When it comes to reducing the likelihood of payment issues, a lot of the work comes down to robust checks to ensure payee and payment details are correct. “
incorrect details being identified the moment the payment is due to be made. Compliance issues Banks screen payments continuously, completing different compliance checks to counter money laundering, terrorist financing, or fraudulent activity. These are completed on an individual basis, meaning payments could be rejected at any time, regardless of whether the same payee has been paid multiple times before.
resulting in a delayed salary payment. When it comes to reducing the likelihood of payment issues, a lot of the work comes down to robust checks to ensure payee and payment details are correct. Given the potential number of payments that need to be made, relying on automation to check these details is a good choice. Not only could this save hundreds of hours spent by employees manually checking details, but it also allows checks to be done in advance of payment runs, rather than
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ISSUE 8 GLOBAL PAYROLL MAGAZINE
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