One of the priorities for finance departments is to ensure absolute control of all processes. In recent times, security attacks have been growing at a very high rate.
More than 80% of companies report having been exposed to cyber-attack risks in the last year and a large number of them have reported security incidents. Of these, only 15% claim to be sufficiently protected against this type of risk.
How to improve the security of payment processes and minimize the risk of fraud
The definition of internal procedures and the adoption of best practices in payment management, the implementation of audit and control mechanisms and the selection of specialized tools will allow you to improve the efficiency and security of your payment processes.
The main measures to be taken include: comprehensive and enforceable payment policies and standards; integrated fraud protection and detection procedures; automated and digitized payment processes; and implementation of an enterprise-wide solution for authorizing and sending payments to banks.
What technological tools do I need to achieve this?
Technological solutions are key to the secure management of payments and collections. They must provide certain important features:
- Respond to the needs of simplicity, security, efficiency and control.
- Definition of a system of approvals and signatures, accessible from web or mobile that allows you to define a secure workflow for approvals of payment and collection files adapted to your needs.
- Use a single payment channel with all your banks, minimizing access to multiple banking websites.
- To have audit and control mechanisms in place.
What are the advantages of a payment and collection authorization and signature solution with bank connectivity?
The implementation of a single channel for signing and transmitting payments increases security and efficiency, minimizes the risk of fraud, reduces manual errors, facilitates standardization, and facilitates the control and detection of improper transactions through reconciliation. If you are not yet familiar with the Sage XRT solution, learn more about what it can do for your receivables and payments security.
