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According to the latest Payments 2022 Playbook: Building A High-Performing Payments Team For FraudDetection , 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.
Payment automation solutions typically work in the following way: Invoices are received electronically, either through email or an electronic invoice portal. The payment automation system scans the invoice and extracts relevant data, such as paymentamount and due date. Frauddetection.
FraudDetection and Prevention: Through vendor reconciliation, businesses can detect discrepancies that may indicate fraudulent activities such as overbilling, duplicate invoices, or fictitious vendors. All line items must be reviewed for errors in vendor names, invoice numbers, paymentamounts, and terms.
At the heart of Nanonets is its ability to automatically sync invoices and payment information from any source, including emails, PDFs, and scanned documents. To further improve the accuracy of its data, Nanonets includes a range of approval workflows, duplicate alerts, and frauddetection tools.
By leveraging advanced optical character recognition (OCR) technology, the software accurately captures invoice details such as invoice number, vendor name, paymentamount, and due date, facilitating efficient invoice management. This leads to faster invoice processing, reduced payment delays, and improved vendor satisfaction.
This eliminates the need for manual data entry into procurement systems, as Nanonets swiftly and effortlessly extracts crucial details like supplier names, invoice numbers, and paymentamounts. To enhance data accuracy further, Nanonets incorporates a range of approval workflows, duplicate alerts, and frauddetection tools.
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