Electronic Bank Confirmation Platform for the Philippines
Technology that drives audit efficiency and effectiveness
Electronic bank confirmation (eConfirm.ph)
Today, there is a far more efficient and secure way to request bank confirmations without the risk of fraud going undetected, i.e. through electronic confirmation. This electronic platform enhances the security of the bank confirmation process through verifies organisations and users, ensures confirmations are only sent and received by registered auditors and banks, reduces risks of fraud related to the bank confirmation process, enhances efficiency in the bank confirmation process, saves valuable time and effort that can be diverted to other higher value-added work.
Why use eConfirm.ph?
Enhance Security
Several fraud cases have revealed the inherent weaknesses in paper-based confirmations, which can be prevented using eConfirm.ph.
Reduce Fraud Risk
Highly secure communication channel between the auditor and the responder protects the transfer of information through controls
Minimise Human Error
By using eConfirm.ph, the possibility of human error will be much minimalised.
Time Saving
Reduce time and effort for printing, mailing and following up. The confirmations that take weeks now only take days with eConfirm.ph.
Cost Saving
Traditional bank confirmations are costly because physical confirmations need to be posted using courier. eConfirm.ph will very much eliminate this process.
Secure & Reliable
eConfirm.ph guarantees a smooth and successful annual audit without potential problems arising from bank confirmation fraud. It also provides real-time tracking on the confirmation status.
| eConfirm.ph Platform | Manual | |
|---|---|---|
| Fraud Risks | Very Low (Encryption and audit trail enabled) |
Very Low (Information hijacked, interception, no trail) |
| Lost of documents during delivery | Never | Often |
| Bank Officers’ Authentication | Verified (Each audit user is authenticated) | Unknown |
| Processing Time | A Few Days | Weeks |
| Postage and Logistic Cost | No | Yes and increasing |
| Printing and Paper Cost | Almost Nil | Yes and wastage |
| Communication with Banks | Easy and Quick Response (Online) | Difficult and Slow (Fax/Post/Tel/Email) |
| Human Cost and Error | Significantly Reduced | High |
| Audit Trails | Available and Reliable | Not Available |
| Consolidated reports | Available | Not Available |