As required for a payments and enterprise cash positioning functionality, Treasury Sciences EFT and CMO modules contain comprehensive Fraud Prevention mechanisms such as dual control before the release of payments, dual factor authentication, encryption of key information and automated reconciliation of forecasts to payments in order to prevent fraudulent activity. Treasury Sciences modules also contain extensive reporting features that enable auditors to identify specific transactions and then to drill down on detailed transaction information such as beneficiary information, internal documentation authorizing the payment and each of the users associated with the approval workflow of a payment.
Treasury Sciences enhances audit functionality by providing a proactive Audit engine that can be configured to support an organization's specific needs. An organization can implement audit related rules based on payment types and amounts, as well as manual activity such as reconciliations, creation of accounts, and users. The real time engine can be configured to automatically create alerts for based on an organization’s unique rules, for example to audit a higher percentage of transactions that are based on non template wires over a certain amount
To support various Audit scope and review criteria, Treasury Sciences Audit engine provides pre-defined models that can be utilized by organizations. This enables the adoption of best practices based on experience and audit criteria performed at other organizations.
Treasury Sciences Audit engine includes multiple pre-defined models based on various auditable parameters. Since this is a SaaS (hosted) solution, newer models can be deployed, as the treasury system adapts to new audit criteria without any interruption to users.
Models are configured based on parameters such as any modification or change, bank and account specific setup and activity, user and approver activities, auto and manual reconciliations, transaction types and accounting information. The auditor choices include, but are not limited to, transaction values, a percentage or threshold basis, and random generated. The time frame and frequency of reviews is configurable.
The Audit engine will provide internal and external auditors with consolidated audit data that is extracted from the various information sources. The audit criteria ensure regular objective reviews and saves valuable time in terms of the audit scope. Auditors can also use our comprehensive reporting system to drill down into any transaction, reconciliation or account on an ad hoc basis. . Auditors can even shadow any real time process within the system.
- List the roles, responsibilities and system privileges assigned to all members of the Treasury Organization.
- Details provided on Account Access privileges, account limits, per day limits and per transaction limits.
- User Setup and associated dual-approvals associated with each.
- Successful payments in Treasury Sciences EFT
- Unsuccessful Payments
- User’s setup with dual approval
- Tracking payment through dual approval
- Audit criteria, including payments made, accounting information related to each payment and limits and authorizations that made the successful payment.
- Listing every reconciliation
- Automated, manual any manual overrides
- Ability to drill down into detailed transaction information
- Retrieved bank reporting files
- All available detail on each reconciled transaction