WebSeries Payments Risk Management

Improper payments are a widespread problem receiving increased attention in both the private sector and at all levels of local, state and federal government. As a result, enterprises of all sizes must strengthen their controls to monitor and prevent fraudulent transactions.

While enterprises see the value in identifying and eliminating unlawful payments, the maze of requirements now being enforced by organizations such as OFAC (The Department of Treasury's Office of Foreign Assets Control) and the FBI make corporate compliance increasingly challenging. Poor internal process controls, including multiple back-office systems in multiple locations, often across multiple global geographies, can also increase an enterprise's exposure for fraudulent payments to external payees, or even its own employees.

Mitigate Risk and Identify Loss Before it Occurs
WebSeries' Payments Risk Management functionality enables security officers and financial managers to review detailed logs of all payments issued. By checking payee names against a variety of both ineligible databases, such as OFAC's Specially Designated Nationals (SDN) list, or the Financial Crimes Enforcement Network (FinCEN) database, as well as approved payee lists that may include a company's valid employees, approved vendors, or benefit participants, WebSeries is able to flag suspect payments before funds are released.

But going beyond simple matching, WebSeries Payments Risk management application possesses powerful functionality for tracking the myriad name variations a suspect may use to avoid detection. WebSeries' name variation modeling automatically generates scores of possible names for a single individual. Users then have the option to review and reject the payment or override the block if a false positive match is found.

Once implemented, WebSeries' Payments Risk Management application can also be applied to monitor and block any number of improper payments, including duplicate payments, such as checks written to the same person with the same dollar amount within a defined time frame, or payments issued to different payee names yet mailed to the same address. This scale of monitoring and prevention not only saves the time and money of internal resources, but can dramatically reduce a company's exposure to costly state or federal fines should they be found guilty of issuing funds to an ineligible payee.