Segpay

APRIL 16, 2024

Merchants should implement robust fraud detection tools, such as address verification systems (AVS) and card verification value (CVV) checks. To address this, merchants should strive to provide correct and detailed product descriptions, including images, size, and detailed specifications. Chargeback ratios also differ per industry.

Disputes 52

Disputes Address Verification System (AVS) Fraud Prevention Fraud Detection 52

Nanonets

APRIL 12, 2023

Fortunately, with the help of technology and automation, businesses can now streamline their spend management processes and achieve better results. Mitigate financial risks : Proactive spend management helps businesses identify and address potential financial risks, ensuring financial stability and safeguarding their long-term success.

Compliance 52

Compliance Automation Duplicate Process 52

PYMNTS

APRIL 4, 2018

MonetaGo is rolling out India’s first blockchain network, a solution aimed at addressing the risk of fraud in the trade finance market. This often occurs when suppliers send duplicates of the same bill to multiple funding avenues, reports in American Banker noted.

Blockchain 47

Blockchain Duplicate Finance Blocks 47

Nanonets

MAY 21, 2024

Identifying and addressing discrepancies: Reconciliation helps uncover discrepancies between the amounts recorded in the ledger and the actual transactions, allowing businesses to rectify errors and prevent financial misstatements. Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

Nanonets

JANUARY 29, 2024

  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. Duplicate Payments: Search in your cleared transactions if you can find a very similar record. ' Then, select the account you wish to reconcile.

Reconciliation 52

Reconciliation Credit Cards Duplicate Automation 52

Nanonets

JANUARY 28, 2024

  In this article, we walk through the reconciliation process in QuickBooks, address common issues, and provide useful tips. The software will only pull relevant information from each document through OCR technology. QuickBooks is a handy tool to help you reconcile your accounts without using any external tools. 

Reconciliation 52

Reconciliation Automation Fraud Detection Duplicate 52

PYMNTS

NOVEMBER 10, 2020

A survey of 500 finance professionals found that 54 percent of businesses have sent invoices to the wrong recipients, for example, while 63 percent of businesses have received duplicate invoices. Untold sums are lost due to these issues, leading businesses to develop or seek advanced technological solutions to fix them.

Liquidity Management 87

Liquidity Management Treasury Automation Point-of-Sale (POS) 87

PYMNTS

SEPTEMBER 15, 2016

“While many banks have started proof of concepts to explore the use of blockchain technology, BlockCypher customers are already in production,” the company said in its press release. “Blockchain technology has the potential to revolutionize the financial sector,” he said. Reports on Wednesday (Sept. ”

Blockchain 76

Blockchain Cross-Border Payments Cross-Border API 76

Nanonets

MARCH 4, 2024

leveraging the right technology to streamline your expense reimbursement workflow. Duplicate Claims Employees submitting the same expense for reimbursement more than once. Technology and Integration Challenges Outdated Systems Legacy systems that do not integrate well with modern financial software can hinder efficient processing.

Process 52

Process Compliance Automation Audit 52

Nanonets

JUNE 25, 2024

Think of it as giving each expense its own 'address' in your financial records. More advanced setups might use OCR technology to automate this step. This leads to time wasted on status inquiries and potential duplicate payments. This step ensures accuracy and helps prevent overpayments or duplicate payments.

Automation 52

Automation Payment APIs and Integration Rules Process 52

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By comparing payment data from different sources, businesses can identify discrepancies, such as missing or unmatched payments, duplicate entries, or recording errors.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

PYMNTS

JULY 26, 2019

Banking technology firm Nucleus Software is rolling out a new solution to address this issue for financial institutions. As payments accelerate, the window of opportunity for financial service providers to identify and shut down a fraudulent transaction narrows.

Real Time Payments 40

Real Time Payments Cross-Border Payments Faster Payments Fraud Detection 40

Nanonets

JUNE 12, 2024

In this blog, we'll walk through what purchase order management is, why it is important, how to implement it effectively, how to automate it using technology. Any discrepancies are immediately addressed and once everything is confirmed to be in order, the purchase order is marked as fulfilled. What is Purchase Order Management?

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

FEBRUARY 13, 2024

This could involve adapting to new tax legislation, accommodating expenses for remote work, or updating the policy to include new technologies. Monitoring and Feedback Mechanisms: Use technology to monitor compliance and gather feedback on the expense policy. This includes ergonomic furniture and necessary technology upgrades.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

JUNE 17, 2023

This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. This helps address the discrepancy or identify its causes, enabling financial integrity for the business and increased compliance with regulations.

Reconciliation 52

Reconciliation Accounts Adjustments Credit Cards 52

PYMNTS

JANUARY 26, 2021

“Organizations want to take a more analytical and automated approach to managing expenses,” he noted, adding that technologies like artificial intelligence (AI) can automatically identify whether spend is erroneous, fraudulent or non-compliant with company policy.

Audit 75

Audit Continuity Automation Risk 75

PYMNTS

MAY 7, 2020

Data analytics technologies like artificial intelligence and machine learning continue to move swiftly into accounts payable (AP) and accounts receivable (AR) departments. There is a difference, he explained, between this analytical approach, and the operational approach that process mining technology can take.

Process 56

Process B2B Payments Accounts 56

FICO

MARCH 14, 2023

When change — innovation — is pursued to address measurable performance gaps, this change is made more quickly, it’s “stickier” (more durable) and it’s recognized by stakeholders as being of greater value than change that is pursued with other approaches such as leadership edict.

Automation 98

Automation Rules Process Innovation 98

Nanonets

NOVEMBER 30, 2023

We’ll tell you everything you need to know about using a PO, how to integrate it into your business practices, and how technology can make your purchase orders even easier. How can technology simplify the PO process? If a PO is left open after the invoice has been paid, your AP team could accidentally send duplicate payments.

Legal 52

Legal Automation Duplicate Agreements 52

Nanonets

NOVEMBER 14, 2023

E-Procurement, also known as supplier exchange, is the use of digital tools and technologies to streamline and automate the requisition, ordering, and purchasing of goods and services in a business-to-business context. Reduces supply problems, including pricing mistakes, order duplication, and inventory issues.

Automation 52

Automation Process Facilitators Duplicate 52

EBizCharge

OCTOBER 17, 2023

To help with this, here are six common causes of ACH reversals to be aware of: Duplicate payments: ACH payment reversals can rectify accidental or duplicate payments to correct unintended financial repetition and appropriately restore funds. The timing and notification process of ACH returns and reversals also differ.

ACH 52

ACH Returns RDFI ODFI 52

Nanonets

APRIL 24, 2024

Follow-Up and Implementation : After presenting the audit report, the auditor may work with management to address any identified deficiencies or areas for improvement. Furthermore, 94% of executives perceive that this technology enhances the overall client experience.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

PYMNTS

FEBRUARY 20, 2020

However, according to Eric Glyman, CEO and Co-founder of corporate card company Ramp , commercial card products continue to encourage businesses to spend more, not less — and they are often unable to address the particular spend management challenges of fast-growing businesses. Nixing The Personal Guarantee.

Commercial Card 56

Commercial Card Duplicate Underwriting Transactions 56

Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Audit Artificial intelligence implementation addresses the daunting task of sifting through vast amounts of data, automating tasks like data entry and analysis, leading to increased efficiency and precision.

Audit 52

Audit Risk Assessment AI Assessments 52

Stax

MARCH 14, 2024

The EMV standard has now become a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. Whether signature or PIN authorized, EMV chip cards are the new global standard for debit and credit cards due to the increased security of EMV technology over the classic magstripe.

Chip Cards 88

Chip Cards CHIPS EMV Debit Card 88

PYMNTS

OCTOBER 31, 2016

The financial technology space may be getting smaller, bit by bit, inch by inch, through strategic acquisitions. In one recent announcement , Corcentric, which offers procure-to-pay technology, said that it had acquired eInvoicing firm InfoAccess.net. Against that backdrop, stated Clark, his firm will aim to be a consolidator.

Automation 69

Automation Duplicate Credit Cards B2B 69

Nanonets

SEPTEMBER 29, 2023

Furthermore, as your business expands, managing payments becomes increasingly complex and can lead to several challenges, which need to be addressed effectively. This transparency empowers your team to make informed decisions, address issues promptly, and maintain clear communication with vendors.

Payments 52

Payments Reconciliation Automation ACH 52

Nanonets

JUNE 27, 2023

However, with the advent of automation technologies, businesses now have the opportunity to streamline and optimize their accounts payable processes, significantly reducing the cost of processing an invoice. The cost of processing an invoice encompasses various factors, including labor, technology, infrastructure, reconciliations, and more.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 52

Nanonets

APRIL 10, 2024

It addresses the challenges of traditional processes by reducing manual intervention, speeding up processing times, and enhancing visibility. Automation in accounts payable refers to using software to digitize, streamline, and optimize the end-to-end process of managing payables.

Automation 52

Automation Accounts AI Audit 52

PYMNTS

FEBRUARY 3, 2020

In a financial function like payroll, the opportunities to unlock data are vast, said Hitendra Patil, director of practice development, and Harvinder Vasir, chief technology officer at accounting technology solution provider AccountantsWorld. Unlocking Data, Unlocking Opportunities. It’s pertinent to every industry,” he said.

Payroll 73

Payroll Payment APIs and Integration Faster Payments Due Diligence 73

Cardfellow

OCTOBER 26, 2022

Fraud Management PayTrace offers several fraud management options, including the ability to limit duplicate transactions with a certain time period, require certain information (such as billing address or card security code) before processing a transaction, automatically cancelling transactions that fail security authorizations, and more.

Gateways 52

Gateways Payment APIs and Integration Multi-Currency API 52

PYMNTS

JANUARY 19, 2017

The rise of Big Data means that firms can use technology to pinpoint weaknesses in workflow that stretch across back-office functions, in invoicing to receivables management, and up and down supply chains as firms interact with vendors, timed deliveries and shipments.

Duplicate 46

Duplicate Payments Consulting Process 46

Nanonets

DECEMBER 25, 2023

As of 2023, Stripe is the market leader and accounts for 68% of the ecommerce payment processing technology in the United States. Regularly review your records to catch and address these discrepancies early. Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

FEBRUARY 19, 2024

Seller Information : This part lists the business's name, how to contact them (address, phone, email), and sometimes who sold the item or service. Intuitive and easy to use without the need for technological proficiency. The duplicate copy remains attached in the book for Sarah's records. Grand Total: $44.28

Duplicate 52

Duplicate Automation Checks Transactions 52

PYMNTS

JANUARY 3, 2020

With a robust community of technological innovators, and a drive toward the digital economy, India currently stands as an exciting market in FinTech. Addressing The Digitization Gap. Small- to medium-sized businesses (SMBs) are now a critical component of the government’s push for economic growth. Alternative Financial Data.

Financial Inclusion 48

Financial Inclusion On-Demand FinTech Small Business 48

Nanonets

JULY 24, 2023

By carefully reviewing these two sets of data side by side, you can identify any discrepancies or inconsistencies that need to be addressed. Step 5: Find errors Although rare, errors can occur on the bank's side, such as duplicate records, incorrect transaction entries, or miscalculated commissions.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

JULY 25, 2023

”   It falls under the umbrella of business intelligence (BI) and enterprise performance management (EPM), utilizing technologies and strategies to analyze data and generate reports. It is crucial to address data quality issues to ensure the integrity of financial analysis.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52