The numbers of businesses handling payments for their goods and services using virtual cards, electronic payments as well as digital currencies is steadily increasing. These payment methods are making life easier for customers and businesses, but they do come with challenges. All those utilizing these payment methods need to be concerned with security, privacy as well as compliance with rules and regulations. Companies are finding technology can help. Many companies are finding Enterprise Resource Planning (ERP) is an essential part of meeting their needs when it comes to using the latest payment technology.

Enterprise Resource Planning (ERP)

This new technology and software able to be integrated into a company's business processes and as a result, it can ease the burden of B2B payment processing. It has been designed to obtain, interpret as well as manage business data from all areas of a company. It is capable of providing management with a true and real-time view of their company's activities. This information is essential when it comes to managing data collection, compliance with financial regulations as well as corporate payment methods and more. ERP systems can provide an important flow of information between different areas of a company. This software makes it possible to track the details associated with the activities of external stakeholders, as well as manage vendors, partners and more. One of the most attractive features of ERP is how it can mitigate errors made by those involved with the business. A company always benefits from a decrease in human error.

Financial Sector

The financial industry is strongly influenced by legal regulations. They must follow very strict standards when it comes to compliance. Businesses involved in finance are held accountable for any incidents of money laundering, fraud and more. The use of electronic payment systems also has strict standards that must be followed. Finance companies that are responsible for maintaining accurate records, data protection and more like to use the ERP system. It can increase their confidence in complying with all necessary rules and regulations placed on electronic payment systems and more.

FINANCE COMPLIANCE REQUIREMENTS

*Officer of the Comptroller of Currency (OCC). OCC regulations must be followed by all financial institutions. This includes agencies of foreign banks, national banks as well as federal bank branches and more. Failure to follow OCC regulations could result in paying penalties worth millions of dollars.

*USA Patriot Act. This legislation is designed to eliminate, as well as detect and prosecute, the financing of terrorism, money laundering and more. Those who fail to comply with the USA Patriot Act could be given fines that total in the billions of dollars.

*Consumer Financial Protection Bureau (CFPB). This organization is responsible for protecting the interests of customers in the financial sector. This CFPB was created with the Dodd-Frank Wall Street Reform and Consumer Protection Act. A financial organization found to not be in compliance with CFPB rules could face penalties worth millions of dollars.

*Comprehensive Capital Analysis and Review (CCAR). It is possible for the Federal Reserve to determine a financial organization is undercapitalized. This has caused a financial organization’s share prices to decrease and investors to leave them.

*Financial Industry Regulatory Authority (FINRA). This organization is able to detect any type of fraud in the investment industry. When a company breaks their rules; they could face fines of up to $100 million.

There is quite a bit of pressure on any business, as well as the financial industry, to comply with the many regulations covering their activity. An effective ERP system can provide the ability for a business as well as finance company to be in full compliance and effectively operate, as well as manage, the many aspects of their business.