Mitigate Risk across your Global Banking Operations
If you’re an organization with a multi-banked finance and treasury team, chances are you’ll be looking for a way to mitigate risk across your global banking operations to support audits and better protect your financial processes from fraud and error.
We work closely with global finance teams to remove the risks associated with manual processes to futureproof and scale your global finance operations.
Make accurate financial decisions
Support auditability and compliance
Reduce monetary loss from fraud
Free up resource to focus on adding value
You log in and know exactly how much cash you have around the group. We are able to see, not just payments that have been made, but also receive confirmations back from the bank. As MT942s come in throughout the day our position is updated, so it’s a really fundamental part of managing the cash.
Karen Fagan, Head of Treasury Operations, ITV
Automating Your Processes to Reduce Risk
AccessPay ensures accurate data transfer between your back-office systems (ERP’s TMS, etc) and your banking estates, removing the risk associated with traditional, manual processes.
Our two-way connection consolidates access to payment rails and standardizes payment controls across different locations and entities, whilst supporting faster reconciliation and accurate cash reporting by delivering real-time bank statements automatically to your back-office systems.
The result? An efficient, cost-effective finance function and a happy compliance team.
The Platform
Rest easy knowing your financial messaging is both secure and accurate, regardless of your organization’s banking structure
Navigating Risk for your Global Finance Team
Lack of visibility at Group Level
Group finance and treasury functions also lack real-time cash visibility – often having to wait to receive bank statements periodically from across the group, which can lead to outdated and inaccurate data affecting the accuracy of cash reporting.
Stay audit ready
Auditors are now flagging the use of bank portals to retrieve bank statements manually as a security risk due to the increased exposure to fraudulent activity.
Automatic statement retrievals provide a secure alternative to manual input, reducing the risk of fraud and error. With daily or intra-daily retrievals, data is received in real-time, as soon as it’s made available by the banks.
This boosts confidence going in to internal/external audits as it removes the likelihood of discrepancies between what you think auditors will see and what they find.
Lack of Control over payments
Internal audits now flag manual payment processing via bank portals as a significant risk.
This method can lead to errors that aren’t flagged until a payment is made which can slow down payment runs, or in some cases even cause payment failures which could be potentially catastrophic for business continuity.
Manual process also means there is no guarantee that internal control mechanisms put in place are adhered to when payments are made across the group. This means financial security is at risk as there is no robust, consistent process for approving and making payments. If payment processes are not able to be standardised at group-level this can also have a knock on effect meaning forecasting incoming and outgoing payments is difficult.
Reduce impact of payment fraud & error with better controls
With a cloud-based payment gateway like AccessPay, manual touchpoints are eliminated from the payment process. Our single, all-encompassing platform can efficiently process any type of domestic or cross-border payments.
By employing this unified platform, payment controls can be standardized at group level which include controls such as approval processes, access controls, fraud checks and encrypted delivery of payment files.
As a result, central teams can achieve a clearer understanding of the organization’s financial outgoings and incoming Direct Debits, if applicable.
AccessPay is secure which is a big advantage to the group as it reduces the opportunity for fraud and any operational error in inputting files correctly. We have created a payment factory with many subsidiaries using the system across several countries.
Christopher Davies, Treasury Risk Manager, NSG
NSG's StoryManual file transformation
Traditional corporate banking processes often face compatibility issues between their payment files and their back-office finance applications. Finance professionals are required to perform time-consuming, manual data entry when uploading payment files, leaving their processes susceptible to fraudulent activity and errors.
The same problem occurs with bank statements; bank statement formats are not always compatible with back-office systems meaning they need to be manually uploaded, financers need to manually download statements from bank portals and edit them into the correct format.
How we help
Our file transformation engine automatically converts payment files into a bank-ready format, reducing manual intervention and ensuring compatibility. This also means that, bank statements can be automatically received from the bank and converted into a format that’s compatible with your back-office systems (ERP/TMS)’ or reconciliation tools, automatically.
The platform is compliant with the new ISO 20022 xml messaging standard too, ensuring that you are well-prepared for future changes in format.
Supporting Wider Business Objectives
Cash is king in times of economic uncertainty
Have access to your entire cash portfolio, viewable in one place.
Spend less time collating information about your money, and more time strategizing for the future.
Support Digital Transformation Strategies
Modern technology is transforming business processes across the board. We’re used to managing our personal money at the click of a button, but unlike personal banking, business banking is still catching up.
Our technology embeds into the existing eco-system of your finance function, acting as the bridge between your back-office systems and your banks. It’s scalable too, so global businesses can easily integrate as many back-office systems and banks as they want within the platform to support and scale with future growth.
Supporting Operational Resilience
Since the pandemic, emphasis has been placed on businesses to improve operational resilience. Businesses now need to account for a range of outcomes that can occur from ‘people risk’, plus digitising these processes can guarantee better payment controls too, with a controlled structure for the validation and authorisation of payments.
With the next finance audit just around the corner, it’s essential that finance teams take the necessary steps to being audit-ready. Without an automated solution which tracks these actions, these audits can take considerable time and resources to prepare for. We track payment and authorisation processes automatically, which saves time and ensures a firm is always audit-ready.
Why work with AccessPay?
More than just a platform. We’re the first and most trusted Bank Integration as a Service.
While some businesses may attempt to resolve banking challenges in-house, do-it-yourself projects can require substantial investments in both time and specialized expertise to build and maintain effectively. More on this here.
We also partner with the world’s biggest banks so our relationships and connections are tried, tested and trusted.
Our team of specialists, with backgrounds in banking, finance, and FinTech, work on designing and building innovative solutions for our clients daily.
Our goal is to build effective, future-proofed solutions that benefit our clients now and in the future.
We’re already trusted by over 1,000 businesses like yours:
