During acquisition conversations, we’re often asked the “why” question: Why should we use SafeSpend?
Many organizations explain they already perform extensive checks in advance, often applying the four-eyes principle. And that’s great—but unfortunately, it’s not enough. A payment can still go wrong, even when the name and IBAN seem correct. That’s exactly why auditors continue to apply strict controls afterward.
By embedding SafeSpend into your payment process, incorrect payments are prevented before they’re executed. As a result, your auditor no longer needs to be as strict after the fact—because the control has already happened.
Sample checks on payment advice lists are often used to monitor outgoing payments. While this is a valuable practice, it does not eliminate all risks. It is also labor-intensive and frequently results in the same creditor or recipient being reviewed repeatedly.
SafeSpend takes a different approach by automatically checking every transaction using advanced algorithms. These algorithms leverage your historical data, big data, and external sources such as the Dutch Chamber of Commerce (KVK), the Vehicle Authority (RDW), and Graydon Creditsafe.
If anomalies are detected, they are flagged for your review—allowing you to assess them critically. Each time you do, the system learns and becomes more intelligent over time.
Using our urgent payment functionality, you can also safely process high-priority payments, which undergo the same thorough checks. This ensures that CEO fraud becomes a thing of the past.
You work within a system that enforces strict segregation of duties, with all user activity logged. A range of reports can be generated to serve as supporting evidence for auditors or other controlling parties.
Want to know more about how it works? Our whitepaper offers a detailed explanation. We’d also be happy to provide you with a non-binding demonstration. Simply contact us or leave a message in the chat.
Whitepaper | SafeSpend
Contact | SafeSpend