Talking Shop: Remittance Verification Options for Treasury Payments

# Cyber & Fraud Risk

# Technology

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Member question: “How do others handle remittance instruction verification for treasury payments? Callback? Third-party service? Any ML or technology?

“We are reviewing our verification process for remittance instructions for payments processed through treasury. Today, we require it to be on the bene’s letterhead, or bank letter, or imbedded in the contract, but have not implemented a callback. Who does the verification in your organization? Are you looking at any third-party services or ML-type models for additional controls?”

Peer answer 1: “We conduct a callback for all new or changes to existing beneficiary payment instructions.” Peer answer 2: “Our company also does a callback verification.” Peer answer 3: “My company does callback verifications for changes to existing beneficiary instructions or new beneficiary instructions for treasury payments.”