Basware, a provider of AP automation and invoice processing technology, has unveiled AP Protect, an innovative AI-powered solution designed to empower finance teams in safeguarding their organizations against profit loss, invoice errors, and fraud.
In 2023, Basware identified a staggering 10,800 erroneous payments made by companies for supplier invoices, attributable to duplicate payments and fraudulent activities. This effort led to the recovery of $191 million from a total spend of $245 billion. On average, Basware say their interventions prevented up to $1 million in losses for every $1 billion spent by a company.
CFOs face mounting pressure to shield their profits from invoice fraud and erroneous payments, with over 70% of businesses falling victim to invoice or payment fraud annually, particularly targeting accounts payable (AP) teams. Moreover, vendor impersonation scams alone compromise 58% of businesses annually, exacerbating the challenges of financial integrity management.
Basware's AP Protect solution directly addresses these critical issues. By leveraging more than 800 algorithms and employing continuous monitoring, AP Protect identifies potential errors, prevents overpayments, and detects both internal and external fraudulent activities before they impact a company's bottom line.
The solution applies confidence indicators to minimize 'false positives' – transactions incorrectly identified as fraudulent. This capability empowers finance leaders to safeguard their working capital effectively and navigate economic uncertainties with greater confidence.
Key Benefits of Basware AP Protect:
- Prevent Overpayment: Proactively identify errors and prevent the disbursement of excess funds.
- Fraud Prevention: Highlight fraudulent vendors and suspicious transactions through comprehensive invoice analysis.
- Vendor Analysis: Utilize insights to address the root causes of overpayment and fraud within vendor master data.
The introduction of AP Protect reinforces Basware's commitment to combating profit loss and bolstering fraud prevention, following the company's acquisition of Glantus last year. This advancement allows businesses to transcend traditional AP automation, providing comprehensive coverage across the entire invoice lifecycle.
Jason Kurtz, CEO at Basware, emphasized the significance of protecting companies' invoice processes and mitigating profit loss:
"Fraud and profit loss are significant concerns keeping CFOs up at night, as they strive to shield their organizations from escalating financial risks. AP Protect alleviates these pressures by fortifying AP processes and upholding the highest standards of financial integrity. By identifying potential errors and fraud risks during the invoicing process, AP Protect safeguards a company's financial well-being."
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