Basware, a global leader in AP automation and invoice processing, has introduced AP Protect, an AI-powered solution that empowers finance teams to protect their organizations from the threat of profit loss, invoice errors and fraud.
In 2023, Basware identified 10,800 incorrect payments made by companies for supplier invoices due to duplicate payments and fraud. This recovered the value of $191m from a spend of $245bn. On average, this prevented up to $1m in losses for $1bn spent by a company.
CFOs are under immense pressure to protect their profits from invoice fraud and erroneous payments. Over 70% of businesses fall victim to invoice or payment fraud each year, with accounts payable (AP) teams the most targeted. Moreover, 58% are compromised annually through vendor impersonation scams alone, increasing the complexities of managing financial integrity.
Basware’s AP Protect solution addresses these challenges. By leveraging over 800 algorithms and real-time monitoring, the solution identifies potential errors, prevents overpayments, and detects internal and external fraudulent activities, before it can impact a company’s bottom line.
It does this while applying confidence indicators to minimize ‘false positives’ – transactions that are incorrectly identified as fraudulent. In doing so, AP Protect empowers finance leaders to safeguard their working capital and navigate economic uncertainties with confidence.
Key benefits of Basware AP Protect:
Prevent Overpayment: Proactively identify errors and prevent overpayment funds.
Fraud Prevention: Highlight fraudulent vendors and questionable transactions with invoice analysis.
Vendor Analysis: Use insights to remove the root causes of overpayment and fraud in the vendor master data.
AP Protect strengthens Basware’s strategy against profit loss and fraud prevention, following the company’s acquisition of Glantus last year. It enables businesses to go beyond traditional AP automation, providing them with complete coverage of the entire invoice lifecycle.
Jason Kurtz, CEO at Basware, commented on protecting a company’s invoice processes and preventing profit loss: “Fraud and profit loss are keeping CFOs up at night, as they struggle to protect their organizations from the rising tide of financial risks. AP Protect safeguards AP processes to remove these pressures and maintain the highest standards of financial integrity. By detecting transactions for potential errors and fraud risks during the invoicing process, money is protected from a company’s bottom line.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!