Electronic payments such as CHAPS, SWIFT, BACS, Faster Payments and Online Banking have huge advantages over more traditional payment types.
If you don’t already use electronic payments, or you’d like to find out more, please contact your relationship manager.
Electronic payments come with built-in security, but there are additional steps you can take to protect your business, such as downloading Trusteer Rapport, free security software from Royal Bank of Scotland. Rapport works along side your anti-virus software, protecting and encrypting confidential information such as PINs and passwords when you connect to yoru online banking services. Furthermore, Rapport can identify, block and disable numerous strains of malware, providing additional peace of mind when you initiate electronic payments.
You should also carefully consider who has access to electronic payment services and undertake regular reviews to ensure that only staff who continue to have a legitimate need are able to make payments on behalf of the business. Services such as Bankline allow you to define what specific tasks individuals are allowed to perform, and you can make payments subject to dual authorisation, so that no individual is able to key and authorise a transaction without independent oversight.
There are other issues to consider - especially how you set and change your passwords. Find out more in Office Security area.