Fintech News

MAY 14, 2024

The convergence of exponential increases in processing power, continuous advancements in deep learning and neural networks, and the democratisation of AI tools has fueled a creative explosion in digital media. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.

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Deepfake Authentication Verification AI 119

Nanonets

MARCH 15, 2024

In this article, we dive into what actual AI automation looks like (and why it isn’t as straightforward). Introduction There is simply no escaping the fact that AI is the most talked about topic on the internet in 2024.

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Automation AI Accounts Duplicate 59

Nanonets

SEPTEMBER 1, 2023

AI is wonderful for automating manual work, but automating business processes is not just as straightforward as a 1-line prompt. Let's dive in: Introduction There is no escaping that AI will be the most talked about topic on the internet in 2023. Tools like ChatGPT are incredible at answering your questions.

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Automation AI Accounts Duplicate 52

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.

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Automation AI Accounts Duplicate 52

Nanonets

JUNE 19, 2024

Errors in logging payments correctly, duplicates, or missing entries may lead to incorrect reporting. Duplicate Payments: Without regular reconciliation activities, there is always a risk associated with processing payments twice. AI document processing captures and extracts documents from multiple sources.

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Reconciliation Process Accounts Duplicate 52

Fi911

OCTOBER 11, 2023

This advanced solution is also known as “anti-spoofing” or “liveness verification.” It discerns genuine biometric information, like an individual’s real voice or facial attributes, from fabricated or duplicated ones. Liveness detection is especially useful during digital identity verification or online onboarding stages.

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Deepfake Verification Authentication Breach 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. Verification of Payment Records: Payment records, such as checks or electronic confirmations, need to be compared with corresponding vendor invoices and entries in the accounts payable system.

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Reconciliation Process Accounts Duplicate 52

Nanonets

APRIL 16, 2023

Manual PO Matching Steps in the PO Matching Process PO matching involves several steps, including the receipt  & capture of invoice data , verification with purchase order , matching the parameters, and resolution based on various parameters. AI-based matching comprises four steps: 1.

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Automation AI Duplicate Accounts 52

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?

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Audit Risk Assessment AI Assessments 52

Nanonets

APRIL 12, 2024

We will detail the steps for some of the basic operations of managing invoices in Sage Intacct, briefly touch upon advanced features, and discuss the role of improving efficiency with automation and AI. It can capture data from the invoice and flag duplicate invoices. 

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Automation Accounts AI Reconciliation 52

Nanonets

NOVEMBER 30, 2023

  AI-driven optical character recognition (OCR) accurately digitizes and captures vendor invoice data, including line items. The centralized electronic document data is available for use in automated invoice verification, invoice matching, and getting vendor invoice approval for payment.

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Best Practices Accounts Electronic Funds Transfer (EFT) Automation 52

FICO

MARCH 23, 2021

Instead of kicking these out for human review and intervention, retain your automation levels by implementing dynamic self-service customer solutions such as having customers link their bank account or going through enhanced ID verification.

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Risk Assessment Duplicate Fraud Prevention Automation 52

Nanonets

APRIL 10, 2024

Account Payable Automation or APA becomes crucial to digitize, streamline, and optimize Account Payable Automation with Sage Intacct Sage Intacct offers two main ways to automate your accounts payable (AP) process: Sage Intacct AI: Sage has a built-in AP automation feature with AI capabilities.

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Automation Accounts Audit AI 52

Nanonets

JULY 26, 2023

With the advancements in technology, automated solutions using Intelligent Document Processing (IDP) and AI have emerged, revolutionizing the way financial data is extracted. In the next section, we will explore how automated financial data extraction using IDP or AI solutions can transform the way businesses handle financial data.

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Automation AI Financial Analysis Volume 52

Nanonets

MARCH 14, 2024

One of the most challenging tasks while dealing with them is the verification of these invoices. This verification process is called 2-way matching. Only once the match is successful upon verification by the AP team, the payment is initiated. Accounting in any company involves dealing with invoices every month.

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Payment APIs and Integration Automation Correspondent Checks 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. a 3 way match All invoice payments involve some sort of verification or control. But companies are increasingly adopting three way matching to add an additional layer of verification and prevent overspending.

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Accounts Automation Duplicate Process 52

Nanonets

FEBRUARY 19, 2024

Manual verification of IDs and travel documents is time-consuming. Optical Character Recognition (OCR) software provides an automated solution to these challenges through AI-powered data extraction and document digitization. Streamline travel operations with Nanonets' AI-powered OCR software.

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Automation Volume AI Checks 52

Nanonets

MARCH 4, 2024

Streamline legal document processing with Nanonets' AI-powered OCR software. Konfuzio As IDP software, Konfuzio transforms unstructured data into insights and optimizes processes with AI solutions. It is part of the Google Cloud AI suite. Nanonets' AI adapts to your legal documents.

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Legal Laws Automation AI 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. Tedious Verification The need for detailed review and approval for each expense can slow down the process unnecessarily. Nanonets Intelligent Automation, and Business Process AI Blog Lakshmi Gopal 2. Read the article below.

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Process Compliance Audit Automation 52

Segpay

APRIL 16, 2024

Merchants should implement robust fraud detection tools, such as address verification systems (AVS) and card verification value (CVV) checks. Machine learning algorithms and AI-powered fraud detection platforms help merchants identify suspicious activity in real time and prevent fraudulent transactions before they occur.

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

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Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

MAY 31, 2023

AI-driven automation technologies such as OCR and RPA can enhance touchless invoice processing to be efficient and error-free. Schedule a Demo auto-sync AP data into ERPs Using AI in Automated Invoice Matching Using machine intelligence to handle processes can make complex tedious work, simple and easy.

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Automation Audit Process Checks 52

Nanonets

APRIL 18, 2024

We will also discuss NetSuite and AI-enabled automation to simplify some of the manual processes in AR and AP NetSuite Invoicing - Accounts Receivable (AR) Collecting payments from customers can be a constant struggle for many businesses. This eliminates the need for duplicate data entry, ensuring accuracy and saving you valuable time.

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Automation Accounts AI Process 52

Nanonets

APRIL 2, 2024

This can include anything from missing or duplicate transactions to unauthorized charges or fraudulent activity. Verification of Transactions: Bank reconciliation serves as a means of verifying the accuracy and completeness of recorded transactions. Nanonets offers tailored solutions to meet your specific requirements.

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Reconciliation Adjustments Automation Regulatory Compliance 52

Nanonets

OCTOBER 1, 2024

Final verification AP specialists ensure all approvals are in place, and check that any discrepancies have been resolved. These systems use advanced OCR and AI to accurately capture all crucial invoice information from a single source. The AI adapts to various invoice structures without needing pre-set templates.

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Best Practices Automation Multi-Currency Duplicate 40

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

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AI Automation Process Best Practices 52

Nanonets

FEBRUARY 7, 2024

How Nanonets improves AP with Microsoft Business Central  AI-driven, end-to-end Nanonets Flow AP automation contains pre-built accounts payable automation workflows, logic, and built-in OCR for data extraction and capture. SharePoint Connector SharePoint Connector integrated with MS Dynamics 365 Business Central reduces task duplication. 

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Automation Accounts Duplicate Process 52

Nanonets

FEBRUARY 26, 2024

Verification: Time-consuming process of cross-checking invoices against POs and delivery notes, often leading to delayed payments. Improved Accuracy : AP automation minimizes human errors such as duplicate payments and incorrect data entry, thereby enhancing the accuracy of financial records and reporting. into a single repository.

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Automation Accounts Payment APIs and Integration Process 52

Nanonets

JUNE 18, 2024

Nanonets Intelligent Automation, and Business Process AI Blog Sakshi Chetule Types of expenses that can be claimed The common expense categories that can be claimed are: Travel expenses Employees on business trips must spend on airfare, hotels, rental cars, toll charges, gas, etc. How to get started?

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Automation Process IRS Compliance 52

Nanonets

FEBRUARY 1, 2024

Verification : Time-consuming process of cross-checking invoices against POs and delivery notes, often leading to delayed payments. Looking to integrate AI into your AP function? AP Automation brings to the table AI-powered Data Extraction that boasts an impressive 99%+ accuracy rate.

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Automation Accounts Process Multi-Currency 64

FICO

SEPTEMBER 6, 2021

As an example, let’s look at the use of the mobile phone as a verification variable. In addition, each of these groups typically pays for their own external data streams, another expensive duplication. Each of those teams may have their own technology platform, built and managed independent of the others.

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Financial Crimes Online and Mobile Banking Wire Wires 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. Invoice Processing and Payment After verification, the supplier’s invoice is processed.

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Best Practices Automation Small Business Process 52

Nanonets

MAY 10, 2023

Nanonets can automate manual processes like invoice processing, KYC , customer onboarding, document automation, document verification, and more. Nanonets is an AI-based intelligent automation platform that automates manual processes using rule-based sequential workflows. It lessens duplication and reduces quality-control mistakes.

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Automation Rules Procedures Process 98

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. Here's how it transformed their process: Duplicate Claims Prevention:  The software now automatically flags duplicate entries.

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Compliance Non-Bank Automation Duplicate 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., Automate manual, time-consuming tasks such as GL coding, approvals, vendor notifications, duplicate invoices, and more with no-code workflow automation. What makes Nanonets stand out?

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Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

NOVEMBER 14, 2023

Poor-quality documents, featuring missing fields or blurry characters, undergo manual verification and correction to ensure accuracy. Reduced Errors: Manual data entry is error-prone, leading to inaccuracies in reports due to incomplete data, missing/correct material, and duplicates.

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Automation Facilitators Audit Legal 52

Nanonets

MAY 11, 2023

Receive appropriate authorization and approvals: Depending on the policies of the company, the invoice is routed to various levels of management for verification and approval. Fraud vulnerability:  Some frauds that occur in the invoice process include third-party frauds, labor mischarging, duplicate payments and other internal errors.

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Process Automation Audit Checks 52