The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. Internal assessments categorised Nordeas overall AML risk as critical, yet systemic upgrades were not prioritised.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Nanonets

JUNE 23, 2023

It involves comparing and reconciling the balances of various accounts in the balance sheet with supporting documentation. It involves comparing the balances of various accounts listed in the balance sheet to external documentation, such as bank statements and general ledger entries.

Reconciliation 52

Reconciliation Audit Financial Analysis Adjustments 52

Nanonets

JUNE 22, 2023

Invoice reconciliation is the process of comparing and matching invoices with relevant supporting documents to ensure the accuracy and integrity of financial transactions. By carefully reviewing and comparing invoices against supporting documents, businesses can identify discrepancies, overcharges, or unauthorized expenses.

Reconciliation 52

Reconciliation Audit Automation Correspondent 52

Nanonets

APRIL 4, 2023

Put simply, mailroom automation is the process of automating incoming mail (both physical and digital) and other correspondence by transforming it into structured business data that is then sent to the relevant individuals or fed into processes and systems within your organization. Agility Agile business is a data-driven business.

Automation 52

Automation Correspondent Process Fed 52

The Fintech Times

MAY 16, 2024

According to a new report by the National Audit Office (NAO), the number of telephone calls received by HM Revenue & Customs (HMRC) from customers was down from previous years. NAO has revealed that in theory, this would be very effective as it would cut costs servicing telephone calls and correspondence.

Correspondent 59

Correspondent Small Business Audit Assessments 59

Nanonets

JUNE 18, 2024

Each balance should match its corresponding entry in the general ledger for any source. With disconnected data sources and innumerable documentation, accounting teams can face the added task of figuring in interest rates, exchange rates, and timing differences to reconcile balances effectively.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

APRIL 3, 2024

Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions. " Reconciliation in accounting refers to the comparing of details of transactions and financial activities between various documents.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Nanonets

APRIL 1, 2024

Failure to maintain this discipline can lead to financial pitfalls, including overdrafts, bounced checks, and inaccuracies in financial reporting and auditing practices. This inconsistency complicates financial record-keeping, potentially leading to audit issues and challenges in reconciling finances.

Reconciliation 52

Reconciliation Checks Automation Process 52

Nanonets

JUNE 21, 2023

The aim is to reconcile the data and ensure that transactions match supporting documents across different sources. Here are the general steps involved: Gather relevant documents Collect all the necessary financial documents that need to be reconciled. What are the steps in the Process of Reconciliation?

Reconciliation 52

Reconciliation Process Adjustments Automation 52

Nanonets

JUNE 21, 2023

It involves cross-checking payment records, such as invoices, receipts, bank statements, and other financial documents, to reconcile any discrepancies between them. Compliance and audit requirements Various industries and regulatory bodies mandate accurate and auditable financial records.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

EBizCharge

JUNE 19, 2024

This simple, yet essential document can decode transactions and play a role in streamlining accounts receivable (AR) operations. Remittance advice refers to a document a customer sends to a business to indicate that an invoice has been paid. What is remittance advice? What are remittance slips, and how are they created?

Payer 52

Payer Reconciliation Correspondent Wire Transfer 52

EBizCharge

MAY 31, 2024

Now, automated cash application software employs artificial intelligence and machine learning to automatically match payments received via various payment methods, like credit cards, wire transfers, and electronic payments, to their corresponding invoices. Why is cash application automation crucial for businesses?

Automation 52

Automation Remittance Data Correspondent Wire Transfer 52

Nanonets

JULY 21, 2023

It involves comparing and matching the account balances in the general ledger with supporting documentation, such as bank statements, invoices, receipts, and other financial records. These documents will serve as a basis for comparing and reconciling the account balances in the general ledger.

Reconciliation 52

Reconciliation Automation Audit Accounts 52

Nanonets

MAY 21, 2024

Reconciling accounts receivable involves comparing the balances in the accounts receivable ledger with supporting documentation, such as invoices, receipts, and customer payments. Review Sales Transactions: Compare the sales transactions recorded in the accounts receivable ledger with the corresponding sales invoices or sales orders.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  This may include invoices, receipts, purchase orders, or other documentation related to the transactions. What is Credit Card Reconciliation?

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

M2P Fintech

MARCH 24, 2025

Blockchain in loan management offers numerous advantages: Immutable Records: Secure, unchangeable documentation of transactions reduces errors and fraud. As blockchain transforms the BFSI sector, blockchain-based lending is expected to experience corresponding growth, driven by its potential to disrupt traditional lending models.

Payment APIs and Integration 52

Payment APIs and Integration Blockchain Regulatory Compliance Underwriting 52

EBizCharge

JANUARY 16, 2025

It also aids in matching transactions to specific accounts during financial audits. As a standard part of your documentation, MCCs are often listed in sections related to transaction types or fee structures. This categorization simplifies record-keeping and helps identify which business types contribute most to revenue.

Credit Cards 52

Credit Cards Processors PCI DSS Fraud Detection 52

Nanonets

JUNE 28, 2023

The Need of OCR and Document Data Extraction for Salesforce In the age of digital transformation, businesses are inundated with vast amounts of data. Customer interactions, business transactions, and administrative procedures generate massive volumes of documents that require careful management.

CRM 52

CRM Automation Process Fed 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. A 3 way match is an internal control process that cross-references a supplier's invoice against its corresponding purchase order (PO) and good received note (GRN). This is vital for managing spend and cash outflow.

Accounts 52

Accounts Automation Duplicate Process 52

PYMNTS

MAY 15, 2020

If not, the companies would have to produce all correspondence and documentation related to their applications. The move to return the funds came ahead of a May 18 deadline to do so, or face audits from the SBA along with administrative (but not legal) penalties.

Returns 53

Returns Caps Correspondent Small Business 53

Nanonets

MAY 6, 2024

Businesses maintain a multitude of other financial documents, including bank statements, invoices , bills, cash payment receipts, and more. These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger.   What is the General Ledger?

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

JUNE 24, 2024

Credit card reconciliation is essential as it helps businesses prevent fraud, maintain financial integrity, optimize spending, and keep the company's books audit-friendly during the financial close process , typically occurring at the end of each month. How to do Credit Card Reconciliation? But how do we go about this?

Reconciliation 52

Reconciliation Credit Cards Correspondent Issuers 52

The Payments Association

MAY 16, 2025

Implement and document internal controls tailored to your specific fraud exposure. Next steps/action required: Commission a digital accessibility audit of all consumer-facing platforms and payment interfaces. Next steps/action required: Audit your current SCA exemption strategy and soft decline rates.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

Nanonets

NOVEMBER 15, 2023

It involves the  AP department  leveraging technology to digitize invoices and related documents, automating the approval process, and conducting payments through electronic means. How AI and OCR digitizes AP documents accurately But that's not all.

Accounts 52

Accounts Payment APIs and Integration Audit Automation 52

FloQast

JANUARY 22, 2024

For example, grocery technology company Instacart moved from using Google Sheet checklists for month-end Close to an automated system that provided a complete audit trail of changes. The traditional method also has a lot of paper documentation to use as an audit trail. And the audit trail is also attached and quickly recovered.

Automation 52

Automation Reconciliation Audit Accounts 52

Nanonets

MARCH 14, 2024

For this, all details of the purchase as mentioned in the invoice are matched with the corresponding purchase order to ensure that the product/services that were ordered were delivered correctly and at the price agreed upon. This verification process is called 2-way matching.

Payment APIs and Integration 52

Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

APRIL 15, 2024

A Bank Reconciliation Statement is a financial document that ensures that the cash balances recorded in the internal financial records align with the financial records presented in the bank statement. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

SEPTEMBER 12, 2023

Cut down on manual data processing 💭 "We would spend 4-5 hours in getting our documents prepared." Enhanced compliance and audit readiness 💭 "We would spend 2-3 hours on the actual payment and maintenance."~ " ~ AP Team at Happy Jewelers. "~ The AP Team at Happy Jewelers.

Automation 52

Automation Process Audit Compliance 52

M2P Fintech

JANUARY 31, 2024

It handles various payments, including local and internal transactions, manages unknown payments, and interfaces with back-office forms, correspondent accounts, and currency exchange modules. Employing workflow technology, LOS controls, and monitors loan processing to reduce delays and inefficiencies associated with paper documents.

Fraud Detection 59

Fraud Detection CRM Regulatory Compliance Compliance 59

Nanonets

APRIL 29, 2024

Matching of Transactions : Once intercompany transactions are identified, the next step is to match corresponding transactions recorded by each entity. Documentation and Reporting: Throughout the reconciliation process, it is essential to maintain comprehensive documentation of all transactions and reconciliation activities.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

EBizCharge

JUNE 25, 2024

Invoices are documents a seller sends to the buyer detailing the products or services provided and the payment amount due. Your business should also collect any supporting documentation, such as purchase orders, receipts, and delivery notes, to provide a comprehensive basis for cross-referencing and verifying the details of each transaction.

Reconciliation 52

Reconciliation Automation Correspondent Transactions 52

Nanonets

MAY 7, 2024

This process typically involves reviewing transactions, invoices, receipts, and other financial documents to verify that they match up with the company's records and budget. Compliance and Regulation : Expense reconciliation is crucial for compliance with financial regulations and standards.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Nanonets

APRIL 16, 2023

MS-Word documents), data entry files (e.g., MS-Excel files), structured XML documents from Electronic Data Interchange (EDI), PDFs and image files, and sometimes as hard copy documents. The unification of all these documents is time-consuming and error-prone when performed manually. Figure 4: OCR based data retrieval.

Automation 52

Automation AI Duplicate Accounts 52

Exact Payments

JANUARY 4, 2024

Remember that failing to meet these standards can result in significant consequences, such as fines, loss of business, and ongoing audits to demonstrate compliance. Maintaining a secure network demands anti-virus mechanisms that consistently remain active, use up-to-date signatures, and generate auditable logs.

PCI DSS 52

PCI DSS Compliance Audit Encryption 52

Nanonets

JULY 18, 2023

Bank Reconciliation NetSuite automates bank reconciliation by importing bank statements and automatically matching transactions with corresponding records in the system. Compliance and Audit Trail With automated financial processes, NetSuite maintains a detailed audit trail, recording all actions taken on financial transactions.

Automation 52

Automation Reconciliation Audit Correspondent 52

Nanonets

JULY 24, 2023

This essential practice involves comparing transactions and other financial activities with supporting documentation and resolving any discrepancies that may arise.   The source documents include invoices, receipts, and transaction statements.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

JULY 12, 2024

These documents collect information efficiently but often require manual processing. That's where intelligent document processing (IDP) comes in. Types of Forms and Data That Can Be Extracted Form data extraction can be applied to a wide variety of document types.

Process 52

Process Best Practices Automation AI 52