Financial transactions in an organization, for example payments to suppliers and employee salaries, are generated from Enterprise Resource Planning (ERP) applications and require secure transmission to bank. The payment models have been evolving over the years which confronted transformations from the usage of manual payment methods, cheque, cards, Electronic Fund Transfer (EFT) to Automatic Clearing House (ACH). Current models utilize Public key infrastructure methods for authorization procedures which require certification and verification of customer and payment information. The present case study proposes a consolidated model that has been developed and deployed using a centralized infrastructure enabling secured payment information exchange from various business units in an organization to the bank. The developed method achieves economies of scale and scope, provides set of standardized procedures that integrate multiple ERP applications deployed for various business units distributed over multiple geographies on a secured platform at a minimum reconstruction and waiting time. The model has proven effective leading to cost and schedule saving from 25 % to 75% and provides a plug and play platform to business units in an organization to exchange payment information securely with various banks.
ERP applications are deployed in various industry sectors such as manufacturing, media, trading houses that utilize an automated payment framework through standard account payable module. The payment runs are executed either to process employee salaries or to make supplier payments. However, in larger firms, the volume of transactions and often the amounts in play are encountered at millions of dollars, hence safety and security to exchange the payment data with the bank becomes crucial. An increased complexity is observed in ensuring secured payment transmission to bank when organization is going through organic/ inorganic growth, resulting in transformation of its Information Technology (IT) landscape and maintaining secured payment infrastructure with partner banks. The complexity is further multiplied where different business units in an organization deploy varied ERP and IT applications to generate payment information that is exchanged with the bank.
The paper emphasizes on securing the payment data generated from one or more than one ERP applications and formalizing treasury approvals guidelines and constructing secured infrastructure on best practices. The consolidated centralized secured model,already developed and implemented, integrates multiple ERP applications across various business units spread out in multiple geographies to carry out banking transactions and exchange payment information securely with banks. The centralized infrastructure uses secured transmission methods to achieves economies of scale and scope and can be utilized in global frameworks at a minimum reconstruction and waiting time.
II. LITERATURE REVIEW
The extensive literature review highlights the need for securing payment transmission and making various associated procedures efficient. The inefficiencies prevalent in present payment applications and the evolvement of measures to reduce risks before payment is authorized are discussed widely in this study. The payroll payment involving confidential transactions needs to be encrypted to avoid fraudulent activities. Djuric  analysed the potential risk factors involved in payment processing and necessities the usage of cryptography techniques. Dharaiya et al.  insisted the need for encryption of data through cryptography to ensure high security. Usman and Shah  emphasized the requisites of internal control to prevent fraud occurrences and also to enrich the authentication systems.Coronado-Garcia et al.  and Babu et al. has utilized public key infrastructure model to secure transactions.
Dharaiya et al.  analyzed ERP systems, which deal with sensitive data, require additional security measures and information from such systems needs to be encrypted for higher security. It is also necessary to detect frauds and intrusions at the right time in such systems. The security of the data has been enriched through usage of cryptography techniques. The study further has tried to identify the detection of fraudulent activities through event log tables. The transaction authorization limits and roles assignment as per segregation of duties can limit the risk of fraudulent activities.
Masocha et al.  identified few social and cultural issues hindering the development of e-transactions such as language barrier, cross cultural country legislation barriers, logistical barriers, limited access to internet, and few security concerns. Moreover, implementation of an integrated ERP system for a secure transmission demands changes in existing organizational culture  since traditional transaction method may be prevalent in the geography of implementation.
Usman and Shah  analyzed and offered solutions for E-banking fraud. Frauds in e-banking services occur as a result of various compromises in security ranging from weak authentication systems to insufficient internal controls.
The purpose of this paper is to understand factors that could be critical in strengthening fraud prevention systems in electronic banking. The study findings show that beyond technology, other factors such as strengthening internal controls, reusing technology infrastructure and standardizing treasury framework to approve payments can secure payment information to bank.
Coronado-Garcia et al.  analyzed Public Key Infrastructure (PKI) and its essentiality to assure secure transactions and high reliability of its services. The use of public key cryptography satisfies the first requirement, while the second requirement has been traditionally satisfied by the use of distributed architectures. Babu et al.  considered rapid increase in Public Key Infrastructure (PKI) enabled applications in various electronic transactions, it has become very important to audit the deployed PKI System regularly and to understand the effectiveness of the system. The researcher proposed an agentbased approach to audit a PKI System. This system utilized a certificate generated life cycle on authorization procedures. The agent based approach offered effective audit reports for a public Key infrastructure that was more effective than the manual audits.