Costs of Inaccurate Payment Data Reviewed in Vendor White Paper
The hidden costs to companies of breakdowns in the SAP payment process caused by inaccurate data are highlighted in a white paper issued by BankersAccuity, a division of business-to-business (B2B) publisher Reed Business Information.
The white paper states that throughout the global banking system more than 5,000 changes to critical bank information are made daily. It offers guidance for corporate treasury professionals to help identify the right tools for making the best use of the process.
The costs identified as a result of bad routing data include:
“Maintaining this data in the bank master table is complex and can require a great deal of effort. It is updated manually or automatically, but in instances when treasury professionals need to enter larger amounts of data, they must use a separate upload programme,” said Robert McKay, managing director at BankersAccuity.
“These complications can generate unnecessary inefficiencies and costs and result in hundreds of thousands or millions of dollars being lost in diminished funding capacity, costly production delays or lost revenue. Companies, therefore, need the best payments data to be easily accessible to them at any given time.”