Crédit Agricole CIB enhances its Cash Management offer by partnering with Trustpair
To provide its clients with further security for banking transactions in international markets, Crédit Agricole CIB has signed a partnership with Trustpair, a third-party risk management platform specialised in preventing B2B payment fraud as well as process digitisation.
An additional service to guarantee the security of transactions
Transfer fraud and cybercrime are major challenges for the financial departments of large corporations, and have multiplied in recent years, particularly due to the digitization of activities and expansion of working from home. According to research conducted by Euler Hermes - DFCG in 2021(1) , two companies out of three have suffered at least one fraud attempt and 14% of the companies concerned estimate the loss at more than €100,000.
Crédit Agricole CIB has selected Trustpair as a partner to offer their clients, active in France and abroad, a risk management solution that validates the identity of third parties - suppliers and clients - who are the beneficiaries of payments, along with the associated bank details, in order to avoid identity theft and payment fraud.
The Trustpair platform makes it easier for finance departments to prevent fraud on a daily basis by allowing them to:
● Ensure a continuous control of the existing third party database, in order to be alerted in real time of any risks, and benefit from risk management dashboards;
● Automate all manual processes controlling third party data, with significant gains in terms of security and time spent;
● Integrate with their own tools and processes through connectors and Application Programming Interfaces (API).
This partnership, which is part of Crédit Agricole CIB’s strategy to continuously develop its Cash Management offer, will allow the Bank’s clients to take advantage of a complete range of services aimed at strengthening the security of their transactions, in addition to all the security, control and traceability tools already available.
1 Study conducted in 2021 by the DFCG (National Association of Financial and Management Control Directors) and Euler Hermes with 336 finance departments
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