Now Accepting Credit Cards for Account Analysis Fees
You can now use your credit card to pay for services calculated on your Account Analysis statement. Amegy Bank proudly offers business and commercial card programs to our qualified clients to pay for travel and entertainment, manage fleet programs, and pay suppliers. Since Amegy Bank is a supplier of Treasury Management services, we are excited to offer credit cards as a payment option to our business clients who use Account Analysis.
To begin paying for services with a credit card, contact your Relationship Manager or Treasury Management Officer. You will be sent an authorization form to complete and return. The monthly fee for the service will be rolled into your Account Analysis calculation, and around the 20th of each month, Amegy Bank will initiate a credit card payment for the amount of the fees owed. Once the payment is initiated, you will receive an email at the address designated by your authorized account signer that indicates the amount charged to your credit card. Monthly fees vary, so see your Treasury Management Officer for full details.
With this new credit card service, you can enjoy the benefits of paying with a credit card, including tracking payments on your credit card statement, earning credit towards possible rebates, and extending your Days Payable Outstanding.
Manage Business on the Go - AmegyConnect® Mobile
You can now manage your business conveniently from our AmegyConnect® Mobile* app.
AmegyConnect® Mobile app has several key features that equip you to manage your business anytime and anywhere.
Reporting: View current and previous day balances and transactions.
Transfers: Initiate transfers between Amegy accounts.
Approvals: Approve ACH and time-sensitive wire payments.
Security: Multi-layer security features are the same as AmegyConnect®.
AmegyConnect® Mobile is compatible with existing, popular Apple® and Android® mobile devices and operating systems. Contact your Treasury Management Officer for more information and to enroll.
*Mobile banking requires enrollment in online banking. Standard usage fees from your wireless provider may apply.
Trends in Treasury Technology Seminar: A Client Panel Discussion - Houston, TX
In June, Amegy Bank hosted “Trends in Treasury Technology Seminar: A Client Panel Discussion” at the Junior League of Houston. Amegy Bank’s Treasury Management team, along with an expert panel of clients, discussed the latest trends in treasury technology.
• Mary Murray, Group EVP, Treasury Management, Trust Services & Investments, CTP, Amegy Bank
• Karen Sasser, Senior Vice President & Product Management Manager, CTP, Zions Bancorporation
• Robert Proctor, PCC, Director of Accounting, Harris County
• Frannie Parker, Treasury Supervisor, Oasis Petroleum
• Lonnie Smith, Managing Member, Turnco, LLC
• Joe Rosenberger, CPA, Finance Controller, Murphy’s Corporate Lodging
Latest Statistics and Trends – Companies continue to pursue innovative treasury management solutions to help achieve operational efficiency.
• Checks make up 40% of consumer bill payments at large U.S. businesses, while ACH transactions account for 27% and card payments 15%. (Source: Aite Group.)
• 70% of business-to-business (B2B) payments are made by check. (Source: Aite Group.)
• 50% of U.S. companies are negatively impacted by inconsistent payment handling due to multiple tender types and lack of real-time remittance reporting. (Source: Aite Group.)
• Mobile wasn’t a fad! Mobile offerings continue to be enhanced and now include the following features: approvals (ACH, Wire, User, Positive Pay, and Lockbox Exceptions), alerts, authentication, payments, deposits, and eCommerce.
• During the seminar, Amegy Bank utilized real-time polling by text technology in order to receive immediate feedback on certain topics.
Are you a fan of the Houston Texans?
I am a RAVING FAN! 88%
Not so much 12%
Have you experienced payment fraud in the past 12 months?
Have you integrated Commercial Cards into either your AP or AR strategies?
Yes – AP 5%
Yes – AR 6%
Yes – Both 11%
Latest Developments in Accounts Receivable and Accounts Payable Processing – The client panel discussed the benefits of automated and innovative receivable and payment solutions.• Check volumes continue to remain strong, resulting in a continued need for automated check processing solutions.
• Automated solutions such as Remote Deposit Capture and Lockbox processing create efficiencies, speed up the overall check collection process, and provide a wide array of information reporting options.
• Online receivable and credit card processing solutions provide an alternate method of payment for your customers by accepting their credit and debit cards. In addition, you are able to increase the level of security in transaction processing, and you can receive deposited funds on an expedited basis.
• Outsourcing Check Print and ACH Conversion solutions continue to offer an innovative way to process checks for accounts payable and other payments by simply sending one file with full payment instructions. By outsourcing this process, you streamline the entire check issuing process and are able to redeploy resources to other parts of their treasury operation.
• Commercial Card Solutions offer an automated option to manage all types of expenses related to travel and entertainment, fleet, fuel, and general vendor payments. These programs are comprehensive and allow you to control spending, participate in a revenue sharing program, integrate payment systems, increase purchasing power, and take advantage of electronic expense reporting.
• Commercial Card Solutions give the ability to work directly with vendors to negotiate for more favorable terms.
Issues Related to Security and Fraud Prevention – The client panel discussed the latest security threats and fraud schemes.
• Email Hacking: Fraudsters hack email systems and steal email addresses. Then they send the treasury team a fraudulent email, supposedly from an internal colleague who is authorized to provide payment instructions, and ask the treasury team to send a large wire. A treasury team that is utilizing dual control in initiating and approving wires on computers protected by IBM ® Security Trusteer Rapport ™ Software has additional layers of protection to deal with this type of fraud. All requests for payments should be confirmed by performing callbacks, and everyone should install Trusteer Rapport Software to deter fraud.
• Accounts Payable Fraud: Companies receive instructions via email and letter to change vendor payment account information. Some instructions have been fraudulent, and companies have unwittingly wired payments to fraudsters. To prevent this type of fraud, institute telephone (not email) verification with your vendor on any changes to payment instructions. Be sure to use phone numbers on file and not phone numbers provided in the communication.
• Account Takeovers: While attempting to access AmegyConnect®, a company user with payment authorization rights received a message stating they were locked out and that another user should log into their workstation to unlock access. When another user, with payment authorization rights, logged into the first user’s computer (which unbeknownst to them was infected with a virus), the fraudster swept information from the two users and initiated and approved a wire for $1,495,000 to China. To prevent such fraud, one user should never log into another user’s computer. If you receive an unusual or unexpected message, contact Amegy Technical Support.
• Best Practices - A list of best practices in fraud prevention that includes the use of dual control, Positive Pay with Payee Match, and Trusteer Rapport Software was distributed at the seminar. For a copy, contact Treasury Management.
The seminar included valuable educational information and was approved for 1.5 CTP/CCM recertification credits by the Association for Financial Professionals.
To view the presentation, click here.
Amegy Bank is dedicated to providing your organization with innovative treasury management solutions to help you achieve operational efficiency and to help mitigate the risk and impact of fraud. Now is the time to seek advice from your Amegy banker and to discuss efficiency solutions for your organization and protection for your business accounts.
We enjoyed seeing those of you who attended the seminar. And according to feedback, it proved to be a productive and educational session for attendees. We look forward to continuing our partnership with all of you and assisting with your banking needs.
- Separate payment initiation and approval. These tasks should be performed by separate individuals at separate computers. Even if your company entrusts one person with making payments, separating the process into two tasks will mitigate risk since this tactic prohibits a hacker from executing a virus on a single machine to change and submit a payment.
- Ensure the security token (or similar software) used to log into a system to initiate payments is a separate token from the one used to approve the payments.
- Separate the initial set up and maintenance of users and entitlements into two tasks: entry and approval. This will prohibit one person from being able to set up a fictitious user along with potentially fraudulent money movement templates.
- Ensure file uploads and imports are done with dual control (import/upload with separate approval).
Recent skirmishes in the war against cyber fraud include hacking into a system, introducing a virus through an email message, and disguising an email address (changing one letter) to look like it came from a company executive. Along with dual control, be armed with callbacks to known telephone numbers to verify all payment instructions.
As new battles are instigated by our cyber foes, we are committed to joining forces with you to ensure the safest environment possible. Amegy Bank Treasury Management is positioned to offer advice and answer questions. Please do not hesitate to engage us.