Resources for Financial Departments

Trustpair specialists provide free resources for financial teams to find out the best practices in the market and expert insights.

Trustpair and Altares unveil a practical guide to support your financial department in its Data Management strategy. Companies need to define and implement a clear Data Management strategy, to optimise and make more flowing all the processes for collecting, qualifying, using and securing data 

Trutspair, Accenture and Option Finance unveil a Fraud Study 2021 to understand how financial departments position themselves regarding the risks of wire transfer fraud in 2021. The study reveals that the fight against fraud is an important issue for 89% of CFOs. While 79% of CFOs list fraud as an issue

Would you like to know more about wire transfer fraud?

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Joining an early-stage company and going through the scaling phase as a Dev, a story told by Delphine
Reading Time: 4 minutes

Meet Delphine, Ruby Developer at Trustpair, relating her story of experiencing the switch from a start-up to a scale-up company. 

Many companies grow from 10 to 150 people in a snap. Well, we didn’t do it that way at Trustpair. And that’s a good thing! We took the time to hire the best talents to take part in the adventure and structure the company with A-Players only.

Let’s start from the beginning…

Being one of the first five employees, I joined Trustpair early on, when the company just raised its seed funding and was primarily looking at recruiting technical profiles to strengthen the product. 

Fun fact: I was not initially a developer, I actually have a master’s degree in Ecology and like many others, I went to a bootcamp to learn programming. I once read that, at any given time, we can step forward into growth or step back into safety. One of the main reasons I decided to join Trustpair was to go out of my comfort zone and tackle new technical challenges to become a better developer (as cliché as that sounds). And I wasn’t disappointed.

… and get down to business!

When you are part of such a small team (a dozen at that time, including the three founders), there is a lot of proximity between each person and you learn day after day!  

The workload is certainly intense – especially the first year – but that’s part of the game. The balance between work and personal life can be tricky to maintain; but I am always careful not going over the edge. There was never a time when it was expected of me to intervene while I was off the clock. It’s quite stimulating to know that there’s so much to do and that you bring your own contribution.

The company evolves, so are the working methods

Building a team can be very hard. The way we organize ourselves within the tech team and work cross-team was a daily challenge. Along the journey, we struggled a lot around the development cycle. Questioning ourselves and making our working methods evolve is crucial, it is part of our DNA !

Nothing should be set in stone, especially work habits

One of the biggest changes I experienced was switching our development cycle methodology. We always try to adapt ourselves to mitigate our shortcomings, improve our feature deliveries while balancing our technical debt, and try new techniques that we’ve not explored yet.

At any level of responsibility, your idea and your voice matter and can have a lot of impact on the whole company. Well, you don’t believe me?

Taking part in decisions is a reality at Trustpair

When we were experiencing classical scrum methodology, we weren’t entirely satisfied. We almost never delivered on time, and we suffered from a lack of visibility and reflection before entering the development cycle. We were deep diving into feature development.

Well, we were facing issues with Scrum, and decided to try something else!

While doing some technological watch, I stumbled upon “Shape Up” from Basecamp, an unusual methodology that provides more time for design thinking. Just what we were looking for! After sharing this method with my team, we quickly decided to adopt it !.

So yes, Shape up – our official current way to work – is an idea coming from a slack conversation at the developers’ level. Since then, that methodology change has been embraced by the whole company. It would not have been possible without the support of the founders. Every time we made some changes, we had no guarantee that it would work, but we were not afraid to try. We are never afraid to strive.

Time for scale-up has come

When a company grows, processes and organization have to be put in place. When the workload increases, along with the business opportunities, you know it is time to staff the team… in a smart way!

Regarding the Tech team, we always felt the need to grow. But if some teams were represented by few people, the other ones – marketing, customer success, operational and so on – did not even exist. We started to recruit team managers to set up each new department. One of our strengths is that we didn’t hire too many people at once: onboarding is crucial, it takes time, and we wanted to handle them properly!  

This period was also marked by moving to larger offices, far more spacious to ensure the onboarding of all new players.

But scaling-up has also its share of problems. For us, it was about knowledge sharing. Real in-depth work and the setting up of specific tools were put in place to overcome this issue.

The team is in a rocketship, ready for take off !

Over the last three years, a lot of things happened. 

We evolved, by going from 10 to 70 in 2 years! This growth could get a bit bumpy but overall felt quite natural: scale up and recruitment are good signs, it proves your project is on track. If there were still 10 of us, I’d be worried about the company’s fate…

We certainly made some mistakes but we tried to learn from it. It’s ok to make mistakes. I literally crashed the production environment at my first deployment (oopsie) and I did not get fired. To err is human, the important thing is to take responsibility, learn from it and move forward.

Our evolution goes on, with its share of challenges and successes. It’s great to know that at our own level, we can make a difference. There is still so much to do, but I have no doubt that we will get ahead. What we do is important, but not more than with whom we do it. With so many challenges ahead of us, we are looking for new talents. Tech, Data, Product… feel free to check out our Trustpair career page or drop us a line, we’ll be delighted to chat with you.

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How does Trustpair leverage data to fight wire transfer fraud, by Cyril Rondeau
Reading Time: 3 minutes

Meet Cyril Rondeau, Head of Product at Trustpair, building a thriving technology to prevent companies from a major financial and reputational risk : wire transfer fraud!

What does Trustpair actually do? 

Fraud is getting more and more sophisticated nowadays for financial departments that historically relied on internal, manual procedures to check third party banking details. Many of them are slowly but surely getting aware that to be protected, they need new solutions. In addition, digitization is the financial department’s main concern. 

The vision of Trustpair is that within 5 years, mid-caps and large companies that have a large number of third parties to deal with, will have adopted a new generation of datatech solutions that provide gains in risk reduction, productivity, data quality. 

Trustpair develops a SAAS solution that helps companies  prevent and detect wire transfer fraud risks. It delivers payment data verification in multiple countries, integrated with the tools and workflows of the Procure-to-Pay processes.

Why is Data so important?

Trustpair’s clients expect an evaluation of payment risk on a global geographic scope in a timely manner. 

The aggregation and smart use of data allows Trustpair to provide its clients with an evaluation capacity and speed that they do not have today with historical methods.  

To produce an evaluation, Trustpair leverages data from multiple sources with a variety of methods. 

  1. Connection to databases which establishes the correspondence between companies and banking data,
  2. Mutualisation of anonymized payment data  between customers, 
  3. Unit verification checks with additional data sources.

The unique combination of methods is key to the performance of the solution and the innovation brought to the market. 

How do we make data actionable for our customers ? 

Anti-Fraud Solutions is a nascent market, quickly growing, with a high development potential. The equipment rate of businesses does not exceed 16%. Trustpair has a pioneering role to play. Customer centricity, focus, agility are key in this phase. 

The team needs to tackle a variety of challenges. It needs to build the best evaluation engine, with a broad international coverage. It also needs to make evaluations actionable to clients through a great user experience as well as the integration with the workflows  and tools of the Financial departments (Procurement, ERP, TMS). 

The Trustpair product team has the opportunity and the pleasure of working with customers who have a real appetite for an innovative solution that helps them with their pain point and are ready to spend time with the team to work on the evolution of the service. 

The development of the product roadmap and functionalities is fed by regular discovery interviews and tests. It is also fed  by feedback from the various Truspair teams (Sales, Customer Success, Operations…) as well as internal analytics. 

For the agile creation and development of product evolutions, we use the Shape Up methodology. Customers and internal teams (sales, customer success, operations, general management) provide input for the Shape Up cycles.  

In the context of a nascent market and a major scaling phase of the company , the Product team plays a key role in the company, to shape and share the product vision, suggest a roadmap that responds to and anticipates market needs, prioritize efforts, design features in close proximity to customers, align and focus teams with priorities and messages. There is no time to be bored!

How does data fuel the performance of the Trustpair solution ?  

Leader in its market, Trustpair aggregates many data sources, collects a wide volume of payment data, and processes this data in a smart way. 

There are many challenges to lead the way through payment security:

  • Integration with the most relevant data sources at a global scale
  • Building an efficient and secured data infrastructure and processing pipeline to process large volumes of data
  • Development of algorithms using AI to make the best of available data and ensure maximum automation of processing
  • Set up tools and reports to manage the platform and monitor its performances

There is also the challenge of building a high performance team:  the recruitment, onboarding and training of new talents, as well as the internal evangelisation on the effective use of data.   

Trustpair’s Product managers, Data Engineers and Data Scientists meet these challenges on a daily basis, in the creation and delivery of features and capacities that ensure the efficiency and leadership of the platform. To get on board this unique experience, apply to our many Product, Data and Tech job offers available today : visit Trustpair’s Career Page.

About the writer : 

Cyril Rondeau is Head of Product at Trustpair. He has a background in product functions (especially on fintech products) in France and internationally, in startups (Izicap, Linxo) or at Microsoft. He is a graduate of Insead and Telecom Sud Paris. He is passionate about product innovation, especially fintech and data, and growth management.

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EACT in Action - Fraud prevention
EACT in Action – Fraud Prevention – A look back at the event
Reading Time: 5 minutes

Corporate treasury teams have been targeted by a rising number of cyber-attacks over the past two years, with fraudsters employing methods such as CEO fraud, lookalike domains, phishing, spoofing, malware and, increasingly, ransomware. What role can treasurers play in the fight against cybercrime and fraud?

To answer this question, EACT in Action give the speech to Dr. Gerd Berghold and Werner Strecker of Deutsche Bahn AG, to share how the company has structured its technical set-up and how fraud prevention is managed within the treasury function – as well as metrics to improve fraud monitoring and screening. To watch the event in replay, go here.

The speakers:

Once victim of a fraud, Werner Strecker looks back at how the cyber-attack on the Deutsche Bahn group was carried out, and explains how the group reacted.

What are the facts?

SSC Deutsche Bahn wanted to initiate transfers for a subsidiary in France to a vendor in United Kingdom. Four payments have been executed between March 23rd and April 8th, 2021, and the amount was approximately €625.000. On April 26th – on a Friday afternoon – the company SSC Deutsche Bahn received a call from the supplier telling them that he didn’t receive any payment for his bill. After contacting the Group Treasury, SSC quickly understood that they were victim of a fraud attack.

Deutsche Bahn directly locked the amount on fraudulent recipient’s bank account, but it was too late. The money was already split up across several countries in one day… On April 29th, a recall order was made to bank who initiated the payments.

As the group reacted very quickly to engage a recall order, the company was able to recall two of the payments, which means that a loss of €300.000 was avoided.

Deutsche Bahn Group organisation at risk?

Deutsche Bahn Group is a leading supplier on mobility and logistic services with a clear focus on rail transport in Germany. DB Group largely consists of the integrated rail system and the two major international investment : Deutsche Bahn Schenker and Deutsche Bahn Arriva.

The Group works with various banking groups entities all over the world. Its IT and Global organisation is well structured. The group uses one Global Treasury software, one Treasury Management System and one Banking Platform.

But Deutsche Bahn is facing a challenge with its bank portfolio. Before the integration of SSC, payment were done via different tools. Then, three SSC Global Accounting teams were set up in Berlin, Bucarest and Manila.

Cyber and Fraud Protection devices set at Deutsche Bahn

As all group processes are today online, based on the internet, a huge set up of technical organisation has been made.

“Couple years ago, you went directly to your bank to perform a payment. Now, dealing with internet is common, and a challenge.” – Werner Strecker

Chief Information Officer is an important part of the system organisation. This department has to explain how to use new internet technologies in a safety way.

In oder to prevent and detect fraud risks, some protection concepts were adopted by the group to secure their “Cyber Space”:

  • ICT/technical, protection against malware
  • Vendor onboarding with strict policies and procedures
  • Group wide communication of “Red Flags” and mandatory fraud prevention trainings of the staff involved in payment transactions since 2015 (upon implementation of SSC)
  • Continuous improvement of processes withinSSCs and DB Groups companies
  • Inform and raise / Increase awareness of the employees (awareness plateforme, sending out suspicious email)
  • Ad-hoc security warning from CISO
  • Training based on KRISTIS standards (German Federal Law on protection of critical infrastructures)
  • Use of “new” technologies in DB group “Digital Treasury”

“For Treasurers, it is a real challenge to be on the top of the liquidity pyramid, so their role is to be transparent with the entire Financial department, clients and the banks.” – Werner Strecker

On the other hand, centralised initiative payment is also a challenge to prevent the Group from cyberattacks. Using a decentralised electronic banking tools were the first Group measures taken by the company.

Regarding fraud, something has been missing regarding confirmation emails, supplier ID, bank account details check. Sometimes, only one single character could be different – bank account number, email address – and humain beings just can not see it.

“You have to double check every thing and move, and adopt a strong checking process, even for an email confirmation.” – Werner Strecker

Raise a fraud prevention system

Regarding those threats, DB group set up a strong Fraud Prevention system by:

  • Defining role of DB Treasury (transparency about partners, accounts, payments flows, strong compliance)
  • Putting in place specific measures (consolidation with providers, downsizing of Bank Portfolio, enforce Strict Cash Management Guidelines)
  • Defining minimum requirements and standards (four eyes principle for all payments, any change of payment master data, call-back and strong confirmation processes)
  • Seting up Nice to / Must have (secure exchange of payment instructions with banks (SSI), standardised global process “Corporate2Bank” in case of a fraud attack, checked Write/Blacklists before making a payment)

Finally, if you have a doubt or you just want to be sure you are in touch with the right supplier, you can ask yourself some questions to help analyse the situation and realise your money transaction in a safe place.

“IT is at the center of the subject. We are not like “Big Brother Is Watching You”, but we need IT to monitor Master Data and ensure that employees all over the group follow the right processes and rules. Of course, we are not 100% IT, human being still do business, but put your trust in technologies have benefits for sure.” – Werner Strecker

Digital technology to fight wire transfer fraud

It’s nice to have an idea about fraud methodologies. Some devices allow your Treasury department to set up specifics RPA, to be alerted in case of a fraud detection, or at least in case of payment anomalies (for example). That exactly what Gerd Berghold and his team develop over years.

“Our webcrawler is also a fraud radar, which is able to search in a static or dynamic way everywhere on the Internet. Then we put the data in the database. By combining technologies, we believe we give the power to companies to detect and protect themselves from frauds.” – Gerd Berghold

Even if you are not an IT company, it is easy to implement a solution like this one. All you have to share is your payement history, you don’t have to be a record company. There are solutions out of the market to fight fraud and check payments.

To go further than simple monitoring, anti-fraud technological solutions such as Trustpair can help you to prevent and detect fraud attacks. By checking all third party bank details while adding or editing one in your database, or analyse in real time all your supplier data in your Vendor Master File through a continuous audit, Trustpair allows all your financial department to master data, secure payements and make your entire Procure-to-Pay process more reliable.

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To conclude

“The most vulnerable part of the process is the human action. Fraud attack can be prepared for weeks or months, and fraudsters know exactly the right moment to launch an attack. At least, 100% Robotic Process don’t make mistake. One advise is to use your commun sense and check every data you receive.” – Werner Strecker

“If I should give one advice to the audience, I would say to support your people, collect data and learn from it.” – Gerd Berghold

Data Management: the cure for wire transfer fraud - write paper
Data Management: the cure for wire transfer fraud

Trustpair and Altares unveil a practical guide to support your financial department in its Data Management strategy. Companies need to define and implement a clear Data Management strategy, to optimise and make more flowing all the processes for collecting, qualifying, using and securing data.

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Fraude-Study-2021
Businesses fighting wire transfer fraud in 2021

Trutspair, Accenture and Option Finance unveil a Fraud Study 2021 to understand how financial departments position themselves regarding the risks of wire transfer fraud in 2021. The study reveals that the fight against fraud is an important issue for 89% of CFOs.

The risk of fraud has exploded during the health crisis, overwhelming the traditional manual processes used by companies. Waves of fake president or fake vendor frauds have had serious consequences, resulting for instance in a loss of €6.6M for a large pharmaceutical company based in Rouen, France.

The study underscores this ambivalence: risk awareness is increasing, but as of 2021, very few companies have invested − or intend to invest in − a digital solution in place to adequately prevent wire transfer fraud. The feeling that “fraud only happens to other people” is still prevalent, and the decision to invest is too often made in reaction to a fraud or attempted fraud.

Fraud Study Trustpair

replay-trustpair-Altares-webinar-Data-Management
Data Management : le seul remède à la fraude au virement ?

Véritable organisme vivant, les données relatives aux tiers évoluent et se dégradent dans le temps. Si l’on ajoute à cela le niveau de risque et de sensibilité élevée de ces données, assurer leur fiabilité devient un enjeu stratégique pour les entreprises. Lors de ce webinar Data Management, nos invités d’honneur Frédéric Paresy et Michael Lisch, Ingénieurs Avant-Vente chez Altares, interviennent au côté de Baptiste Collot, Président Trustpair afin d’échanger autour des sujets Data Management, Smart Data et lutte contre la fraude.

Avec l’essoufflement du modèle Big Data et l’émergence des nouvelles technologies, les données intelligentes, ou Smart Data, ont désormais une place de choix en entreprise. Elles n’ont plus d’autre choix que de changer leur modèle de management pour assurer la qualité de leurs données tiers tout au long de la relation d’affaires et ainsi sécuriser chaque étape de leur processus Procure-to-Pay.

Au programme du Webinar Data Management

    • En quoi consiste le Data Management pour les Directions financières?
    • Comment s’assurer de travailler avec des données tiers fiables ?
    • Quelles sont les grandes étapes pour réussir un onboarding fournisseur ?
    • En quoi une bonne gestion des données protège-t-elle des risques de fraude ?

Si vous êtes intéressé.e par ces thématiques, regardez le webinar Data Management en replay.

Replay Webinar Trustpair x Altares - Data Management

Webinar Accenture x Trustpair
Les entreprises face au risque de fraude au virement en 2021

En partenariat avec Accenture et Option Finance, Trustpair vous propose de découvrir lors d’un webinar inédit les mesures prises par les entreprises afin de faire face aux risques de fraude au virement.

Quel est le niveau de risque et de maturité des entreprises face à la fraude au virement en 2021 ?

En compagnie de Elodie Bananier Senior Manager – Compliance and Financial Services chez Accenture et Baptiste Collot, Président de Trustpair, assistez en direct à la restitution des résultats de notre Etude Fraude 2021 co-réalisée avec Option Finance et Spoking Polls.

  • Comment se positionnent les Directions financières face au risque de fraude au virement ?
  • Quelle place occupe la lutte contre la fraude au sein des entreprises ?
  • Quels sont les dispositifs et investissements digitaux envisagés en 2021 ?

Pour connaître les réponses à ces questions et découvrir le compte-rendu de l’étude, regardez le webinar fraude au virement en replay.

Webinar en replay - Trustpair x Accenture

podcast e-Attestions.com & Trustpair - conformité lutte fraude
Allier conformité et lutte contre la fraude

Podcast proposé par e-Attestations.com : dans cet épisode, Baptiste Collot et Emmanuel Poidevin – CEO de e-Attestations.com – échangent sur la conformité, lutte contre la fraude au virement et plus particulièrement sur la maitrise des données fournisseurs.

e-Attestations part EN LIVE avec Baptiste Collot co-fondateur et CEO de Trustpair , la solution de référence pour lutter contre la fraude au virement en entreprise.

Dans cet épisode, Baptiste Collot et Emmanuel Poidevin échangent sur la conformité, lutte fraude au virement et plus particulièrement sur la maitrise des données fournisseurs. Les fraudes au virement se sont professionnalisées. Elles se sont massifiés et la finalité est toujours la même : l’usurpation d’identité. Les attaques sont récurrentes, les occurrences connues. Il ne s’agit plus uniquement de gérer le risque mais de le couvrir.

  • Comment sécuriser la chaine opérationnelle au quotidien ?
  • Comment maitriser la qualité de ses données ?
  • Comment couvrir l’ensemble des processus de création, modification et paiement de ses fournisseurs ?
  • Comment allier conformité et lutte contre la fraude ?

Cette problématique concerne aussi bien les grands comptes que les PME ou ETI. Bonne écoute.

Podcast Fraudologie - Fraude au virement - Sécuriser ses IBAN
Sécuriser ses IBAN avec Trustpair

Podcast proposé par FRAUDOLOGI€ : Qu’est-ce que la fraude au virement ? Quelles sont les solutions pour s’en protéger ? Comment sécuriser ses IBAN ? Pour vous apporter des réponses, Denis Pénot donne la parole à Baptiste COLLOT, Président de Trustpair.

Baptiste Collot est le premier expert auquel je fais appel pour enrichir notre vision de la lutte contre la fraude. Il a fondé en 2017 la société Trustpair après avoir travaillé dans un grand groupe français où il a été confronté aux difficultés pour gérer une donnée fondamentale dans la vie d’une entreprise : l’IBAN.

Podcast Forecast - comprendre la fraude au virement
Comprendre la fraude au virement

Podcast proposé par FORCAST : Comprendre la fraude au virement  est une chose, mais savez-vous comment protéger votre entreprise ? Afin de bien aborder le sujet, Jean-François Galeo donne la parole à Baptiste COLLOT, Président de Trustpair.

Usurpation d’identité, hacking, fraude interne, ingénierie sociale… En 2018, 70% des directions financières se sont dits victimes de tentatives de fraudes au virement. Elles n’étaient que 30% en 2009 !

Dans ce nouvel épisode de Forecast – Podcast, « le podcast qui met la lumière sur le monde de la trésorerie d’entreprise », Baptiste Collot, Président et co fondateur de la société Trustpair, nous parle d’un sujet dont il est expert : la fraude. L’objectif est simple : comprendre la fraude au virement.

  • Qu’est-ce qu’une fraude ?
  • Comment les fraudeurs opèrent ?
  • Comment anticiper et limiter le risque de fraude ?