By: 26 April 2024

They've unveiled their AI-powered solution to protect businesses from fraud and invoice errors

Basware helps prevent $1m losses for every $1bn spent

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 organisations 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.

Chief financial officers 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 minimise ‘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.

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, chief executive officer at Basware, said “Fraud and profit loss are keeping chief financial officers up at night, as they struggle to protect their organisations 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.”

Related news: 70% of financial institutions rely on AI and ML for fraud defence.

Image: Basware

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.