Online Payments Control for Businesses

Online Payments Administrative Controls

It is important to implement controls to prevent unauthorized payment initiation by unauthorized employees or criminals. Fifth Third Bank’s Account Management & Payments (AMP) has several levels of permission type settings that allow you to control, monitor and mitigate overall risk exposure.

• Access to View Accounts: Managing access to accounts is the first step towards mitigating the risk of potential loss. Fifth Third Account Management & Payments (AMP) allows your organization to manage access to accounts across your organization or at the user level. Account Management & Payments (AMP) allows larger organizations to create distinct units to further control access to information and payments, which may include operating divisions, departments, and teams.
• Permissions: Permissions can be managed at four different levels – company, division, group and user. Most permissions are categorized at a company or individual level. Company permissions refer to permissions that apply to the entire company. Per Account permissions allow you to set permissions uniquely for one account.
• Dollar Limits: You are encouraged to leverage dollar limits when establishing payment origination permissions for ACH, Account Transfer and Wire Transfer. Some of the dollar limit restrictions available include:
  • Account Transfer per transaction and/or per day limits
  • ACH per batch credit, daily credit, per batch debit and daily debit limits
  • Wire Transfer per transaction and/or per day limits
  • The ability to exceed established dollar limits with secondary approval
• Payments & Transfers: Additional payment restrictions are available in addition to dollar limits. You have the ability to assign access to payment types and options at broad or detailed levels for each user and across your broader company. Some of the payments restrictions available include:
  • ACH payment entry, ACH template creation and/or maintenance, ACH type (CCD, PPD, etc.), ACH approval and Participant management
  • Wire payment type (domestic, US denominated, etc.), Wire function (template, freeform), Wire approval (template, freeform), and Beneficiary management
• Payment Approvals: Establishing payment approvals is one key method of managing payment risk. You can set up an Approval Workflow to determine eligible approvers for payments that require approval. Permissions, established by your company, determine if a payment requires an approval and the workflow determines who can approve, based on the dollar amount and users in the workflow. The workflow is flexible and can do the following:
  • Establish one or multiple dollar thresholds; each with distinct approval rules
  • Establish rules and thresholds for each type of payment
• Reporting: Monitoring payment activity is essential to managing payment initiation. Audit reports provide access to changes in user permissions and system activity. The reports provide the ability to verify user entitlements and dollar limits and to view system activity across all users and across the entire company.