Correspondent Duplicate Fraud Detection 
Nanonets
APRIL 3, 2024
This process involves comparing the company's accounts payable data, which includes invoices, purchase orders, receipts, and statements, with the corresponding records maintained by the vendors. Any discrepancies, such as duplicate payments or missing entries, must be identified. Why is Vendor Reconciliation Important?
Nanonets
SEPTEMBER 25, 2024
Set up rule-based workflows to identify and remove any duplicate entries and human review for complex or ambiguous transactions. For instance, if the bank statement shows a $1,000 deposit on a specific date, it matches the corresponding entry in the accounting records. Use advanced matching engines to create customizable match rules.
Nanonets
JUNE 21, 2023
Reconciling payments involves verifying whether the payments received in the company's bank account match the corresponding invoices or payment records in the company's financial system. This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records.
Nanonets
APRIL 15, 2024
Detects errors, omissions, and irregularities : By comparing each transaction in the bank statement with the corresponding entry in the company's records, bank reconciliation can catch discrepancies, errors, and omissions that may have occurred during the recording or transmission of financial data.
Nanonets
MAY 6, 2024
General Ledger Reconciliation is the process of comparing and aligning the entries in the general ledger with the corresponding transactions documented in these external sources. GL reconciliation aids in fraud detection by uncovering unauthorized transactions or irregularities that may indicate fraudulent activities.
Nanonets
JULY 24, 2023
Step 2: Compare The next step in the account reconciliation process is to compare all transactions recorded in your internal ledger with the corresponding entries in your bank statement or other financial documents. Locate the sources where these transactions are recorded and gather them together in one place.
The Payments Association
MAY 16, 2025
This standard introduces structured, enriched data formats for payment messagesimproving interoperability, fraud detection, and reconciliation. Legal issue/risk Next steps/action required Legal issue/risk: If systems are not ready, merchants may experience failed reconciliations, duplicate entries, or settlement delays.
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