Business Benefits
The following is a description of advantages achieved by using Transaction Journaltm. You may wish to download this as a brochure.
Efficiency & Productivity
Automated data and image gathering reduces time consuming manual processes and human error.
Interfacing directly with existing financial or accounting systems makes re-keying data obsolete.
Generating a detailed bank list or management reports are routine and simple processes.
Financial Control
Large volumes of payments are quickly processed and sent for clearing and collection to maximise liquidity.
Combined management information is generated as paper payments are incorporated into financial history.
Accurate records of all payments deposited in bank accounts allows for simplified reconciliation.
Security
Procedures and permissions can be established that deter or minimise the opportunity of fraud.
Records, data and images of transactions are established at point of receipt and available throughout the process.
A strong audit trail is created with access to payment information for queries or problem transactions
Record-Keeping & Compliance
Data retrieved to assist with Suspicious Activity Reports (SARs) under the Proceeds of Crime Act duties.
Professional activities e.g. handling Client Accounts, data and images deliver transaction tracking and recording
Assists data collection for Money Laundering Investigation Orders e.g. Production and Account Monitoring Orders
Customer Service
Queuing customers are triaged quickly with automated processing of remittances and payments
Transaction details are easily accessed in the event of queries
Competitive advantage gained through perception of good service provision
