Improve efficiency and accuracy across treasurers’ multiple responsibilities by implementing IBAN-Name Check

By SurePay & treasuryXL

05/02/2024

Treasurers are key players in financial management, guiding organizations towards financial success. They have a wide range of responsibilities, from monitoring cash flow to strategic financial planning.

In this blog, we explain how the IBAN-Name Check enhances efficiency and accuracy in several treasurer’s duties. 

1. Compliance

Treasurers play an important role in upholding banking regulations and internal policies for financial transactions and accounts. It is essential to strictly adhere to compliance standards to maintain the financial integrity of the organization.

The IBAN-Name Check verifies whether the beneficiary’s name and IBAN are a match. Additionally, it also verifies the number of account holders linked to an IBAN and examines the details of other account holders if required.

By using this solution, you can effectively meet the requirements for both internal and external audits, providing the necessary evidence for strict compliance.

2. Financial Reporting

Accurate and timely financial reports are prepared by treasurers to ensure transparency and compliance with regulatory requirements and accounting standards. These reports are essential in assisting stakeholders to make informed decisions.

The inclusion of the IBAN-Name Check in your financial report can significantly contribute to preventing fraud and incorrect payments, thereby enhancing transparency and compliance with regulatory requirements and accounting standards.

3. Risk Assessment

Treasurers analyze investment risks and implement diverse strategies to protect capital and achieve financial goals. Mitigating risks is crucial for maintaining financial well-being and protecting the organization against market fluctuations.

To reduce the risk of making payments to or receiving payments from the wrong person, you can utilize the IBAN-Name Check. If the IBAN and Name do not match, you will receive a warning indicating potential fraud.

Additionally, it is important to ensure accurate customer data in your records. Any changes in recipient/payer details will be promptly notified to you.

By taking these measures, you can effectively prevent fraud, unnecessary expenses, complaints, and potential damage to your reputation.

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4. Insurance

Managing insurance policies is a strategy to mitigate risks. Treasurers assess risks and secure appropriate coverage to protect the organization from financial losses caused by unforeseen events or liabilities.

The IBAN-Name Check provides an added layer of protection against financial losses resulting from fraud or incorrect payments. This solution enhances the accuracy of financial transactions.

Conclusion

When it comes to managing an organisation’s finances, treasurers play a central role. The IBAN-Name Check tool enables treasurers in helping with improving compliance, financial reporting, risk assessment and insurance. This solution not only simplifies processes but also contributes to the organization’s overall financial resilience.

More information? Plan a meeting with Jamay Smits, Sales Lead NL.

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