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Quantum Advisory is an independent financial services consultancy that provides solution-based pension and employee benefit services to employers, scheme trustees and members.
Quantum Advisory’s team of experienced professionals will design, maintain and review their clients’ employee benefit arrangements so that they work efficiently and deliver real value. They can also help clients communicate pensions and benefits in clear, simple language – so that their employees understand their true value.
Protecting company and customer payments
Quantum Advisory makes over 5,000 monthly pension payments on behalf of customers which means it has to deliver the highest level of assurance over the way in which accounts and payments are managed. To keep pace with industry and payment submission challenges, Quantum required the latest secure payments technology with remote access capabilities.
Camille Lambert is the Payroll and Accounts Officer at Quantum Advisory. For just over a decade, she has used an ever-evolving suite of payment solutions from Bottomline Technologies to make employee payroll and customer pension payments.
Camille says, “Throughout our commercial relationship I have always received a very high standard of service from Bottomline. The PTX Payments and Business Solution Suite is a uniquely complete solution that offers everything we want from a payments security, business and technology point of view. This solution set is regarded as the best in the industry and we know many companies that already use it, so we had no reason to look further.”
Quantum enjoyed a straightforward migration from its installed software to the cloud-based PTX payment platform. The system is intuitive and easy to use as each step in the payment process has been clearly thought through so there are no unnecessary tasks.
PTX offers the highest payment protection and for every payment that Quantum makes, at least three people must be involved. No individual has the ability to create and authorise the same payment, eliminating a potential source of risk or fraud. As part of the implementation, Camille created profiles for different customers that enable very flexible permission rules to be deployed.
She adds, “We can control who can access accounts, authorise specific payment files and what each approver is permitted to do. The ability to set roles for different users is invaluable as part of a comprehensive approval process. Considering the number of profiles that we had to create the transition to a new solution went smoother than I expected.”
Payment files are created by Quantum’s payroll systems and saved by a user onto a network folder. PTX checks for new files in this folder which are automatically and securely uploaded to PTX. This eliminates any risk that payment files can be altered, tampered with or accidentally overwritten, adding an additional level of security alongside Quantum’s network and file access permissions.
PTX uses an advanced set of rules to verify and validate payment data. This includes checking for any first time payments to new bank accounts which can occur when new employees receive their first payroll payment or employees have changed banks. It also screens for any duplicate amounts or beneficiaries to prevent unauthorised diversion of pension payments. “These automated checks enable a greater level of control over our payment data before it is submitted to Bacs,” adds Camille.
Any potentially suspicious items can be flagged at three different stages for further investigation. The first approval is completed by the member of the team that created the payment file, a more experienced member of the team will check the file for the second approval and finally a third member of the team, usually a partner will complete the last approval and submit the file to BACS.
One standard PTX feature that has proved invaluable is the ability to remotely log into the platform from any location using multi-factor authentication (MFA). Users simply enter their username and password and a PTX mobile app on the user’s smartphone generates a one-time password ensuring access is restricted to authorised personnel.
Camille states, “MFA offers us so many advantages. Remote access is a key part of our Disaster Recovery procedure, and PTX ensures we apply the highest standard of security for remote users”.
Users are prone to losing Smart Card devices or forgetting the password which prevents them from acting as an authoriser until their access is restored. With the Cloud Security Module (CSM) Smart Cards are no longer required during the payment process as files are digitally signed by a Hardware Security Module (HSM).
It was critical for Quantum that the PTX solution could apply advanced business logic and support multiple approvers. Quantum can more effectively manage its payment risks and associated notifications for suspicious transactions. The automated rules that are now in place deliver improved operational efficiency and fraud control.
"Bottomline's PTX solution has enabled us to secure the entire payments lifecycle from the moment that we create payment files all the way through to submitting them. I would happily recommend PTX to any company looking to apply the highest standards of security to payments processing." Camille Lambert | Quantum Advisory
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What do secure payments look like? And how can Multi-Factor Authentication protect payments for your business? Watch our video to learn more.
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