Payment automation and fraud prevention – act now or risk getting left behind

No one can tell what the future holds, and the future of payments is no exception. However, the biggest developments in the payments sector over the past 12 months are a good indicator for what companies and banks will need to address in the coming months and years. Digitisation, fast payments, fraud, blockchain and regulations such as PSD2 are certainly key developments that significantly influence how companies and banks manage payments today and in the future.

Generally there is a desire for more automation of finance processes, according to a recent survey by Serrala. Over 98 per cent of global finance leaders cited “increasing automation” as their top priority. While respondents noted that digitisation and innovation are essential for companies to stay ahead, only 9 percent of organisations have fully automated their processing of inbound and outbound payments. This leaves a huge amount of efficiency (and savings) yet to be realised.

Why, if the majority of financial leaders see automation as vital, are they not automating? There isn’t one glaring reason companies are slow to automate, rather many combined ones – large investment costs, legacy IT and a lack of time, to name a few. However, with an increase in technology adoption for cloud, robotic process automation (RPA), mobile and blockchain there’s an opportunity for organisations to make their payments more secure, cost-efficient and transparent right now.

At the centre of the need for increased financial automation is the persistent and heightened risk of fraud. According to an AFP survey from 2017, 78 per cent of companies are affected by fraud. As a leading provider of secure and efficient payment solutions and services, including automated fraud monitoring, embargo and sanction screening, Serrala offers its customers a complete ecosystem of inbound and outbound payments that provide security, central control and compliance at every step in the value chain. Besides such fraud checks, automated end-to-end processes and thorough user rights management are vital for ensuring maximum security, as Serrala’s experience from over 2,500 customer projects shows. The fewer touchpoints the inbound and outbound payment processes have, the easier it is to reduce the risk of fraud and to achieve greater efficiency at the same time.

Dedicated solutions for efficiency, transparency, compliance and fraud prevention

Serrala offers integrated solutions that enable the automation and fraud prevention organisations need worldwide for their universe of payments. The broad range of technical deployment options of these solutions give companies the flexibility and cost-efficiency they need, and they can be hosted on-premises or in a private cloud. Additionally, supplementary managed services make it a unique and holistic offering and take away the manual burden from finance and treasury departments. Whatever the underlying enterprise system (SAP or multiple ERP), companies can automate their payment processes with intelligent robotic automation features, machine learning and embedded artificial intelligence. Serrala answers the industry’s need to deliver a fully automated, end-to-end payments solution at a time when automation is highly valued but not widely adopted and fraud continues to be a mounting issue for financial professionals globally.

by Sven Lindemann, CEO, Serrala


Get our latest features in your inbox

Join our community of business leaders