Build a network of trust in the processing of financial flows and banking relationship
The digital world is at a crossroad. In an increasingly dematerialized and regulated environment any loss of confidence in digital transacting has significant consequences on the ability of our economy and businesses to meet their challenge. Security is therefore key and fundamental to the success.
This growth of the digital economy would pursue the need for creation of networks of trust, relying on standard models and ensuring safety and probative value of financial and trading operations between growing in and out of grid financial communities’ members as defined in the European framework of the PSD2 and digital identity (EidAs) in Europe.
This digital economy leads expectations on activities and operations to frequently interact with blockchain process flow, by sourcing operations from or notarized proof of fungible assets within tokenbased platforms.
Connected services and cloud technology offers enterprise, new and global opportunities, to provide large scale business, for m-commerce, e-commerce, and eservices. The tremendous challenge of enterprises is to furnish their business processes and services (BPO) into a legally binding, secure delivery, strongly authenticated and data resilient framework. More and more financial operations occurred in connected services between these various actors using decentralised operators.
It is often highlighted that cybercrime carries a heavy financial risk on companies and in the context of the current crisis or we see a significant inflation of attacks and fraud attempts, it is vital to implement the necessary means to reduce this risk.
All these aspects are vital when a group, a company intends to set up an optimization of its payment operations and financial flows in regard to more and more innovative and decentralised systems, corporations are intensively making usage of payment share service centres, to concentrate and rationalise theirs financial and banking relationship, reduce the costs of transactions, and better confront fraud attempts.
This type of project requires an environment, a trust network, including collaborative solutions in an eco-system that integrates subsidiaries, holding, and financial partners. From the management and control of payments to the collection and distribution of banking reporting and bank statements, in their secure financial grid from the support of different protocol standards (APIs, SWIFTNET, EBICS, sFTP, etc.) to domestic or international file standards (SWIFT, SEPA, ISO XML, CFONB, AEB, etc.).
Among the crucial points of these projects, a secure financial grid should:
- Guarantee the security of the Data between the ERP systems and the internal IS of the group and their subsidiaries for outgoing and incoming flows as well as their follow-up,
- allow strong risk analysis using state of the art, machine learning, IA solutions
- be able to make payments on behalf of,
- ensure the validation and signature workflows, on site and in mobility,
- provide performance for very large volume of financial data including big data management capability,
- offer a strong system to prevent fraud on transfers and direct debits (blacklist, whitelist, scoring) and to protect against sanctions on banking transactions and to fight against money laundering,
- guarantee the traceability and visibility of all national and international payments ( as SWIFT GPI ) and reports,
- allow implementation of KYC (Know your customers) , strong authentication,
- guarantee the integrity of connected decentralised applications and to fight against intrusion attempts.
Published By:
Patrice Sambou
INFORMANS Director
Strategy consulting , project management and support Payment – Security – E.banking – Cards systems
Jose Teixeira
INFORMANS Associate
Medium & Large corporates & Banks Market Cash Management – Payment – Security – E.banking