It is mandatory for organisations that move money on behalf of customers or businesses to monitor transactions. An efficient transaction monitoring system helps to prevent illegal financing, money laundering, and other international financial crimes that threaten security and safety around the world.

Why is transaction monitoring vital?

The purpose of transaction monitoring is to alert manual reviewers of suspicious transactions using rules and data to identify outliers, such as payments and business arrangements. The transactions made by their customers can be monitored instantly and/or on a daily basis by financial institutions using transaction monitoring solutions. Besides analysing current transactions, these solutions also analyse a customer’s account profile and historical information. Based on that analysis, we can provide a risk assessment as well as a prediction of what will happen to a customer in the future.

Due to the risk of fraud associated with high value transactions, making sure that all high value payments go to the right accounts is essential. It is possible to prevent fraud with a payment monitoring system, as well as ensure a smooth operation. As another benefit of monitoring high value payments, you can detect inconsistencies and suspicious transactions within your company’s finances. Transaction monitoring is the best way to improve cash flow and prevent financial losses.

How does transaction monitoring work?

Transaction monitoring within your business can be done with an automated set of tools created specifically for this purpose. This software will allow you to provide seamless payment experiences to your stakeholders and customers.

The transaction monitoring system will alert the users when suspicious activity like the below mentioned ones occur:

  • Transactions that are not normal or unusual. 
  • Transactions over a specific value. This value can be set by the software.
  • Likewise domestic or international transfers over a certain value.
  • Huge cash deposits or withdrawals.
  • When the source of inbound or outbound funds is unfamiliar.

With a transaction monitoring tool, the Payment Transaction is seamless across multiple vendor solutions and cloud deployment models. With an efficient transaction monitoring tool in place, you can be assured of the following: 

  • Your operations are streamlined, reducing the overall costs.
  • No matter what vendor you’re using, your transactions are visible in real time.
  • With dynamic thresholds and alerts, you can stay on top of your payment ecosystem.
  • Deliver a flawless payment experience every time to increase customer satisfaction and retention.
  • Find out how transactions and trends are changing and how you can benefit from them in order to make better business decisions.

It is imperative to maintain customer trust, but if payments are not handled properly, their trust can be jeopardised. Unless payments are processed correctly, a transaction monitoring system cannot provide oversight. To avoid negative impacts on credit ratings or regulatory action, high value payments must be monitored precisely and accurately.

In addition to gaining a competitive advantage, IR Transact has an advanced transaction monitoring system that also enables you to manage uncertainty and risk, and ensure that issues related to high value transactions are dealt with swiftly and efficiently. We have a website that provides more information about monitoring transactions and how it can be beneficial to your company.

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