Universwiftnet workshop 2018: compliance of payments

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Universwiftnet workshop 2018: compliance of payments

Payments compliance: how to guard against risky payments?

Payments compliance: how to guard against risky payments?

ACA, partner of the UniverswiftNet event held on March 13, 2018 at the Palais Brongniart, will be pleased to facilitate a workshop at 9:30 am.

Our Client LE GOUESSANT will explain their issues around controling the quality of their payments and the action they took to mitigate the corresponding risks.

This workshop is designed to share with Treasurers and Financial Directors.Please egister now by completing the form below!

Universwiftnet2018 aca thétys

In a couple of  months, ACA helped their users to comply with regulations by verifying the compliance of their payments thanks to a new Thetys Payment module.

Discover the interview of Eric Tinel, commercial engineer at ACA, published in La Lettre du Trésorier of February 2018!

Why this new module? In what context did you conceive it?

Governments and financial regulatory authorities are asking companies to set up control mechanisms, particularly under the Sapin 2 law.

These authorities, like the U.S. Department of the Treasury, the United Nations, the European Union and the DG Trésor in France, publish their lists of blocked people: they prohibit trade relations with them. For example, in the US,the assets of people who are alleged to be involved in drug traffic are blocked.

Do these issues concern legal department  or corporate treasurers?

In the context of contracting with commercial partners, the Legal Department, sales managers and the financial department have the role of verifying the quality of the natural and legal persons with whom their companies contract. The Treasurer is also involved as he is responsible for issuing payments and answering to  banks when they detect suspicious payments. ore broadly, he is participating in the fight against fraud and corruption, within the framework of an extended prudential supervision system.

How does the module protect the treasurer?

Our banking communication tool Thétys Payment is the hub between the systems of our users (accounting, ERP, HR, CRM …) and their banks: it houses the process of validation and signature of payments and communicates via EBICS or SWIFTNet. The concentration of all financial instructions just before they are sent to the bank makes it the ideal place to apply compliance controls.

The module allows to set a risk level for each country and each currency. It is also connected with the public lists of institutions.

The country and currency controls are obvious: they allow the treasurer to block payments. On the other hand, they are much more complex regardind the sanctions lists. Indeed, it is necessary to set up a search algorithm in order to be able to detect if the payments information are contained in the sanctions lists.

In case of alert, payments are blocked and an email is sent. The treasurer is warned in real time of a compliance risk: he can confirm the blocking or release the payment and then register a ‘false positive’.

In what context did ACA teams develop this new module?

ACA relies on a network of expert partners who set up our solutions for our customers. They also participate in their enrichment and is constantly listening to the treasurers’ requests. Philippe Hélaine, managing partner of FINSERVICES, assists the Finance  and IS Departments in conducting all their projects in France and abroad. In the context of one of his missions, he was assigned to assist a Corporate in  choosinga tool for checking the lists of sanctions / freezes of assets, banking powers, reporting and multi-flow alerts. Because no Solution was fitting with the requirements, FINSERVICES and its client selected ACA for its ability to quickly integrate new features into its Thetys Payment banking communication tool in SaaS mode.

Register now for our workshop at Universwiftnet on Tuesday March 13th by filling out the form below!

UniverswiftNet program: Click here

Official website: UniverswiftNet 2018

Subscription: Click here

UniverswiftNet 2018 Tuesday, March 13

Palais Brongniart,

28, place de la Bourse 75002 Paris, France