Katja Franz, Consultant, BELLIN
Treasurers know how essential secure payment processes are. However, some may struggle to establish group-wide standards. They fear breaking up long-standing structures or not finding a suitable solution that meets current and future needs. Not to mention implementation and group-wide rollout. But it needn’t be complicated – simply follow these 5 easy steps:
Step 1: Analyze the banking landscape in your group
Find out which banks your group is working with:
- With which banks do your subsidiaries hold accounts and in what currencies?
- How are these connections used? For single or bulk payments? For payroll payments? For direct debits? For domestic or international payments?
- How often is a connection used and how high is the payment volume?
- How is the payment processes structured and what types of connection are used?
- Which security measures are in place?
Step 2: Establish a group-wide, efficient concept for connectivity and banking landscape
Which combination of banks and connections is the most secure and most efficient? The answer to this question will depend on your company’s profile. Which countries do you make payments in? Which banks are the most important partners for your company? What will any of this cost your company?
EBICS, host-to-host or SWIFT? When choosing a communication channel, it often makes sense to opt for a combination of options. You should also consider if you would like to make use of this connection for anything other than payments. For example, with a connection to the global SWIFT network, you not only benefit from global payments, but also from matching and the electronic opening of letters and credit and guarantees.
Step 3: Select the right technology and the right partner
A comprehensive, integrated and group-wide banking platform best underpins secure payment processes. Opt for a web-based, multi-country, multi-bank and multi-channel system such as tm5, BELLIN’s treasury management system.
This platform meets the payment needs of the entire company. This has many advantages:
- You only need to maintain master data in one system; data is centrally accessible.
- You have one standardize workflow for all subsidiaries and central control.
- Tedious and fraud-prone manual processes are eliminated.
- You can easily automate processes and create closed process cycles.
- You benefit from clear structures and workflows as well as automation, which boosts efficiency, transparency and security.
Once you’ve selected the right system, you can tackle implementation and rollout:
Step 4: Establish payment guidelines and integrated controls
Step 5: Implement the technology and roll it out across the group
These final two steps and other valuable tips are explained in more detail in our guide “5 Steps to Secure and Reliable Payment Processes.” Download it here to find out more, here.
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