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Payments: How Seriously Do You Take Security?

26th Sep 2023
Brought to you by
Nook horizontal logo
Nook is a powerful payments platform that streamlines the Accounts Payable process, bringing...
Save content
Have you found this content useful? Use the button above to save it to your profile.

When it comes to payments, security is everything. But for years, business payments have lagged behind consumer benchmarks when it comes to security and convenience. That’s why Nook is finally bringing them up to date, with new features for in-depth visibility and approvals from end-to-end.

Nook Confirmation of Payee
Nook

The new security standard

As is often the case, consumer facing services for banking and payments have moved faster than B2B. The accounting market has so far lacked scalable solutions to facilitate risk-free payments – to the extent that accountants most often wash their hands of the issue and just drop a payment schedule to clients and leave them to it. 

Without a specialised tool, SMEs end up making payments the same way that we do as individuals – in their online banking portal, or mobile app.

Most of us are familiar with the modern process in digital banking apps, which use biometrics and basic detail checks to deliver a seamless, secure, journey. Most often, however, we’re normally just making one or two payments at a time – so the challenge of replicating this across 100 different suppliers just doesn’t arrive. 

For SMEs processing their payment run, late-at-night and under pressure, as so often happens, this type of line-by-line payment entry exposes a huge risk for error, potentially resulting in money ending up in the wrong hands.

Bringing payment security into now

Nook is building the complete payment solution to make SME payments work for clients and accounting firms alike, with robust controls and transparency throughout. With our newest features, accountants can finally offer a complete payments solution with confidence.

Confirmation of payee

The lack of a 'confirmation of payee' feature has been a glaring gap in payment platforms. In the day-to-day world, when you make a payment, your bank often provides a confirmation that the payee's name matches the account number and sort code. 

This basic step provides assurance that the payment is directed to the right individual or entity – and for businesses that manage multiple suppliers where details can change regularly, or individuals within the business have the power to edit them without oversight, this is a significant risk. 

  • Nook now ensures that bank details match with the scheduled payee's information for every payment. 
  • Any change to payment details from a user is now flagged at the next level of oversight, meaning that managers can always track and approve any bank detail edits.

Flexible approvals

Nook’s platform now offers integrated approvals for payment runs, allowing companies to have a structured internal review before payments are processed. 

Especially beneficial for firms processing payments on behalf of clients, Nook’s robust approval process is both multi-step and multi-level. Accountants can prepare a payment run in seconds, then share with clients in the same platform to approve, with full visibility of invoice and supplier details, with no need to switch between other tools or data sources.

Making secure payments for work your firm

While security concerns have traditionally been a prime reason many accounting firms hesitate to handle clients’ supplier and payroll payments, Nook is building the tools to make them a viable service offering for firms to solve this major client pain point.

With the ability to track approvals from invoice creation, build payment runs in seconds and help clients execute with confidence and full oversight, firms have a golden opportunity to take a leading role in making payments secure, efficient and valuable for their customers. 

To find out more about how Nook can help your firm offer secure, risk-free payments for your clients, book a demo today.

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