A new study finds significant weaknesses in the systems and processes companies use to mitigate regulatory, compliance, and fraud-related payment risks.
According to a study conducted by market research firm Gatepoint Research and sponsored by global payments solutions provider Tipalti, 66 percent of 100 senior finance and accounting executives polled said they were unsure if they screen payees in accordance with the U.S. Patriot Act. This includes screening for anti-terrorism, money-laundering, and drug trafficking requirements established by the Treasury Department’s Office of Foreign Assets Control (OFAC).
Concurrent with these findings, the survey also found that 58 percent of the respondents report low to medium satisfaction with the fraud monitoring applications they currently have as part of their global payment processes.
The report also found that many finance and accounting executives are not satisfied with the current state of accounts payable payment processes in their companies. Fifty-one percent of respondents said they could improve the way they manage their payment fees. Another 72 percent said their team spends more than five hours per week accepting invoices, approving payments, issuing payments, handling issue resolution, and reconciliation.
The survey also indicated potential for growth in payments automation solutions. Thirty-seven percent of survey participants already had a payments automation system in place, while another 37 percent have plans for—or would consider—a payments automation system. Companies with a payments automation system in place showed significantly higher levels of satisfaction across every area of the payment management operation, according to the survey.
Gatepoint Research will be conducting a live web presentation on the findings of the report on April 28 at 12PM Eastern (9AM Pacific). Register for the webinar here.