It may not be immediately apparent, but Sweden is in the midst of an extensive modernization of its payment infrastructure. At the heart of this is the transition to ISO 20022, a global standard for financial messages that replaces older formats such as SWIFT MT and Bankgirot's LB, KI, and BgMax files. In this article, we provide an update on the rollout...

On March 1, 2022, a law on reporting payment terms came into effect. This means that Swedish legal entities with more than 249 employees must report annually to the Swedish Companies Registration Office on their payment terms for purchases from companies that are smaller than themselves. The information will be public and available to the general public. The purpose of...

Using factoring companies is common practice today, and factoring offers many advantages. Even larger organizations have begun to use the various services offered by factoring companies, and the future looks bright for the factoring industry. However, there is a risk of an unpleasant surprise. Sharing a bank account number with several other organizations can have negative consequences that few people are aware of...

Manual steps in the payment process always pose a risk Any activity that requires manual work to complete a task poses a security risk. A common example of a security breach is when a supplier payment is initiated. First, standardized payment files are created in the business system. The payment files are exported to a directory on the server or network and then often...

Double payments A double payment means that the same invoice is processed and paid twice. Virtually all business systems today have controls in place to detect double payments. As a rule, these controls are based on the principle that there can only be one unique combination of supplier ID and invoice ID. These controls detect some of the situations that would otherwise...

Fraud has increased dramatically in recent years, and all signs indicate that this trend will continue. We have listed the most common types of fraud. External fraud Fraud has increased dramatically in recent years, and all signs indicate that this trend will continue. Today, limited liability companies are a natural part of criminals' arsenal. It is estimated that at least five...

Read our guidelines for secure payments. Learn about our recommended measures for increasing internal control throughout the entire process, from purchasing to payment. We also describe risks and common deviations that result in incorrect payments. Enjoy reading! Fill in the form and we will send you a copy free of charge.

Many thanks to Nordea and to everyone who attended Nordea CM Academy yesterday! It was great to be there and share our experiences of internal control in the purchasing-to-payment process. We talked about risks and how to manage them in order to avoid incorrect payments. Read more about Nordea CM Academy

Incorrect payments of supplier invoices occur in all companies and organizations. 15% of incorrect payments are never recovered Our analyses show that companies recover an average of 85% of incorrectly paid supplier invoices. The main reason for this is that the supplier contacts the company and returns the incorrect payment. Another reason is that the company itself discovers the error and...

Companies are always subject to fraud and other financial crimes. The methods are numerous and the frauds are sophisticated. Security gaps in existing business processes are exploited, with the payment process being one of them. A very important one at that. It is reasonable to believe that the majority of errors and attempted fraud are detected in time thanks to experienced and competent...