Integrate banking and treasury management systems to strengthen controls and reduce the risk of fraud
Integrate banking and treasury management systems to strengthen controls and reduce the risk of fraud.
Operating a growing business involves constantly navigating complexity — and facing risks like fraud. Technologies like Enterprise Resource Planning (ERP) software can streamline operations, but only if the other tools and systems your business depends on, like your banking and financial information, can be integrated to meet your organization’s needs.
Seamless banking integrations can reduce risks and improve internal controls by plugging into the way your business already functions. From API-driven connections to ERP plug-ins and file-based automation, the right tools bring banking information and processes into alignment within your chosen workflow, not the other way around.
KeyBank’s business integrations offer businesses a flexible platform that features:
- APIs for real-time connectivity between your systems and banking systems.
- Plug-ins for major ERPs like Oracle Netsuite, Microsoft Dynamics 365 Business Central, and Sage Intacct.
- Secure file transmission for teams that prefer batch processing.
Together, these tools give businesses the flexibility to integrate treasury management with banking systems for more efficient and effective financial management. This allows companies to automate and accelerate payment processing, bank reconciliation, cash management, and other treasury functions. In addition to delivering major efficiency gains, bank integration can also help organizations bolster internal controls and reduce fraud risk — here’s how:
Streamline and strengthen internal controls
Banking integrations play an important part in helping businesses tighten internal controls. Integrations position controls like approvals, permissions, and audit trails where your finance team already works, making them easier and safer to manage. Bank integration can also help streamline compliance and risk management processes.
The more integrated systems are, the more processes you can automate — and the fewer human errors your teams will have to identify and correct. Successfully integrated systems enhance data accuracy and security by reducing the risk of errors associated with manually moving data between systems. This helps to ensure up-to-date, correct information is accessible across different parts of the organization simultaneously.
When systems are integrated, your treasury management and accounting teams have the same data about account balances, transactions, and other banking information. Consistent access to accurate information helps team members make important decisions about cash flow, investments, payments, and working capital more quickly.
For example, banking integrations can feed into a dashboard that visualizes information across separate divisions of an organization, even when there are multiple banking relationships involved. Working capital can be deployed more efficiently when all the cash flow information is in one place and updated throughout a business day. When all groups across an organization have access to the same updated data, those business unit or division leaders can also collaborate on key decisions with increased transparency and efficiency.
When choosing to integrate your treasury and banking systems, look for systems like those from KeyBank that:
- Offer rapid updates and simultaneous data visibility to all approved stakeholders within your organization.
- Comply with all applicable regulatory standards such as Sarbanes Oxley (SOC/SOC2) and SEC rules.
- Provide the type of integration right for your organization and your existing technology systems.
Enhance security and reduce fraud risk
KeyBank’s business integrations offer superior data protection designed to enhance cybersecurity and reduce the risk of fraud. The systems work together seamlessly with major ERP systems and are compatible with major fraud prevention technologies and systems. In addition to working seamlessly with your existing IT systems, Key’s integrations can automate and lower the risk associated with manual activities. For example, automated bank reconciliation reduces the risk that fraud will occur during the process of reconciling bank statements with internal records.
Beyond your own internal fraud prevention and cybersecurity processes and tools, KeyBank’s business integrations connect your organization to fraud mitigation and cybersecurity tools such as multi-factor authentication, positive pay, and more. Finally, KeyBank’s business integrations solutions are SOC2 compliant to regulatory standards for security and customer data integrity.
Business and financial operational needs are always evolving, especially in a swiftly changing macroeconomic environment. Technology that simplifies processes offers business leaders the opportunity to streamline or even eliminate some manual processes that are a drag on efficiency and prone to human error. KeyBank’s business integrations empower businesses to connect treasury management and banking systems for enhanced financial management, improved data accuracy and security, and accelerated decision-making.