Achieve Operational Resilience in Financial Services with Corporate-to-Bank integration

With the FCA and Bank of England now asking firms to review their processes to mitigate risk and strengthen their operational resilience; having the right infrastructure in place to manage your business critical processes has never been more important.

By improving operational resilience, your firm is less likely to face disruption and is better prepared for crises out of your control. This will result in streamlined processes, shorter response times and a more scalable business model.

Find out how AccessPay’s Corporate-to-Bank integration technology automates, controls and scales your finance function to create more risk-averse and adaptable finance team.

Eliminate People Risk

Firms need to account for a range of outcomes that can occur from ‘people risk’, and these can easily spiral out of control. Such risks include:

An influx in demand for finance team resource
Staff unavailability
Security breaches
Banking portal downtime

By automating these processes the number of risk considerations that can directly impact business continuity is greatly reduced. This also streamlines your payment controls.

Digitising these processes can guarantee a controlled structure for the validation and authorisation of payments. With modern emerging financial technologies like AccessPay available, manual intervention is outdated and unnecessary.

Being Audit Ready, Always

With the next finance audit just around the corner, it’s essential that finance teams take the necessary steps to being audit-ready. A failed audit can be catastrophic for firms as multiple failings can force a firm to be ordered to close.

To stay compliant, Finance teams need to track every payment made; who did it, when was it sent and who authorised it. Without an automated solution which tracks these actions, these audits can take considerable time and resources to prepare for. AccessPay tracks payment and authorisation processes automatically, which saves time and ensures a firm is always audit-ready.

Automate PRA Reports

Typically daily, and intra-day reporting is time consuming, and in some cases it’s even a full-time job. The challenge? These processes fall victim to inaccuracies and human error. These reports aren’t ‘real-time’ either which means it’s never a true picture of a firm’s financial status.

Automating such processes is not only more resilient, but you are also able to access a more accurate and reliable picture of your firm’s finances.

Supporting SYSC & FCA Audits

AccessPay’s technology supports FCA and SYSC audits by providing approved software that puts ‘adequate risk management & controls in place’ to not only reduce risk through automation but also give you improved cash visibility, all in one platform.

AccessPay enables Darlington Building Society to absorb a variety of their old processes and reflect their control environments. This would include verification of payment files and 4-eyes approval. Unlike other providers, AccessPay’s single system makes controls even easier.

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Why AccessPay?

We aid operational resilience within your finance function by digitising your banking processes. We connect your financial applications directly to the bank, automating typically manual tasks to give you better control and visibility of your finances, eliminate the risks associated with people and give you real-time access to financial data to make sure you are audit-ready and compliant for a range of reports relating to the PRA, FCA and SYSC.

Automation

Our powerful automated solution comes complete with everything your firm needs to streamline and manage your corporate banking processes, all in one place. Automation removes the unnecessary ‘people risk’ element by removing manual intervention where necessary, and giving you better control and visibility of your finances.

Trusted Tech

Our technology is trusted by some of the biggest Financial Services customers in the UK. We are also a Partner to some of the biggest global banks and fintech’s in the UK.

Better Payment Controls

Automation also improves your payment controls, everything from validation, payment approval and authentication is tracked. This helps you standardise you approval processes.

Standardised Reports

Benefit from standardised reports and real-time dashboards to access any data from the platform at any time, ensuring your firm is always audit-ready.

Consolidation

Everything you need to reduce risk in your corporate banking processes is consolidated, and easier to manage.

Industry Leading Service

We remove the complexity of change, delivering corporate banking projects with rapid speed-to-value using a proven framework. That’s exactly why our clients give us a 5 star satisfaction rating, its why 98% of our clients stay with us.

When we spoke with Barclays, they recommended AccessPay as the preferred solution. We also spoke with other insurance providers and everybody recommended you, which is highly commendable.

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FAQ's

Which payment file formats is AccessPay compatible with?

AccessPay is compatible with any payment file format due to our in-built file transformation engine; which can process any common format like CSV, Standard18 & PAIN files alongside less common formats.

Which banks does AccessPay connect to?

AccessPay can connect to any SWIFT member bank and supports direct connections to all tier 1 and 2 banks capable of supporting a host-to-host connectivity service.

We currently support host-to-host connectivity projects with Barclays, HSBC, JPMorgan, Citi, RBS, Societe Generale, Lloyds, Standard Chartered and many more.

What reports are available via AccessPay’s Payments Audit Trail tool?

The following reports can be exported to a csv or xls format:

File journey reporting – includes file-level details such as upload date, control total amounts, configuration and a timestamped user trail of key actions such as the upload, approval and validation of the file.
User Access Monitoring – details which users are logging in, when and by what method. The user can select a date range within which to review all User Access activity. For those using MFA, a secondary MFA authentication report is also available.
Admin changes report – tracks all admin-level changes made within accesspay over a given period – including changes to user access, approval workflows and entities stored within AccessPay.
User Permissions Report – perform a quick export of all your active users roles and permissions

What payment controls does AccessPay support?

Automatic upload and transformation of payment files
Automatic validation and authentication of payment files
Customisable approval workflows and strict user access management controls
Automatic file encryption and data masking
Real-time visibility over payment file statuses alerts specified users to files that require attention

For more information, visit https://accesspay.com/solutions/payment-controls/

Does AccessPay support auditing of bank statement feeds?

Yes. For financial institutions, AccessPay can receive intra-day / end-of-day statement data and produce a formatted PRA report via csv.

Transaction level reporting is also available via our Cash Management tool. This gives you the ability to execute transaction searches across different date ranges, banks, countries, amounts and entities – all data is exportable to a csv or pdf format, which means you’re able to audit all transactions across your banking estate at any point. You can even drill down in to individual transaction logs if you require proof of receipt or proof of payment at an individual transaction level.

Does AccessPay support MFA/SSO?

Yes. AccessPay supports login via both multi-factor authentication and single sign-on (SSO) and can embed into your existing system controls policies.