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By Brian Welch

This variation takes into consideration the very most up-to-date advances in digital banking and treasury safeguard. The digital transmission of cash from businesses to banks implies that businesses are accountable for excessive degrees of probability formerly lined through the bank's personal protection structures. This publication is the definitive resource of recommendation for all finance execs.

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30 Global cash management and security Any cash management structure will consist of a number of intrinsically linked elements. The main components are the account structures, collections, payments, information, and liquidity manage­ ment. Communication is critical to the effective operation of the entire package and telephoneI electronic banking are the mechanisms through which everything is dehvered. Account structures An average private consumer has one or two bank accounts. Before the introduction of 'telephone banking' his or her choice of institution would probably have been influenced mostly by home or work location, ease of access and convenience.

It is the responsibihty of the originator not only to impose effective internal controls prior to submission of payment instructions to BACS but also to make full use of the range of checks provided by BACS to act on the feedback. When transmitting payment instructions to BACS, there is a mandatory 'log on' procedure using a hand-held password generation device and an optional encryption facihty based on a 'black box'. 25 Electronic banking and treasury security It is only with this level of protection that the rehabihty and integrity of the BACS system can be guaranteed.

A highly secure, but totally impractical arrangement will not meet with much enthusiasm from the user. g. instantaneous encryption and transmission of data. There is no need to rely on handwriting, which is highly susceptible to forgery, and information can be conveyed accurately and, in theory at least, in 'real-time', thus facilitating potentially immediate detection of problems, but with the time to take evasive action. However, and conversely, whilst instantaneous processing of large volumes of data and transactions may be a huge benefit when compared with the manual alternatives, if inadequate care is taken in preparation and processing then, when errors do occur, there is the hkehhood that they will take that much longer to put right.

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