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Corporate challenges

How to deal with payment fraud and cyber crime?

In the past few years, many companies have centralized their payment processes by setting up a payment factory. The main focus of these types of projects is often on change management and technical implementation. This means that operational risk and control issues, which arise when the execution of payments is transferred from several local entities to one central entity, do not always get the attention they deserve. Operational risks that can be identified relate to payment fraud (internal risk) and cyber crime (external risk). How should companies deal with these challenges? In this article, two experts provide their points of view.

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Future Standardisation of Financial Messages – Quo Vadis?

As business is increasingly done on a global level, communicating efficiently with internal and external stakeholders is a basic requirement for corporates. Luckily, the era of sending messages by fax is long gone and electronic messages have become the standard. Free from the limitations of physical messages, they allow corporates to exchange information in an efficient, cost-effective manner. However to improve straight-through-processing (STP), some agreements regarding the content and layout of electronic messages have to be in place for multiple users and a large part of the market to follow. Since the emergence of SWIFT in 1975, multiple standards have been developed. This article reviews the message standards landscape, beginning with the Common Global Implementation (CGI) initiative.

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Alliance Lite or SWIFT Service Bureau?

With SWIFT’s launch of the cloud-based Alliance Lite2 (AL2) last year and the recent introduction of new requirements and certification of SWIFT service bureaus (SSB), the question is: how can corporate treasurers choose the best way to connect to SWIFTNet?

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Using SEPA to review payment factory benefits

With the Single Euro Payment Area (SEPA) deadline just six months away, many companies are busy preparing to use SEPA-compliant payment standards. With the restructuring that this entails, is now a good time to consider the benefits of a payments factory?

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Making a SWIFT Decision: Alliance Lite or Service Bureau?

Corporate treasurers often look to SWIFT to standardise cross-border messaging, to facilitate payments and other financial transactions, and to avoid being bound to one bank’s proprietary system. With SWIFT’s launch of the cloud-based new Alliance Lite2 (AL2) last year and the recent introductions of new requirements and certification of SWIFT service bureau (SSB), the question is how can corporate treasurers choose the best way to connect to SWIFTNet?

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