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The technology group W\u00e4rtsil\u00e4 has received the highly valued Adam Smith Award 2021 in the Best Risk Management Solution category by Treasury Today. The Adam Smith Awards are widely recognised as the ultimate benchmark for corporate treasury achievement. W\u00e4rtsil\u00e4\u2019s winning solution was for its innovative Bank Account Pre-validation service to prevent payment fraud attempts.<\/p>\n
Developed in cooperation with the Nordic banking group Nordea, the digital \u2018Beneficiary Account Validation\u2019 service provides an effective means for companies to validate their international suppliers\u2019 bank account ownership from the account holding bank before changing payment instructions or adding a new supplier. It adds an extra layer of security to the account verification process, thereby reducing the risk of fraud.<\/p>\n
\u201cAs a global corporation, handling transactions from around the world, we are constantly exploring ways to use advanced technologies for preventing fraud. For example, being fooled into making changes to vendor master data in our SAP system would be a massive problem, as we pay numerous invoices on a weekly basis to the same suppliers. Eliminating this risk motivated us to collaborate with Nordea in finding new ways to validate supplier accounts,\u201d says Jarmo Nurmi, Corporate Treasurer at W\u00e4rtsil\u00e4.<\/p>\n
“API\u2019s enable two applications to directly communicate with each other and exchange data. The \u2018Beneficiary Account Validation\u2019 service works by connecting W\u00e4rtsil\u00e4\u2019s system directly with Nordea\u2019s, thus enabling data related to bank account validation to be shared. The content of the API query is automatically transferred by Nordea into a SWIFT message, which is then transmitted to the beneficiary\u2019s (i.e. the supplier\u2019s) bank. The solution is seen as an effective defence against cyber-crime,” says Liisa Kanniainen, VP, Strategic Partner at Nordea.<\/p>\n
W\u00e4rtsil\u00e4 has utilised digitalised processes for a number of years already in optimising overall workflows. In 2019, the company was awarded the EuroFinance Treasury Excellence Award for digital transformation & technology implementation in recognition of its innovative development of Robotic Process Automation (RPA) in Finance.<\/p>\n
Read more about this by Nordea:\u00a0https:\/\/insights.nordea.com\/en\/business\/automating-beneficiary-account-validation-with-wartsila\/<\/a><\/p>\n Media contacts for more information on this release:<\/p>\n Jarmo Nurmi Sari\u00a0Luhanka Image caption:\u00a0W\u00e4rtsil\u00e4 won the Adam Smith Award 2021 of TreasuryToday in the Best Risk Management Solution category with the Bank Account Pre-validation service.\u00a0<\/em>\u00a9Treasury Today Group<\/p>\n All\u00a0W\u00e4rtsil\u00e4\u00a0releases are available at\u202fhttps:\/\/www.wartsila.com\/media\/news-releases<\/a>\u202fand at\u202fhttp:\/\/news.cision.com\/wartsila-corporation<\/a>\u202fwhere also the images can be downloaded.<\/p>\n W\u00e4rtsil\u00e4 in brief<\/strong>: W\u00e4rtsil\u00e4 Corporation, News,\u00a0 14 June 2021 at 2:00 PM E. Europe Standard Time The technology group W\u00e4rtsil\u00e4 has received the […]<\/p>\n","protected":false},"author":165,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[3302,4048,4049,3237],"class_list":["post-50947","post","type-post","status-publish","format-standard","hentry","category-news","tag-3302","tag-adamsmithaward","tag-bestriskmanagementsolution","tag-wartsila"],"acf":[],"aioseo_notices":[],"featured_image":"https:\/\/carilec.org\/wp-includes\/images\/media\/default.svg","month_date":"Jun","day_date":"14","_links":{"self":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/posts\/50947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/users\/165"}],"replies":[{"embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/comments?post=50947"}],"version-history":[{"count":0,"href":"https:\/\/carilec.org\/api\/wp\/v2\/posts\/50947\/revisions"}],"wp:attachment":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/media?parent=50947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/categories?post=50947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/tags?post=50947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCorporate Treasurer
\nGroup Treasury and Financial Services
\nW\u00e4rtsil\u00e4\u00a0Corporation
\nTel. +358 50 329 7029
\njarmo.nurmi@wartsila.com<\/a><\/p>\n
\nManager, Global Media Relations
\nW\u00e4rtsil\u00e4\u00a0Corporation
\nTel. +358 10 709 5774
\nsari.luhanka@wartsila.com<\/a><\/p>\n
\nW\u00e4rtsil\u00e4 is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, W\u00e4rtsil\u00e4 maximises the environmental and economic performance of the vessels and power plants of its customers. In 2020, W\u00e4rtsil\u00e4\u2019s net sales totalled EUR 4.6 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. W\u00e4rtsil\u00e4 is listed on Nasdaq Helsinki.
\nwww.wartsila.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"