By the Marketing Team, at PagoNxt Payments.
Imagine this scenario: It’s a busy Thursday morning in the operations department of a large financial institution. The team is deep into their routine of processing payments when one team member notices an alarming issue: a substantial payment—well over $100,000—has been processed multiple times. In a matter of seconds, the atmosphere shifts as the team faces a complex situation with financial and reputational implications.
The True Cost of Duplicate Payments for Financial Institutions
When payments are duplicated, financial institutions are required to return the funds to affected customers or businesses. This could means the bank absorbs the cost of the mistake, resulting in an immediate financial and/or reputational hit.
While recovery mechanisms between banks exist and help mitigate losses, the process requires time, resources and coordination, which can add some operational workload.
The magnitude of the issue is substantial. Financial companies lose billions of dollars annually due to mistakes like duplicate payments. The Institute of Finance and Management (IOFM) estimates that duplicate payments account for approximately 1.5% of an organization's overall outgoing cash flow (Fiscaltec). A business with $1 million in expenses, for instance, would pay out $15,000 annually due to duplicate payments. The potential annual cost of these duplicate payments can potentially reach billions at large institutions.
How PagoNxt Payments Avoids Duplicate Payments
At PagoNxt, we approach this challenge with a blend of advanced technology, expert processes, and solid practices to reduce the risk of duplicate payments.
Here’s how we do it:
Stop Duplicate Payments Before They Cost You
At PagoNxt, we understand that preventing duplicate payments isn’t just about avoiding financial loss; it’s about maintaining trust and operational excellence. Duplicate payments are often overlooked until it’s too late. With PagoNxt Payments solutions and our commitment to excellence, we empower organizations to eliminate the risks associated with legacy technologies. Our advanced tech stack and expert guidance ensure that your payment processes are efficient, secure, and reliable. Reach out to PagoNxt today to discover how we can help you grow faster.
Just Payments. Made Easy.
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Imagine this scenario: It’s a busy Thursday morning in the operations department of a large financial institution. The team is deep into their routine of processing payments when one team member notices an alarming issue: a substantial payment—well over $100,000—has been processed multiple times. In a matter of seconds, the atmosphere shifts as the team faces a complex situation with financial and reputational implications.
Contact us to find out how PagoNxt Payments can transform your business
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