Nanonets

JUNE 7, 2023

While Chat-GPT may be able to pass the CPA exam and generate incredible walls of text, true AI automation looks different (and isn’t as straightforward as a 1-line prompt). Introduction There is simply no escaping the fact that AI is the most talked about topic on the internet in 2023.

Automation 52

Automation AI Accounts Duplicate 52

Nanonets

OCTOBER 9, 2024

  Verification ensures the data matches the bank’s records, preventing fraud and giving you confidence in the applicant’s financial standing.   Read more: How to use AI in bank statement processing How does the bank statement verification process work?

Verification 52

Verification AI Reconciliation Payment APIs and Integration 52

PYMNTS

JUNE 20, 2019

According to the latest Payments 2022 Playbook: Building A High-Performing Payments Team For Fraud Detection , a PYMNTS study in collaboration with Stripe, digital platforms continue to express discontent with their current fraud strategies, and false positives are compromising their brands, customer relationships, and bottom lines.

B2B 73

B2B Fraud Detection Third Party Vendors Payments 73

FICO

JANUARY 9, 2019

Today’s Deep Dive: Innovative Unsupervised Learning in AI. With machine learning and AI the focus of many firms, FICO Chief Analytics Officer Scott Zoldi went deep into how these technologies work. Here’s an excerpt: Most of the well-known applications of machine learning and computational AI involve supervised learning.

Posting 40

Posting AI Fraud Detection Non-Bank 40

Nanonets

AUGUST 1, 2023

Notably, artificial intelligence (AI) has emerged as a key disruptor, holding immense potential to reshape accounting and assurance professions. AI also plays a crucial role in detecting fraudulent activities, scrutinizing transactions, and alerting auditors to potential irregularities. How is AI used in audit?

Audit 52

Audit Risk Assessment AI Assessments 52

Segpay

APRIL 16, 2024

In this case, both the cardholder and the merchant are victims of Fraud. Merchants should implement robust fraud detection tools, such as address verification systems (AVS) and card verification value (CVV) checks. Merchants should regularly review their billing processes and systems to ensure accuracy and consistency.

Disputes 52

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

Payment Savvy

MAY 12, 2023

Common Issues with Manual Payment Processing Manual payment processing can be time-consuming and prone to errors, resulting in duplicate payments, overpayments, and late payments. Manual processing also increases the risk of fraud, as it is more challenging to track payment activity manually. Fraud detection.

Automation 52

Automation ACH Payments Duplicate 52

Nanonets

APRIL 3, 2024

In this article, we will discuss the importance of the vendor reconciliation process and the benefits of employing AI-enhanced tools such as Nanonets. Any discrepancies, such as duplicate payments or missing entries, must be identified. Automation helps to mitigate payment errors inherent in manual reconciliation processes.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

Electronic Transactions Association

JANUARY 25, 2024

Our policy agenda for 2024 focuses on the following key areas: Artificial Intelligence - The payments industry leads in adopting technologies, including AI and machine learning, to enhance consumer experience by improving security and reducing friction in transactions.

Privacy 40

Privacy Fraud Detection Consumer Protection Duplicate 40

PYMNTS

JULY 26, 2019

Nucleus announced an update Thursday (July 25) to its FinnAxia transaction banking tool to combat real-time payments fraud using artificial intelligence to automatically identify anomalies and duplicate or fraudulent transactions. Singh in a statement.

Real Time Payments 40

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

FICO

SEPTEMBER 6, 2021

Similar types of flows can be established for enterprise fraud detection, know your customer (KYC) for anti-money laundering (AML). Adam: Complex processes like credit originations, fraud detection, KYC and AML are traditionally managed by different teams. Doug: How are processes handled in most organizations today?

Financial Crimes 52

Financial Crimes Online and Mobile Banking Wire Wires 52

Nanonets

DECEMBER 25, 2023

Duplication of Entries : If the integration isn't set up correctly, you might end up with duplicate entries. This integration is not just about connecting two platforms; it’s about harnessing the power of AI to transform how you handle your finances. This part is a game-changer.

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

MARCH 20, 2023

AI-enabled accounts payable software like Nanonets can extract accounts payable data from various sources and convert them into structured digital information that can be further processed or fed into ERPs or databases. Many AP software, however comprehensive, require that the data be available in recognizable digital formats.

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

Nanonets

APRIL 24, 2023

Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow. Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow.

Assessments 52

Assessments Automation Fraud Detection Risk Assessment 52

Nanonets

APRIL 15, 2024

The platform's advanced AI engine ensures precise data extraction without the need for predefined templates, enhancing accuracy.  With Nanonets, businesses can automate data extraction from bank statements , credit card statements , and invoices , saving significant time and effort.

Reconciliation 52

Reconciliation Adjustments Checks Correspondent 52

Nanonets

JULY 14, 2024

Key Invoice Features: AI-powered invoice capture and data extraction Customizable approval workflows Integration with major accounting software (e.g., Key Invoice Features: AI-powered invoice capture and data extraction Customizable approval workflows Integration with major accounting software (e.g.,

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking. Read the article below.

Process 52

Process Compliance Automation Audit 52

Nanonets

JANUARY 14, 2024

Automation tools like Nanonets take it a step further, enabling users to define rules for detecting anomalies, duplicates, and mismatches. Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow.

Reconciliation 52

Reconciliation Adjustments Checks Duplicate 52

Nanonets

JUNE 19, 2024

This reduces the risk of errors, such as duplicate orders or incorrect quantities. AI and Machine Learning Integration: It enhances error and fraud detection. Pros: Advanced AI and Machine Learning: It utilizes AI for document processing, reducing manual tasks and errors.

Small Business 52

Small Business Automation Audit P2P 52

Nanonets

JUNE 26, 2024

Bank reconciliation is important for businesses for several reasons: Error Detection: Bank reconciliation helps identify errors in a company's financial records. Issues like duplicate payments, missed payments, or incorrect transaction amounts can cause these errors.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

JUNE 12, 2024

Cost Savings: Implemented properly, purchase order management systems ensure that businesses can negotiate better terms with suppliers, avoid duplicate orders, reduce administrative costs, and avail early payment discounts. Streamlined Purchasing: Structures the purchasing process, reducing errors like duplicate orders.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

JUNE 29, 2023

Flow by Nanonets Nanonets is an AI-based expense management software that offers automated data capture for intelligent processing of expenses. Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic. Flow demo Top features: All your expense data in one place.

Payment APIs and Integration 52

Payment APIs and Integration Automation Credit Cards Online and Mobile Banking 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. It ensures accuracy, financial integrity, fraud detection, compliance, efficient cash flow management, and informed decision-making. Why is payment reconciliation crucial for businesses?

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

AUGUST 8, 2024

In the medical field, it helps improve diagnostic accuracy, with labeled medical imaging data enabling AI systems to identify potential health issues more effectively. This growing demand underscores the importance of high-quality data annotation in advancing AI and ML applications across diverse sectors. billion in 2022 to USD 3.6

AI 52

AI Automation Process Best Practices 52

Nanonets

APRIL 2, 2024

Updating Internal Records and Bank Statement: Ensuring internal records align with the reconciled figures, facilitating accurate financial reporting, audit compliance, cash flow management, and fraud detection.   Detection of Discrepancies: Bank reconciliation helps detect discrepancies such as errors or fraud.

Reconciliation 52

Reconciliation Automation Adjustments Regulatory Compliance 52

Nanonets

APRIL 3, 2024

Virtual Bookkeeping Tools Nanonets Flow for Expense Management Nanonets Flow is an AI-based expense management software that offers automated data capture for intelligent expense processing. Complex approval workflows, duplicate alerts and fraud detection. Top Features: All your expense data is in one place.

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

Nanonets

MAY 6, 2024

GL reconciliation aids in fraud detection by uncovering unauthorized transactions or irregularities that may indicate fraudulent activities. Duplicate Entries : Accidentally recording the same transaction multiple times can inflate balances and create discrepancies during reconciliation.

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

FEBRUARY 13, 2024

However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking. Potential Fraud:  A few instances of suspicious expenses were flagged but couldn't be immediately verified.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

JUNE 18, 2024

Delayed Fraud Detection : Unauthorised credit card activity, duplicate checks, and other fraudulent activities might go unnoticed due to ineffective account reconciliation. Adaptive Learning : AI adapts to changes in transaction patterns and user preferences, enhancing its effectiveness.

Reconciliation 52

Reconciliation Accounts Automation Credit Cards 52

Nanonets

JANUARY 17, 2024

In the last decade, the advent of AI and cloud computing has revolutionized this field. Their contributions range from AI-driven analytics to seamless integrations with accounting systems, reshaping how businesses handle their expenses. Technological Innovations in Expense Management Automation and AI have come to our rescue.

Payment APIs and Integration 52

Payment APIs and Integration Compliance Automation Audit 52

Nanonets

JUNE 29, 2023

Flow by Nanonets Flow stands out as the best software for spend management due to its powerful AI-based data extraction platform and a range of advanced features designed to optimize expense control workflows.  Flow Complex approval workflows, duplicate alerts and fraud detection Payment and reconciliation that works like magic.

Payment APIs and Integration 52

Payment APIs and Integration Online and Mobile Banking Automation Push-to-Card 52

Nanonets

APRIL 12, 2023

Through big data, advanced analytics, and AI, procurement functions can gain better visibility into their expenditures and even eliminate certain areas of tail spend. Once this information has been extracted, Nanonets uses its AI algorithms to keep it ready for review.

Assessments 52

Assessments Compliance Process Automation 52

Nanonets

NOVEMBER 14, 2023

Reduces supply problems, including pricing mistakes, order duplication, and inventory issues. Minimizes missing orders, order duplication, and enhances overall efficiency. Eliminates time wasted on phone or mail orders, allowing online orders in seconds.

Automation 52

Automation Process Facilitators Duplicate 52

Nanonets

DECEMBER 11, 2023

Invoices don’t have to be received in a uniform format; instead, its invoice AI model is trained to pick up on all the key fields needed to process an invoice. Using AI, every transaction is kept secure through duplication detection, fraud prevention, and payment tracking features.

Process 52

Process Payment APIs and Integration Automation Multi-Currency 52

Nanonets

JULY 25, 2023

Automate financial data analysis with Nanonets Nanonets is an AI-powered data extraction platform designed to empower businesses with comprehensive control over their expenses, generate cost savings of at least 5%, and prevent unnecessary and wasteful spending.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52

Nanonets

MAY 31, 2023

Artificial Intelligence (AI) and Machine Learning (ML) can analyze large datasets, identify patterns, and provide predictive insights. The successful use of technology entails the use of various technologies, such as IoT, AI, blockchain, 5G, and edge computing, which help businesses optimize processes, cut costs, and enhance efficiency.

Automation 52

Automation Process On-Demand Innovation 52

Nanonets

JANUARY 8, 2024

It's important to reconcile bank statements to identify errors, detect fraud, and maintain an accurate ledger. Here are the key benefits of bank reconciliation: Identify Accounting Errors: The cashbook may contain inaccuracies stemming from duplicate payments, missed payments, lost checks, and even simple human errors.

Reconciliation 52

Reconciliation Process Adjustments Checks 52