With the help of an AI-powered technology, finance teams will be able to better protect their companies from fraud, lost revenue, and incorrect invoices.

10,800 erroneous payments in supplier invoices that were linked to fraud and duplication were found by Basware in 2023. After these mistakes were fixed, a significant $191 million was recovered out of a $245 billion overall cost. This project has brought attention to the urgent need for strong fraud protection safeguards in AP procedures, particularly since these errors cause companies to lose a substantial amount of money every year.

Leading provider of all-inclusive AP automation and invoicing management systems is Basware. Basware assists businesses in improving their operational effectiveness and financial transparency on international platforms by optimizing these crucial business processes. Their solutions are made to use cutting-edge technological integration to lessen the typical difficulties encountered while processing invoices.

In addition to real-time monitoring, the AP Protect by Basware employs over 800 algorithms to identify possible mistakes and fraudulent activity before they have an impact on the bottom line. It is designed with the intention of minimizing "false positives," guaranteeing that transactions that are deemed suspicious are indeed deserving of additional scrutiny. Finance executives can retain operating capital and move more confidently through economic uncertainty thanks to this accuracy.

AP Protect is a complete solution that stops overpayments and uncovers questionable vendor activity through careful invoice analysis. It is not merely a fraud detection tool. The vendor analysis component of the system also aids in sanitizing the vendor master data by eliminating the underlying reasons for fraud and overpayments.

Since acquiring Glantus last year, Basware's capacity to thwart profit loss and invoicing fraud has been greatly enhanced. Basware's comprehensive range of AP solutions has been strategically enhanced with AP Protect, which expands its coverage across the whole invoice lifecycle for improved financial integrity and fraud protection.

"Fraud and profit loss are keeping CFOs up at night as they struggle to protect their organizations from the rising tide of financial risks," stated Jason Kurtz, CEO of Basware. In order to relieve these constraints and uphold the highest standards of financial integrity, AP Protect protects AP procedures. Money is shielded from a company's bottom line during the invoicing process by identifying transactions for possible mistakes and fraud threats.