The Kyriba sponsored AFP 2018 Payments Fraud Survey showed that 70% of respondents are much more worried about fraud than a year ago. Their concerns are shown by their responses to the question of what would make your global payment processes more secure:

Source & Copyright©2019 - Kyriba

Keys for more efficient payments

The survey showed that respondents thought that the key places for improvements in payment processing were:

Source & Copyright©2019 - Kyriba 

Recommendations

No wonder the CFO and senior executives are advising that companies should:

• Implement real-time payment screening and detection capabilities
• Invest in systems and processes that boost payments security and efficiency by providing complete visibility into payments, including information about their timing, amount, and transaction status
• Implement standardised global payment workflows and controls throughout
• Have all global payment users working off the same system, such as a centralised cloud-based payments hub
• Integrate global payment systems with cash management and working capital solutions, and with the company’s ERP system
• Look out for new developments real-time payments, APIs, machine learning, and reporting process automation to further improve your payments processing efficiency and security.

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CTMfile take: It is simple really: integrate and standardise all your payment processes and use real-time wherever possible.