What is Payment Security Control?

Definition

Payment Security Control encompasses the processes, policies, and technologies designed to safeguard financial transactions and prevent unauthorized or fraudulent payments. It ensures that payments are executed securely, in compliance with regulatory standards, and aligned with internal risk management frameworks.

Key Features

• Verification and Authorization: Utilizes Payment Verification Control and Vendor Payment Control to confirm transaction legitimacy before processing.

• Fraud Mitigation: Incorporates Segregation of Duties (Fraud Control) and Preventive Control (Journal Entry) to reduce the risk of unauthorized activity and maintain financial integrity.

• Regulatory Compliance: Applies Anti-Money Laundering (AML) Control and Risk Control Self-Assessment (RCSA) to meet legal and regulatory requirements.

• Monitoring and Analytics: Leverages Continuous Control Monitoring (AI-Driven) and Continuous Control Monitoring (AI) to detect anomalies in real time and strengthen internal oversight.

• Working Capital Oversight: Integrates with Working Capital Control (Budget View) and Working Capital Control Framework to ensure secure and efficient cash management.

• Financial Insights: Supports Customer Payment Behavior Analysis to identify trends and potential risk points within payment processes.

• Specialized Payment Types: Ensures compliance for complex transactions such as Share-Based Payment (ASC 718 / IFRS 2).

Summary

Payment Security Control safeguards financial transactions through verification, fraud prevention, regulatory compliance, and continuous monitoring. It strengthens internal controls, mitigates risk, and ensures secure, reliable payment operations.