FIS Modern Banking Platform
Advance your bank with a modern core platform.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
FIS Modern Banking Platform
Advance your bank with a modern core platform.
Data Restore
Protection from disaster.
Code Connect
The power of APIs with the scale of FIS.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
FIS Private Capital Suite
Data Exchange Solutions.
IFRS17
The right strategy for transformation.
Commercial Lending
Speed up the decision process.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
February 02, 2018
Surprisingly, bank account management processes have not evolved for many corporations. FIS released a new market report titled “Bank Account Management Report: Complex, Manual Processes Leading to Increased Payment Fraud Risks and High Costs,” which surveyed more than 200 corporate treasury professionals across the globe that reveals some of the challenges corporate treasury professionals still face, including:
With such complexity, manual processes and a lack of standardization, it is not surprising that many organizations have difficulty keeping track of all of their bank accounts, which means they also have difficulty monitoring and controlling account access rights and permissions to open and close bank accounts. This control gap exposes a company to fraud and makes audits more difficult. Let’s take an example. Imagine a company has an employee who is a signatory on bank accounts. That person leaves the organization. Because the company has manual bank account management processes, the treasury professional overseeing the bank account management function doesn’t find out until a month later that the person left and that the former employee still has signatory authority on those accounts with the bank. During that month, the former employee empties those bank accounts and commits fraud. This could have been avoided with the right technology in place.
By centralizing bank account management processes into a single, bank account management solution that automates and provides a workflow-based application with optional connectivity to facilitate electronic bank communications, companies can reduce their fraud risks and costs. This enables treasury professionals to introduce standard workflows for opening, closing and maintaining bank accounts, eliminating the need to spend the day filling out forms, calling local staff and banks, hunting down missing information, and chasing unexecuted tasks. A bank account management solution can also help companies automatically maintain supporting documentation, correspondence and electronic messages and deliver them via SWIFT or directly to banking partners. Further, it provides reporting capabilities to help comply with regulations requirements like FBAR reporting (FINCEN 114s) and efficiency surrounding the audit process.
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