Nacha survey shows need for better automation of AP operations and fraud controls
A survey by Nacha and Blueflame Consulting and Research found that accounts payable (AP) operations face challenges collecting, verifying and maintaining data, which is adding costs and increasing fraud exposure.
The survey, which coupled a questionnaire with in-depth interviews of businesses, banks and payment providers, found that a robust vendor master is vital to achieving payment efficiencies and mitigating fraud risk for AP operations. In response, the industry is calling for better automation of these processes, and the research shows that a tool like Nacha's Phixius is critical to answering that call.
Responses related to vendor onboarding also cite difficulties with tracking new vendor requirements, which can require system and reporting re-configurations, and confirming vendor information changes. In particular, validating vendor bank account change notifications, a key control for mitigating fraud, is manually intensive.
Additionally, respondents shared that they faced increasing fraud attempts aimed at compromising the AP processes. While current fraud tools are helpful, there is no systematic or automated option for accomplishing this. With these challenges in mind, survey respondents said they want help with the collection, verification and validation of vendor information.
Shanghai Pudong Development Bank develops treasury services in Hong Kong
Shanghai Pudong Development Bank (SPD Bank) has gone live with Finastra’s treasury solution, Fusion Summit, in Hong Kong. With Fusion Summit’s features, SPD Bank will be able to develop a broader and more sophisticated set of treasury services, helping it to grow its business in region even faster.
In recent years, SPD Bank has experienced steady growth in its treasury banking operations in Hong Kong. To facilitate further expansion in this line of business, SPD Bank’s strategic plan sees it developing a new range of treasury services and strengthening risk management.
“Our treasury banking operations in Hong Kong have experienced steady growth, but while our existing treasury solution enabled us to provide responsive customer service, its limited performance and risk management capabilities slowed our ability to expand and innovate,” said Zhang Hairong, senior technical director of Development and IT at SPD Bank. “Fusion Summit addresses these issues and enables enhanced monitoring of our treasury business, better operational efficiency, as well as the tools to offer more varied services for our clients.”
Fusion Summit offers detailed reporting that helps SPD Bank to manage its treasury business in real time. The solution also facilitates simple integration with different systems, enabling the bank to increase its operational efficiency across multiple business lines. The solution offers improved straight-through processing (STP), which provides customers with increased convenience by increasing trade processing capacity and accelerating the speed of trading.
Mastercard, Bosch Group and BP named world champions of startup-corporate collaboration
50 companies have been named Corporate Start Up Stars during an award ceremony hosted by Mind the Bridge and the International Chamber of Commerce (ICC). For the fifth year running, startups were asked to nominate corporates most active in open innovation, as part of the Corporate Startup Stars Awards, an annual prize launched under the European Commission’s Startup Europe Partnership initiative in 2016 in recognition of the world’s most active corporates working with startups and identifying worldwide best practices in corporate-startup collaboration.
This year the nomination process went global thanks to a partnership consolidated between Mind the Bridge and ICC earlier this year. Mastercard was overall winner, followed by Bosch and BP, from the ranking unveiled during this evening’s an all-digital Award Ceremony opened by Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, and Cédric O French Secretary of State for the Digital Economy.
In total, 50 companies from all over the world have been recognized through the Awards: 25 as Global Corporate Startup Stars and 25 as Global Open Innovation Challengers. Along with Mastercard, Bosch Group and BP, companies named in the Top 25 Corporate Startup Stars in 2020 are: ABB, AB InBev, Autodesk, BBVA, BNP Paribas, BNY Mellon, Enel, ENGIE, Hewlett Packard Enterprise, HSBC, Iberdrola, KPN, NESTLÉ, PepsiCo, Samsung, SAP, Schneider Electric, Shell, Siemens, Sodexo, Telefónica and Vodafone.
The 25 companies awarded in the “Open Innovation Challengers” category are: ACCIONA, Amadeus IT Group, American Family Insurance, Banco Bradesco, BOE Technology Group, BOUYGUES, CEMEX, Companhia Siderúrgica Nacional (CSN), Credicorp, DCP Midstream, Delta Air Lines, EDP, Enagás, Eni, Ferrovial, Grupo Bolívar, Grupo SURA, OCP Group, Orange, OTP Bank, Pfizer, Rabobank, Suzano, Zebra Technologies Corporation and Zurich Insurance.
"Innovation in challenging times is more vital than ever," commented John Denton, secretary general of the ICC. "While these pioneering companies are playing a leading role in their respective ecosystem, they are also having an impact internationally. Showcasing success stories and recognising the best-in-class efforts through these awards contributes to a virtuous cycle of positive influence that helps stimulate corporate-startup growth and collaboration globally.”
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