How Automated Global Payments Monitoring Can Help Your Business
Effective monitoring of global payments helps your business prevent fraud and crime, stay compliant with regulations, and manage risk. Here’s how you can build a strong payment monitoring strategy with just a little effort.
Key Takeaways
- Global payment monitoring provides numerous benefits and protections.
- Payment monitoring is especially useful in the events industry and other industries that handle a wide variety of transactions.
- You can save your business time and money by automating the process.
What Is Global Payments Monitoring?
Doing business globally isn’t new, but it is becoming increasingly complex due to the changing international regulatory landscape. As the overall situation changes, you might find your company subject to new rules, regulations, and standards.
How can you ensure that your business abides by the necessary rules? The solution is an effective, comprehensive global payments monitoring strategy — a must-have for all modern businesses.
Global payments monitoring involves tracking transactions (particularly for suspicious activity and fraud) and ensuring those transactions are compliant with regulations.
Let’s look closely at some key aspects of compliance monitoring.
Payments Monitoring Practices
Fraud Prevention and Security
The most important aspect of compliance monitoring involves detecting fraud and criminal activity, such as unauthorised access, identity theft, and money laundering.
Fraud prevention is critical because it protects your business and its finances. But it doesn’t just protect you — it also protects your partners and customers by assuring them that they can place their trust in your business.
Regulatory Compliance
Global transaction monitoring ensures that your company adheres to regulations, standards, and laws in regions that you work with.
Compliance includes transaction-related rules like anti-money laundering (AML) laws, know-your-customer (KYC) laws, and counter-terrorist financing (CTF) regulations. It also includes privacy-related regulations like GDPR rules, tax rules, and more.
Local and international regulations are ever-changing, and failure to comply can have consequences and penalties. Be sure to keep on top of the latest developments.
Real-Time Monitoring
It’s important to have real-time insight into payments that you’re involved in — and the ability to fully examine all the details. This way, you’ll be able to investigate and resolve payment issues, prevent transaction delays, and improve overall efficiency.
Reporting and Analytics
Sometimes, just having access to data isn’t enough. Your business should be able to analyse data, produce detailed reports, and see the bigger picture.
Doing so can help you identify broader trends and concerns beyond immediate issues, allowing you to make fully informed decisions for your company.
Risk Management
Risk management involves watching for and assessing issues that could impact your business. Transaction monitoring is just one part of risk management, but risk management in general can strengthen your business in all of the above categories.
Payment Monitoring In the Events Industry
If your company is part of the events industry, you’ll likely transact with an especially large variety of customers, contractors, vendors, and partners.
How can event companies benefit from a strong global payments monitoring strategy?
Fraud Protection
Event companies that sell tickets or reserve event spaces are especially vulnerable to certain types of fraud because of their unique sales model.
Ticket scalping and mass bot purchases are common types of fraud in the events sector. Fake sponsorship deals and vendor partnerships that never materialise are another issue. Plus, fraudsters use many strategies to evade detection, including but not limited to fake identities and stolen credit cards.
Effective monitoring can detect suspicious buying activity, allowing you to block or perform extra verification on customers that might be a problem.
Chargeback and Dispute Prevention
Event companies handle a variety of payment types and work with different partners, meaning that many transactions may be performed in a unique way.
As a result, your company may not have a simple chargeback and dispute process.
Fortunately, global payments monitoring can help you keep records that support disputes, including payment amounts, timestamps, and customer details.
Monitoring can also help you detect patterns that lead to disputes early — allowing you to impose a stricter verification process before each payment occurs.
Improving Operations
Global payment monitoring doesn’t just solve problems: it also can be used to discover desirable opportunities. For example, you can analyse data to find peak sales periods and times of high demand, then use that information to time sales and promotions.
Plus, you can use payment monitoring data to identify high-value customers and market segments, then create a strategy to attract more business.
Automating Payment Monitoring
Payment monitoring needs human input, but there are ways to automate parts of the process. These are a few tools that you might use for automation.
- Real-time payment monitoring: Many payment services offer real-time monitoring tools to check the status and details of payments.
- Notification delivery: Your payment platform may forward notifications about delayed, cancelled, or fraudulent transactions elsewhere.
- Report generation: Payment monitoring tools may create historical transaction reports and perform data analysis, which you can use in business strategies.
- AI tools: Artificial intelligence (AI), machine learning, and other automated tools can help detect payment monitoring trends that you might otherwise miss.
- Hire experts: Automation is useful, but you might want to hire experts familiar with regulatory compliance, tax compliance, and other critical issues to ensure that you’re fully covered in the most important areas.
Keep in mind that your unique situation determines how thoroughly you need to monitor payments. Sometimes, you might need to engage in compliance monitoring yourself – but in other cases, you can simply choose a platform that handles it for you.
How Payset Can Help
At Payset, we provide a payments solution with numerous automated payment monitoring tools.
Through your user dashboard, you can view or download your payment activity, including by viewing real-time transaction status and historical account statements.
We also take measures around security and compliance — but you should consult with an expert to ensure that your business meets all compliance obligations.
Payset users additionally benefit from fast transactions, competitive fees, multi-currency IBAN accounts, and a foreign currency (FX) exchange with real-time rates. Available in over 180 countries, it’s an all-in-one payments solution.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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