Workflows are the heart and soul of the payment and settlement process. This is an area where users prefer to have more control and flexibility due to the risks involved in making an error that may result in a negative impact on the firm. With an application that provides both flexibility and control, users are given access to a perfect platform to set up secure workflows and processes through the below best practices and capabilities:
- Functional Groups: The creation of functional user groups or business groups is the most efficient way to restrict access and set up different approval processes within the application. Mappings of various privileges to these user groups help to control access. With this, flexibility is required in the setup of distinct workflows for different business groups, approval workflows for payments and SSIs.
- Workflow Management: This is often the most important role within the IT team that must now be performed by users. The creation of a “Super User” and restriction of workflow access to just this user is by far the best approach for increasing efficiency and accuracy. Requiring approvals on all workflow changes is also an effective way to implement increased levels of security.
- Categorization of Workflows: The payment approval process is far from straight forward or easy. Since different processes and hierarchies are preferred in the approvals for different entities (i.e. funds, banks, etc.), maintaining various workflows is often required. Here, user or approver definitions for different amount ranges and currencies is also another commonly seen scenario.
- Workflow Selection: Some users prefer to have flexibility to choose a workflow while creating a payment or transaction. This gives them the freedom to select a workflow of their choice at any point in time. However, the most encountered scenario is where users prefer the auto-selection of workflows, which greatly reduces the risk of human error. With this, the user is also provided with the option to set up all sorts of restrictions and preferences when it comes to the creation of payments and SSIs.
Employing an automated cash management solution provides users with a platform to access the aforementioned best practices, increasing efficiency and transparency through the payment and settlement process while also allowing for the seamless integration between workflows and various reference datasets. To learn how IVP Cash Master can help, visit IVP CASH MASTER or contact email@example.com.