical tasks, too. The AccessPay solution now means that their payment approvers now have a single location to go to for all their payments, no matter the file type. With an enhanced system to deal with security concerns and provide a solution for manual processes, the company knows their business won’t be constrained by dated banking processes.