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Faster payments, Open Banking should keep treasurers on high alert

While financial services innovations often emerge with built-in security measures, new market trends are introducing new security threats to corporate treasury departments.

B2B PAYMENTSFaster Payments, Open Banking Should Keep Treasurers On High Alert

Faster payments, for instance, can make it more difficult to detect that fraud has occurred, particularly in instances of cross-border corporate payments.

Despite the warning, many experts have assured that faster payments do not necessarily mean faster — or an increase in — fraud, particularly as financial institutions (FIs) adopting faster and real-time payment capabilities enhance their anti-fraud efforts at the same time.

Open Banking as another FinServ trend imposing changes on corporate fraud risks.

A recent survey from treasury management solutions provider Centtrip found that three-quarters of U.K. businesses expect to benefit from Open Banking by the end of the decade, despite awareness and uptake of Open Banking-based solutions still being limited among medium-sized and large corporates.

With businesses beginning to consider how to use Open Banking to their advantage, analysts are closely watching how data sharing and FinTech APIs could create new avenues for cybercriminals.

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