AccessPay, a leading provider of bank integration solutions, has unveiled the latest additions to its Fraud & Error Prevention Suite, introduced in 2023. The suite now features Confirmation of Payee (CoP) and Sanctions Screening capabilities, empowering finance teams to thwart fraudulent and unauthorized payments while ensuring compliance in an increasingly intricate regulatory environment.
Anish Kapoor, CEO of AccessPay, underscores the company’s proactive stance toward fraud and risk management. He emphasizes the growing regulatory expectations, exemplified by the forthcoming UK SOx regulation, which mandates robust controls for large businesses to combat fraud and errors. The incorporation of CoP and Sanctions Screening capabilities enables finance teams to mitigate risks across the payment lifecycle within the AccessPay platform, aligning with regulatory standards.
The CoP functionality allows organizations to conduct name checks against beneficiaries, mitigating the risk of Authorised Push Payment Fraud and human error. Unlike traditional CoP checks performed through banking platforms, AccessPay’s integrated CoP service eliminates the need for manual checks off-platform, enhancing efficiency and reducing risks associated with manual processes.
Fiona Brown, Customer Success Director at AccessPay, highlights the seamless integration of CoP checks within the AccessPay platform, streamlining payment workflows and minimizing manual intervention. This integration significantly enhances operational efficiency and reduces the likelihood of errors associated with manual verification processes.
Additionally, AccessPay’s Sanctions Screening capability empowers businesses to screen individuals, companies, and transactions against government-issued lists of restricted parties. This feature aids firms in bolstering Anti-Money Laundering (AML) processes, ensuring compliance with regulatory mandates amidst evolving sanctions landscapes, including measures introduced in response to geopolitical conflicts such as the Russia-Ukraine conflict.
Failure to comply with AML regulations can result in severe penalties and reputational damage, as evidenced by the significant increase in fines imposed by UK supervisory bodies. AccessPay’s Fraud & Error Prevention Suite equips businesses with tools to streamline processes, mitigate risks, and enhance regulatory compliance.
As new risks continue to emerge, AccessPay remains committed to augmenting its Fraud & Error Prevention Suite with additional features to safeguard against potential losses, legal liabilities, and reputational harm. By staying ahead of evolving threats, AccessPay empowers organizations to navigate complex regulatory environments and uphold the highest standards of financial integrity and security.