Securing and Optimizing Decentralized Payments Operations
Empowering a Large International Engineering Group
When a large international engineering group in Sweden wanted to decentralize its payments operations, partnering with FIS proved to be a fortuitous decision. With operations in 150 countries and 40,000 employees, solving the firm’s payments puzzle clearly needed an expert with a proven track record in the payments world.
Historically for the group, payments were largely handled in a decentralized and manual manner by local teams on e-banking portals. Facing elevated fraud risks this way, the treasury team received a red card from an internal audit, so they knew changes needed to be made.
The client was also facing high costs as many external consultants and IT staff were engaged for maintenance and customization of payments in ERP’s. Therefore they to realize efficiencies and establish controls for fraud prevention and risk mitigation by introducing a central payment hub.
The FIS team successfully transitioned the firm from its legacy, largely manual payments system to the FIS Payment Hub Quantum Edition. The solution enables efficiencies through centralization and standardization, allowing you to control of your processes. It also increases visibility on payments, cash, and risk for more effective and timely decisions. The FIS Payment Hub Quantum Edition is deployed and supported by experienced staff through proven processes. It is available in the cloud and fully scalable to your needs.
At a Glance
OBJECTIVEThe client’s goal was to introduce a central payment hub to control costs, enable flexibility and visibility and improve internal controls.
RESULTSThe functionality of FIS Payment Hub far exceeded the group’s existing solutions in automation and reporting. Many savings were realized due to efficiency gains in daily payment and treasury processing.
IT staffing costs were reduced significantly, and maintenance was greatly simplified. Treasury established systematic, best in class preventative controls for fraud prevention and risk mitigation, as well.