Payment procedures can be automated, to whatever extent you choose; whether it’s simple workflows to automatically action payment signing, approving and submitting, or completely lights-out processing with no human interaction at all. Processes such as file import, bank data validation, signing, approval and submission can all be moved to an automatic process.
Let’s take a quick look at the top benefits of payment automation and how it can help you achieve stronger and more efficient processes.
Time : Everyone loves to be given the gift of time. Instant and automatic processing with faster approvals means you have time back to focus on other important tasks, benefitting not only your immediate departments but the business as a whole.
Security : With visibility and traceability at every step of the payment process and assigned approvers, automating your payments offers a reduced risk from fraud and legislation breaches.
Fewer errors : When processes are conducted manually, errors are inevitable and can be timely and expensive to rectify. Automation can remove any risk of mistakes and avoid costly remediation which can also effect business relationships.
Compliance : Total compliance assurance with locked-down procedures means you enjoy peace of mind knowing your process will meet regulatory standards, every time and react quickly to any changes.
Tracking : Improved process visibility, management and audit means your day to day tracking becomes more efficient, accurate reliable. What can be a long manual process becomes immediately accessible.
With total control over action triggers, messaging and alerts, automation strengthens your processes while remaining flexible, streamlining operations and boosting efficiencies.