Insights by Nitor

Eliminating the Pain from Payments with a Treasury Management Solution

Posted by James Wilson on May 23, 2018 9:53:34 AM

Treasury professionals who manage cash are faced with many challenges, especially if they have not invested in a modern solution to help centralize their payments operations. These challenges are amplified when considering the recent escalation in payments fraud. More than three-quarters (78 percent) of organizations admitted that their payments operations were targeted by fraudsters last year, according to the Association for Financial Professionals (AFP’s) 2018 Payments Fraud Survey. Companies using disparate payment systems, applying inconsistent controls, and adopting manual payment policies, rather than digitized policies were more likely to have experienced loss from fraud, according to the survey. Furthermore, AFP’s research found that business email compromise (BEC) has become a very significant fraud threat, with 77 percent of organizations experiencing it in 2017.

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Topics: treasury management

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