Online Safety Community

Understanding and handling payment issues

A financial organization, or an organization involved in any business for that matter, faces the prospect of receiving duplicate, fraudulent or late payments. These are the typical payment issues an organization is likely to face at some point of time in its business.

Payment issues are something almost no organization is likely to be free from. Duplicate invoice payments, just one of the payment issues an organization is likely to face, account for losses of something like $100 million over a three-year period just for medium sized organizations. The amount is likely to be several times higher for large companies and those in the public sector, which most likely deal with billions of dollars in transactions.

Payment issues have their implications

The consequence of payment issues, be they duplicate, fraudulent or late payments, is whopping. It is likely to lead to business losses, because late payments, for instance, hinder investment into other productive activities by businesses. Although there are a number of sources at which payment issues can happen; it usually takes an organization quite a while to detect any payment issue, which could be duplicate, fraudulent or late payments. It also takes herculean efforts at times to get to the bottom of the payment issues.

Payment issues can happen due to a number of reasons

There is any number of reasons for which payment issues could arise. Manual data entry and processing, possible overlooking of characters while entering Accounts Payable (AP) or by Automated Clearinghouses (ACH) processors, oversights by manual checks and overlapping or duplication of payments while making payments from varied sources are just some of the reasons for which payment issues can occur with businesses.

Although the Sarbanes Oxley (SOX) Act has put in a number of checks and balances into the payment aspect of corporations; there are still a good number of loopholes that need to be e plugged if payment issues have to be addressed. How do organizations, especially those in finance, mitigate payment issues? What steps do they need to take to understand the regulations set out by the SOX Act, or take their own measures to prevent payment issues arising out of duplicate, fraudulent or late payments?

Learn the aspects of payment issues at a learning session

All these will be addressed at a very valuable learning session on this topic. The webinar, being organized by Compliance4All, a leading provider of professional trainings for all the areas of regulatory compliance, will have Ray Graber as speaker.

Ray is a senior BFSI professional who brings a deep and thorough understanding of banking, technology, and finance. To hear from him on how to understand and address payment issues such as duplicate, fraudulent or late payments; just register for this webinar by logging on to http://www.compliance4all.com/control/w_product/~product_id=501138?...

Insights for understanding payment issues

At this webinar, Ray will help participants understand how to foresee payments issues and strategize solutions. He will offer suggestions about how to put risk management plans in place to do this. The suggestions Ray will offer at this webinar will help participants from banks and corporations to get a clearer understanding of each other’s concerns and constraints, and ways of addressing them.

This session will arm them with the tools necessary for accurately auditing their existent processes and limit the potential for fraud. He will teach them how to understand the settlement process, which is part of the banking business. In other words, attending this session will equip participants with the insight needed for understanding payment issues and tackle them in relation to duplicate, fraudulent or late payments.

At this session, Ray will cover the following areas:

o  Payment System Risk Policy

o  FFIEC Action Summary for Retail Payments

o  Areas of Risk

o  Risk Assessment Activities

o  People, Processes, and Products

o  Is there an optimal organizational structure/for managing payments strategy?

o  Are there best practices that apply to my institution?

o  What are the hurdles in establishing an organization focused on the payments business?

o  Are there common pitfalls?

http://www.infor.com/content/whitepapers/detecting-prev-dup-invoice...

Views: 19

Comment

You need to be a member of Online Safety Community to add comments!

Join Online Safety Community

Take our poll!

Take our poll!

Latest Activity

Adam Fleaming posted a blog post

Webinar Calendar of Upcoming Courses - May to Jun 2017

Below is the event description content:Compliance4All webinars are just what professionals in the regulatorycompliance areas need for scaling up in their careers. With a collection ofthe most erudite experts on regulatory compliance being available at a clickin the comfort of your preferred location; regulatory compliance could notget any simpler and effective! Compliance4All’s experts help you unravel all the knowledge you need in allthe areas of regulatory compliance. They help professionals…See More
3 hours ago
Roger Steven posted a blog post

Understanding CARC and RARC

A Claim Adjustment Reason Code (CARC) is a code used in medical billing to communicate a change or an adjustment in payment. CARCs have to be used to communicate why there was a difference between the amount paid in a claim or service line and the amount that was billed against it. CARCS are to be mentioned only if there is an adjustment of this kind. If there is no adjustment to a claim or…See More
Friday
kate smith posted a blog post

Diligence and scrutiny are important for writing investigative reports

Diligence and a high degree of scrutiny are crucial for a person who is writing investigative reports in an organization. In the first place, an investigation has to be objective and not be vindictive. It should avoid targeting an employee personally; it should be thorough and proper from a legal perspective. When all the legal procedures are followed in an investigation, the case of the employer becomes strong and defensible…See More
Friday
Adam Fleaming posted a blog post

Meeting labeling requirements of various drug products

Both the FDA and the European Medicines Agency (EMA) have regulations that cover the labeling requirements of both prescription and over-the-counter (OTC) drugs, cosmetics, generics, medical devices, nutraceuticals and other related products. These regulations have to be strictly complied with. 21 CFR under its various parts, the Federal Food, Drug, and Cosmetic Act (FD&C…See More
Friday

Forum

What's your favorite motivational/safety quote? 98 Replies

Favorite Motivational Quote: If you want something, you'll find a way - If not, you'll find an excuse.Favorite Safety Quote: Don't learn safety by accident!Continue

Started by Michelle Sears. Last reply by David R Snell Apr 26.

Feedback on a injury prevention product we're building.

Hi everyone!For full transparency ill tell you a little about myself and what I hope to accomplish. My name is Zuber and I'm an engineering student who founded a startup helping to build wearable…Continue

Tags: product, prevention, injury, back, safety

Started by Zuber Ahmed Apr 24.

Best overall personal safety book? 1 Reply

What do you think is  the best all-in-one book out there for optimizing personal safety and the safety of one's family?  Right now I have …Continue

Started by David R Snell. Last reply by David R Snell Apr 21.

Fire codes for residential buildings

Hi,Can anybody kindly give me a hint how to find Fire Codes for residential buildings in different cities in the United States?Continue

Started by Darren Asad Apr 14.

OSHA and Machine Guard Door Safety???

We have what we feel is not a unique situation and were wondering if anyone might of run across this challenge and know more about the requirements.  We are building a small machine system that…Continue

Tags: electric, osha, air, door, interlocked

Started by Scott V Mar 24.

Badge

Loading…

© 2017   Created by Safety Community.   Powered by

Badges  |  Report an Issue  |  Terms of Service