Payment fraud, and error detection

Automatic invoice and payment monitoring to identify duplicate or missed payments, prevent invoice fraud, and improve cash flow management.

Enterprises

Who want to protect themselves against fraud and the costs of making duplicate payments

Financial Institutions

Who want to add extra protection into their receivable and payable solutions

Financial Institutions

Who want to add extra capabilities to their solutions that they offer to their customers

The challenge

Manual payment controls leave companies exposed to cyber fraud and other payment performance issues, such as late or incorrect payments.

  • Invoice fraud is a significant threat, with fraudsters using methods like sending fake invoices or altering legitimate payment details.
  • Duplicate and missed payments occur when finance teams rely on manual processes to cross-reference invoices and payments. This introduces errors and often requires significant time to identify and resolve discrepancies.

The solution

AI automatically identifies duplicate invoices, or fraud attempts by analysing each transaction against those that have taken place historically. Outliers and duplicates are highlighted, with a breakdown for your team to investigate

  • Real-time invoice fraud detection and alerting.
  • Automated invoice verification against master vendor data.
  • AI-driven duplicate payment detection alerts.
  • Dashboard for tracking and managing payment issues.

How it works

  1. Connect your ERP and other systems such as AP automation, Source to Pay and Payment systems.
  2. Provide historic transaction data for AI analysis to identify trends.
  3. Review the initial analysis findings and provide input to define business rules.
  4. Receive ongoing alerts for new invoices your receive and payments you make to ensure that issues don’t go undetected.

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