An Electronic Payment And ERP System Can Ensure Regulatory Compliance
Start writing a post
Politics and Activism

An Electronic Payment And ERP System Can Ensure Regulatory Compliance

The age of compliance can now be taken in full stride

An Electronic Payment And ERP System Can Ensure Regulatory Compliance
Business Finance

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.


*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.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

Alone At The Met

I survive a day alone in NYC.

Wikimedia Commons

It was six in the evening. I was sitting in the courtyard of a Renaissance-era Italian villa, glancing around at the statues, most notably one of a boy removing a thorn from his foot. Despite the supposedly relaxing setting, I was incredibly anxious. My phone was at less than 5 percent battery, and once it died I would be completely disconnected from my family and peers, alone in one of the largest art museums in the country.

Keep Reading... Show less
Student Life

College 101: How To Ease The Back To School Blues

Getting back into the school groove when you just can't seem to let go of summer.

Beyond The States

With fall classes just beginning, many of us find ourselves struck with summer withdrawals. Especially for those who refrained from taking courses over the summer, it can be quite difficult to get back in the swing of things. Fortunately, there are various ways to help make the transition back to college as smooth as possible.

Keep Reading... Show less
Dating Apps

We Met At A Bar

Salvage what you can; if you can't, it's alright to walk away.

We Met At A Bar
Anne Waldon

We met at a bar.

Keep Reading... Show less

The Mets And Me

They may be the worst sometimes, but this baseball team has given me more than I could ask for.

Rich Schultz/Getty Images

On September 3rd, 2001, a sea of children littered my home's navy-carpeted den to watch baseball during my dad's 40th birthday extravaganza. A baseball game flickered on the TV, and a red and blue bubble of a scoreboard sat in the bottom right corner of the screen. The New York Mets and the Philadelphia Phillies were in a wild game at Veterans' Stadium. As I, a five-year-old boy with a jumble of curly blonde hair, sat in the back of the kid clump, I wondered which team I should root for. After a long debate with myself, I decided that I should root for the team that's winning (duh). But, as the ninth inning rolled around with the Phils maintaining a 7-5 lead, some magic occurred. The Mets put up five runs in one frame, stunning the Phillie fans in the room and winning the game 10-7.

Keep Reading... Show less

Which BTS Member You Are Based On Your Star Sign

If you love BTS, I'm sure you relate to one or many of them in several ways. This star test will help you learn more about which member you are most connected to.

Which BTS Member You Are Based On Your Star Sign

Astrological signs tell a lot about a person. Do you ever wonder what your BTS bias star sign is? Is it the same as yours, or or are you more like one of the other amazing members? Take a look and find out what yours (and the members of Bangtan) says about you.

Keep Reading... Show less

Subscribe to Our Newsletter

Facebook Comments