The Fintech Times

AUGUST 3, 2024

The Financial Conduct Authority (FCA) introduced Consumer Duty, aiming to improve consumer protection standards across the financial industry. In 2023, the FCA described Consumer Duty as a ‘cornerstone’ to of three-year plan to improve standards across the UK. Firms had to comply with these rules by 31 July 2023.

Consumer 59

Consumer Rules Duplicate Regulations 59

Stax

MAY 13, 2025

Key components of payment processing include: Merchant account – A special type of business account that temporarily holds funds from card transactions before they settle in your business checking account. Todays consumers expect flexibility at checkout. The right provider should feel like a partner, not just a vendor.

Credit Cards 88

Credit Cards Payment APIs and Integration Processors Process 88

Nanonets

JUNE 19, 2024

Before making payments to vendors, it's essential to check that the vendor bills the company the correct amount. Say goodbye to manual errors, time-consuming tasks, and financial discrepancies. Examine Vendor Invoices: It is critical to examine each vendor's invoice details and check for human-made errors.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

FICO

NOVEMBER 22, 2021

This busy and complex environment provides the perfect conditions for consumers to fall for scam deals or buy products that aren’t quite what they expected. Online fraud has become a massive issue, so it’s important to be aware of the impact on consumers as well. Check twice before clicking on an SMS or email to confirm it is genuine.

Scams 98

Scams Online and Mobile Banking Identity Theft Credit Cards 98

Nanonets

MARCH 15, 2024

It is time-consuming, requiring long hours of work to reconcile accounts, generate reports, and perform financial analysis. However, this usually leads many to the conclusion that AI-based automation is not for them - it seems cumbersome, time-consuming and expensive to implement. It is heavy on synchronous communication.

Automation 59

Automation AI Accounts Duplicate 59

Nanonets

SEPTEMBER 1, 2023

Time-Consuming: Manual accounting work is time-consuming, requiring long hours to reconcile accounts, generate reports, and perform financial analysis. However, this usually leads many to the conclusion that AI-based automation is not for them - it seems cumbersome, time-consuming, and expensive to implement.

Automation 52

Automation AI Accounts Duplicate 52

Nanonets

JUNE 7, 2023

It is time-consuming, requiring long hours of work to reconcile accounts, generate reports, and perform financial analysis. However, this usually leads many to the conclusion that AI-based automation is not for them - it seems cumbersome, time-consuming and expensive to implement. It is heavy on synchronous communication.

Automation 52

Automation AI Accounts Duplicate 52

Nanonets

JANUARY 25, 2024

Download them in CSV format and paste them into individual Excel sheets.Also, find all the outstanding checks, deposits, and any pending transactions. The bank statements must be adjusted by adding pending deposits (deposit-in-transit) and deducting pending outgoing checks (outstanding checks).

Reconciliation 52

Reconciliation Adjustments Checks Automation 52

Nanonets

JUNE 7, 2023

It is also time-consuming, requiring significant man-hours to reconcile accounts, generate reports, and perform financial analysis. It might be as serious as wrong payment details and invoice fraud, or it might be as simple as a duplicate invoice. Without a doubt, these problems are best prevented before they happen.

AI 52

AI Accounts Duplicate Automation 52

PYMNTS

DECEMBER 31, 2019

Paper-based payment methods such as checks and cash are awkward and cumbersome in either business-to-business (B2B) or business-to-consumer (B2C) transactions. Manual payment generation is both time-consuming and demanding, tying up personnel who could instead be focusing on other tasks. Manual processing challenges.

Process 61

Process Innovation Same Day ACH B2B 61

Payment Savvy

MAY 12, 2023

Payment automation can reduce the cost of paper checks, postage, and other expenses associated with manual payment processing. 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. Cost savings.

Automation 52

Automation ACH Payments Duplicate 52

Nanonets

JANUARY 29, 2024

This can be quite time-consuming, so we have included some tips to simplify this at the end of the article. Duplicate Payments: Search in your cleared transactions if you can find a very similar record. Tips For Credit Card Reconciliation Matching transactions is a manual process, and it can be time-consuming.

Reconciliation 52

Reconciliation Credit Cards Duplicate Automation 52

PYMNTS

SEPTEMBER 24, 2020

Then, they depended on good relationships with designers and consumers’ attraction to their seasonal merchandise. Check out what Saks CEO Marc Metrick had to say in Fast Company : “We know customers want to buy things as they need them, but the industry has not kept that basic concept in mind. Think that’s a tough way to do business?

On-Demand 64

On-Demand Duplicate Returns Consumer 64

Nanonets

APRIL 24, 2025

Flowchart showing manual medical record processing workflow with employees classifying documents, doctors reviewing and extracting data, and significant bottlenecks and delays The process was labor-intensive and time-consuming. It also made automation through traditional template-based data extraction nearly impossible.

Underwriting 52

Underwriting Automation Process Volume 52

PYMNTS

APRIL 16, 2018

Existing smartphone-based eWallets may have achieved the ultimate convenience, compressing bulky physical wallets into a nice, tidy digital space and enabling consumers to carry just one item when they leave the house. Phones are connected to the internet all the time, which could put the payment data they hold at greater risk.

eWallet 52

eWallet Contactless Payments Duplicate Data Breach 52

Nanonets

JANUARY 28, 2024

Outstanding Payments & Deposits Due to banking delays, outstanding checks and deposits-in-transit aren’t recorded in the bank statement or can be recorded after the closing date. Automate Bank Statement Reconciliation Reconciling with QBO requires a lot of manual effort and can be time-consuming.

Reconciliation 52

Reconciliation Automation Fraud Detection Duplicate 52

Nanonets

MAY 10, 2023

By 3 way matching supporting documents, companies can detect duplicate, erroneous, or fraudulent payments to vendors. Here are some common checks carried out on each of the documents that are part of the 3 way matching process: Was the PO filled out correctly? The receiving department also checks damage and quality at this stage.

Accounts 52

Accounts Automation Duplicate Process 52

FICO

NOVEMBER 8, 2022

Fraud protection is now firmly on the radar for consumers and has risen substantially as a deciding factor - it could even be a competitive advantage for banks. Fraud protection is now firmly on the radar for consumers and has risen substantially as a deciding factor. Strong Fraud Protection Could Draw More Customers - Survey.

Scams 52

Scams Authentication Push-to-Card Fraud Prevention 52

Nanonets

JULY 14, 2023

Among the several drawbacks of going through these procedures manually are higher costs, greater manpower requirement, a higher amount of time consumed in repetitive tasks and a greater carbon footprint. Check out Nanonets' pre-trained Invoice OCR or build your own customized Invoice OCR. Images checked for fraud.

Automation 98

Automation Process Payment APIs and Integration Database 98

Segpay

NOVEMBER 20, 2024

These traits are virtually impossible to duplicate or forge, making biometric security an attractive alternative to traditional methods like passwords or knowledge-based authentication. It is now used in consumer electronics (e.g., Applications of facial recognition have expanded beyond just security.

Security 98

Security Technology Privacy Compromise 98

PYMNTS

NOVEMBER 10, 2017

Earlier this year, researchers at the Association for Financial Professionals found that instances of check fraud and Business Email Compromise scams increased between 2015 and 2017, with fraud originating both within and outside the enterprise. One of the easiest areas for internal fraud to occur is in employee expensing.

Duplicate 44

Duplicate Audit Email Compromise Use Case 44

Nanonets

JUNE 19, 2023

These procedures involve checking if transactions from the fiscal year are included in the year-end financial statements. By performing these tests, auditors can check how well the company's internal control system documents transactions and adheres to the reporting timeline. How to Plan For an Accounts Payable Audit?

Audit 52

Audit Accounts Procedures Compliance 52

PYMNTS

APRIL 28, 2017

With access to smart devices and laptops, consumers have the ability order anything from anywhere at anytime. As a result, consumers can ultimately lose confidence or faith in their favorite brand or retailer. Buying items online has become a regular everyday occurrence.

Authentication 57

Authentication Online and Mobile Banking On-Demand Duplicate 57

Nanonets

OCTOBER 9, 2024

With an automated bank statement verification process, you can save hours of manual checking, avoid costly mistakes, and boost your confidence in your financial records. Initial review: Basic checks and analysis of statements ensure the document is complete, legible, and covers the necessary period.

Verification 52

Verification AI Reconciliation Payment APIs and Integration 52

Nanonets

FEBRUARY 19, 2024

Payment Method: Shows whether the customer paid with cash, card, check, online, or using any other payment method. Requires manual organization and can be time-consuming to compile for reporting purposes. The Advantage of Duplicate/Triplicate Copies : Using a multi-copy receipt book means more than just giving customers their copy.

Duplicate 52

Duplicate Automation Checks Transactions 52

Nanonets

JUNE 26, 2024

" Outstanding Checks " are checks issued by the company but haven't yet been cleared by the bank, meaning the funds have not yet been deducted from the company's bank account balance. For example, a deposit of $5,000 on June 1st and a check #123 for $1,000 on June 3rd.

Reconciliation 52

Reconciliation Adjustments Audit Checks 52

Nanonets

MAY 31, 2023

These ways of matching also check for invoice discrepancies & tolerance levels that need to be resolved before the invoice is cleared for payment. It involves matching invoices to purchase orders as well as checking for tolerances. 2 Way Matching 2-way matching is a simple & common way of verifying invoices.

Automation 52

Automation Audit Process Checks 52

FICO

JANUARY 11, 2021

In a separate FICO survey of 1,000 North American consumers , 55% of respondents said the lack of automation in verifying customers’ identities is problematic; not only is manual intervention overly relied upon, but there is also inconsistency in how well a document is checked. The solution is already in consumers’ hands.

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Account Takeovers 52

Cardfellow

OCTOBER 26, 2022

You’ll be able to accept credit cards, debit cards, and electronic checks while benefiting from encryption to reduce the risk of data theft. You can also add custom data fields to transactions for reporting later, and store cash and check transaction information to include with sales reports.

Gateways 52

Gateways Payment APIs and Integration Multi-Currency API 52

Nanonets

APRIL 12, 2023

However, managing expenses manually can be a time-consuming and error-prone process. Effective spend management can thus help businesses achieve the following: Control costs and optimize profitability : By closely monitoring and managing expenses, businesses can keep costs in check and boost their overall profitability.

Compliance 52

Compliance Duplicate Automation Process 52

Nanonets

JANUARY 8, 2024

However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions. Step 3: Adjust bank balance The discrepancy in the two balances has to be identified and checked on an individual transaction basis.

Reconciliation 52

Reconciliation Process Adjustments Checks 52

Nanonets

JANUARY 8, 2024

However, let's understand the manual bank reconciliation process once: Step 1: Gather documents On the bank side, you need the bank statements, outstanding checks, deposits, and any pending transactions. Step 3: Adjust bank balance The discrepancy in the two balances has to be identified and checked on an individual transaction basis.

Reconciliation 52

Reconciliation Accounts Adjustments Checks 52

Nanonets

JUNE 21, 2023

Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. It involves cross-checking payment records, such as invoices, receipts, bank statements, and other financial documents, to reconcile any discrepancies between them.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

OCTOBER 1, 2024

In reality, it requires systematic checks and balances, not just one person's oversight. It typically involves checking these fields, matching them against supporting documents like purchase orders, vendor contracts, and receiving reports. " If only invoice validation were that simple.

Best Practices 40

Best Practices Automation Multi-Currency Process 40

Nanonets

MAY 31, 2023

 The AP automation software checks to make sure all the data entered matches purchase orders and sales receipts, thereby eliminating chances of fraud and mistakes.  If Automated AP Workflow - Can detect trends based on past history and detect duplicate invoices.  Vendor  Vendor names, account info, etc.

Automation 52

Automation Accounts Audit Process 52

Nanonets

APRIL 16, 2023

Invoice processing and PO matching are complex, time-consuming, and resource-intensive processes when performed manually, especially in scaled-up business activities. The unification of all these documents is time-consuming and error-prone when performed manually. The software checks for unread emails.

Automation 52

Automation AI Duplicate Accounts 52

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. This helps in maintaining a checks and balances system. 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.

Process 52

Process Compliance Automation Audit 52