The new Detect service was designed to add an extra layer of protection and control to the corporate payment workflows, including the way the payment file is scanned, and checked again against multiple customisable rules, as well as flagging any potential issues and errors, such as fraudulent transfers or duplicate payments. The product will enable finance teams to investigate in detail any potential issues before any payment runs are executed.
As fraud and other online threads represent a serious issue for UK enterprises and corporates, there exists a focus on firms actively finding effective ways to manage and combat fraudulent activities. Under the newly released corporate governance reforms, large businesses will need to produce fraud statements in their annual reports, which are set to show the ways that companies detect, prevent, and fight fraud.
According to the press release, the same reforms also focused on the overall operational risk and the way large corporates will be required to demonstrate that they have efficient and secure controls in place. Those services will need to be used successfully in order to mitigate the risk of errors in the companies’ finance processes, as well as their payment and transaction procedures.
As the risks of fraud, regardless of their size, represent a real concern for all businesses and can have a significant impact on their financial balance and health, the new product of AccessPay is set to improve the manner in which companies of all sizes take a multifaced approach towards the process of managing fraudulent activities. Furthermore, Detect will also focus on preventing errors and providing companies with the needed features to be audit-ready and to meet the regulatory laws of the region.
Detect was designed to analyse all payment types, both domestic as well as cross-border. It is fully integrated into the payment platform of AccessPay, which makes the detection of errors faster, as it represents a core step in the payment submission process.
Following this launch, AccessPay started its anti-fraud and error prevention tool series. This initiative will be released over the following months in order to improve the manner in which UK-based corporate and firms manage fraud and build operational resilience, as required by the newly released `UK Sox` corporate governance reforms.
The next products to be launched in the Fraud & Error Prevention Suite will be developed to focus on improving the way corporates approach fraud and risk management, as well as giving them the capability to catch potential issues before they grow into a problem.
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