The Swedish Economic Crime Authority's Checklist. Theoretically a Great List, But…

To combat economic crime and protect businesses, the Swedish Economic Crime Authority ("Ekobrottsmyndigheten") has developed a comprehensive checklist that you need to review. This list, covering everything from basic requirements to complex financial and legal aspects, is theoretically an excellent tool. But let's be honest: expecting someone in the finance department to manually check every single point on this list, with every payment, is practically an impossible task.

5 Challenges of manually checking payments

• Time-consuming: Manually searching for and verifying information from a multitude of different sources for each payment takes an unreasonable amount of time.
• Complexity: Interpreting and assessing information from various registers and databases requires specialist knowledge, and it's easy to miss important details.
• Human error: In a stressful work environment, the risk of carelessness and incorrect assessments increases.
• Up-to-date information: Company information and risk factors can change rapidly, making a manual one-time check insufficient.
• Scope: The length and detail of the list make it difficult to maintain focus and accuracy with each transaction.

The solution: automatic security with Visma Autopay Detect

Many finance professionals attest that manual checks are overwhelming. System support is required. And preferably support within the systems they already use. This is how Visma Autopay Detect was created. This service is designed to automatically check payment recipients, transactions, and the individuals behind the company at each payment occasion. Instead of relying on manual processes that are time-consuming and prone to error, the finance department receives a quick indication – an "OK" if everything looks good, or a clear warning if deviations or potential risks are detected.

How Visma Autopay Detect helps you:

• Prevents fraud: By verifying the payment recipient in real-time, the risk of money ending up in the wrong hands is reduced.
• Stops costly mistakes: The system not only detects dubious recipients but also incorrect amounts, double payments, and shell companies.
• Ensures effective compliance: Autopay Detect ensures that business is conducted within the framework of your guidelines and policies.
• Data from multiple sources in one place: Information from over 17 different sources is automatically collected and analyzed, providing a comprehensive view of the payment.

Take the step towards a more secure payment process

Relying on manual controls to follow the Swedish Economic Crime Authority's comprehensive checklist is no longer a sustainable option. To effectively protect your company against fraud and costly errors, you need systems like Visma Autopay Detect. By automating important controls, you ensure that every payment ends up in safe and correct hands, creating a more secure work environment, reducing stress, and increasing efficiency. Let the system handle the task of checking the payment, the payment recipient, and the individuals behind the companies.