Evolve Payment

OCTOBER 22, 2024

Fraudsters use everyday individuals’ information, frequently scraped from social media profiles or publicly available data like secretary of state filings, to create realistic duplicates of their identities. As part of this process, we may request key business documents and personal identity verification.

Deepfake 98

Deepfake Verification Fraud Detection AI 98

Nanonets

SEPTEMBER 25, 2024

For businesses processing thousands of bank statements daily—from insurance companies to financial institutions, bank statement processing presents a challenge and an even bigger opportunity for automation. In this article, we’ll explore applications of AI and automation for bank statement processing.

Process 52

Process AI Best Practices Reconciliation 52

Nanonets

APRIL 3, 2024

Guide to the Vendor Account Reconciliation Process Running a business involves collaboration with various vendors who provide different kinds of products and services. Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions.

Reconciliation 52

Reconciliation Process Accounts Duplicate 52

PYMNTS

JUNE 20, 2019

According to PYMNTS data, more than 60 percent of digital platforms say too many false positives are a significant point of friction in the conversion process — and more than 30 percent say it’s their number-one challenge. Suppliers can also submit duplicate invoices, or issue the same invoice with different billing amounts.

B2B 73

B2B Fraud Detection Third Party Vendors Payments 73

Nanonets

MARCH 4, 2024

Expense reimbursement is a fundamental aspect of business operations, encompassing the process by which employees are paid back for expenses they've incurred on behalf of the company. However, managing this process is fraught with challenges. Duplicate Claims Employees submitting the same expense for reimbursement more than once.

Process 52

Process Compliance Automation Audit 52

EBizCharge

MAY 20, 2024

NetSuite is a comprehensive cloud-based Enterprise Resource Planning (ERP) platform designed to aid businesses in managing key operational processes. These tools allow merchants to streamline accounts receivable (AR) processes, making payment collections a breeze. What kinds of tools and features does NetSuite offer?

Process 52

Process PCI DSS Processors Payment APIs and Integration 52

Nanonets

DECEMBER 11, 2023

Your accounts payable team – whose main function is to ensure funds are disbursed properly to vendors, business partners, and sometimes customers – processes an exorbitant number of invoices every single week. When done manually, processing an invoice can take days.   Top 10 Invoice Processing Solutions in 2024 1.

Process 52

Process Payment APIs and Integration Automation Multi-Currency 52

Nanonets

JANUARY 8, 2024

Bank Reconciliation is the process of matching the company's cash books to the bank statement. The aim is to ensure all transactions are accurately recorded in the company's cashbooks and to find any errors or fraud. If they are not equal, there is an error in the reconciliation process. How to do Bank Reconciliation?

Reconciliation 52

Reconciliation Process Adjustments Checks 52

Payment Savvy

MAY 12, 2023

With the increasing need for cost savings, efficient payment processing, and secure financial data management, payment automation has become an essential tool for modern businesses. Payment automation is the process of automating the payment process to streamline accounts payable departments. Cost savings. Improved cash flow.

Automation 52

Automation ACH Payments Duplicate 52

Nanonets

MARCH 15, 2024

The need for AI in Accounting In traditional accounting operations, companies often rely on manual processes, extensive paperwork, and repetitive tasks to handle their payables function. However, these processes involve spending time (and money). And yet adoption of this technology is still not widespread. Where do you start?

Automation 59

Automation AI Accounts Duplicate 59

Nanonets

JUNE 7, 2023

The need for AI in Accounts Payable In traditional AP operations, companies often rely on manual processes, extensive paperwork, and repetitive tasks to handle their payables function. However, these processes involve spending time (and money). Most organizations INSIST on making this process manual. Where do you start?

AI 52

AI Accounts Duplicate Automation 52

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. The need for AI in Accounting In traditional accounting operations, companies often rely on manual processes, extensive paperwork, and repetitive tasks to handle their accounting function. Where do you start?

Automation 52

Automation AI Accounts Duplicate 52

Nanonets

JUNE 7, 2023

The need for AI in Accounts Payable In traditional AP operations, companies often rely on manual processes, extensive paperwork, and repetitive tasks to handle their payables function. However, these processes involve spending time (and money). And yet adoption of this technology is still not widespread. Where do you start?

Automation 52

Automation AI Accounts Duplicate 52

FICO

SEPTEMBER 6, 2021

Adam: This diagram captures a standard process flow for credit originations. Similar types of flows can be established for enterprise fraud detection, know your customer (KYC) for anti-money laundering (AML). Doug: How are processes handled in most organizations today? Doug: That’s a pretty complex diagram!

Financial Crimes 52

Financial Crimes Online and Mobile Banking Wire Wires 52

Nanonets

JANUARY 28, 2024

  In this article, we walk through the reconciliation process in QuickBooks, address common issues, and provide useful tips. Repeat this process till all the transactions are matched. Unauthorized transactions, fraud or theft Companies worldwide lose up to 5% of their revenue to fraud and theft.

Reconciliation 52

Reconciliation Automation Fraud Detection Duplicate 52

Nanonets

APRIL 24, 2023

This facilitates verification of customer profiles, streamlining the onboarding process, approving loans and mortgages, assessing borrower risk, etc. While bank extracts were obtained manually in the past, most companies are resorting to software to automate this tedious process.

Assessments 52

Assessments Automation Fraud Detection Risk Assessment 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

Nanonets

OCTOBER 9, 2024

  Whether you're a loan officer reviewing an application or a business owner ensuring your clients’ payments are in order, bank statement verification is integral to ensuring financial accuracy and fraud prevention. Final approval: Once everything checks out, the bank statement is verified, and the process is completed.

Verification 52

Verification AI Reconciliation Payment APIs and Integration 52

Nanonets

JANUARY 14, 2024

Bank reconciliation is the process of matching the company’s cash ledger with the bank statements. The objective is to scrutinize each transaction and identify any errors or potential fraud. This process helps the company monitor and update its funds, addressing any discrepancies that may arise.

Reconciliation 52

Reconciliation Adjustments Checks Duplicate 52

CB Insights

MARCH 21, 2018

Policies themselves are often processed on paper contracts, which means claims and payments are error-prone and often require human supervision. Each step in this collaborative process represents a potential point of failure in the overall system, where information can be lost, policies misinterpreted, and settlement times lengthened.

Blockchain 78

Blockchain Audit Process Risk 78

Nanonets

JUNE 21, 2023

Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. This article will provide a comprehensive guide to reconciling payments, its importance, challenges faced, best practices, and the role of automation in enhancing the process. What is payment reconciliation?

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

AUGUST 1, 2023

This streamlining of the auditing process enhances accuracy and expedites operations, ultimately improving audit outcomes. The use of artificial intelligence in accounting and auditing holds significant potential for various aspects of the auditing process.

Audit 52

Audit Risk Assessment AI Assessments 52

Nanonets

JULY 14, 2024

IInvoice management software is transforming financial processes for businesses in 2024. Many businesses face challenges with invoice processing —from data entry errors to delayed payments. Modern invoice management tools automate much of the process. This automation can significantly reduce processing time and errors.

Automation 52

Automation Process Multi-Currency Online and Mobile Banking 52

Nanonets

DECEMBER 25, 2023

A Guide to Stripe QuickBooks Integration The integration of payment processing and accounting systems is not just a convenience but a necessity for efficiency and accuracy in financial processes. Two of the most powerful tools in these realms are Stripe for payment processing and QuickBooks for accounting and financial management. 

Finance 52

Finance Payment APIs and Integration Best Practices Automation 52

Nanonets

JULY 24, 2023

  Financial reconciliation is a recurring process that encompasses various sources of financial information within a business. Gartner defines finance reconciliation as “the process of comparing two sets of financial records to ensure they are in agreement.” What is finance reconciliation?

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

Nanonets

APRIL 3, 2024

Businesses are now embracing the virtual to streamline their financial management processes. Accounts Payable: They manage accounts payable by processing vendor invoices, tracking expenses, and ensuring timely payments to suppliers and creditors. Gone are the days of tedious manual data entry and stacks of paper ledgers.

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

Nanonets

JUNE 12, 2024

Purchase order management is the process of managing the creation, approval, tracking, and fulfilment of purchase orders in your business. Review: Once a purchase order is issued, consideration needs to be given to how the process is reviewed and approved. This is where Approval processes and hierarchies are usually defined.

Best Practices 52

Best Practices Automation Small Business Process 52

Nanonets

MARCH 20, 2023

  Originally considered a transactional back-office function, the AP process is now considered a hub for critical financial data processing. The AP process begins with the receipt of the invoice, passes through various levels of categorization, coding, data matching , and approvals, and ends with the payment of the invoice.

Accounts 52

Accounts Payment APIs and Integration Multi-Currency Automation 52

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.   These documents provide supplementary details and serve as external sources of validation for the transactions recorded in the general ledger. 

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. This serves as the starting point for the reconciliation process. This reconciled balance serves as the starting point for the next reconciliation process.  

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

NOVEMBER 14, 2023

Although the origin of E-Procurement can be traced to the 1960s with the advent of Electronic Data Interchange (EDI) , it has evolved into a sophisticated process employing online catalogs, bids, purchase orders, and invoices in the 21 st century. Reduces supply problems, including pricing mistakes, order duplication, and inventory issues.

Automation 52

Automation Process Facilitators Duplicate 52

Nanonets

MAY 21, 2024

At the core of accounts management lies account reconciliation, the process of comparing various financial documents to ensure accuracy and accountability.      In this article, we shall explore the fundamentals of accounts reconciliation , discussing its importance, processes , and best practices.  

Best Practices 52

Best Practices Reconciliation Accounts Payment APIs and Integration 52

The Payments Association

MAY 16, 2025

Merchants must ensure their SCA processes are not only compliant, but also commercially effective. Domestic card scheme fee review (report expected late 2025) Alongside interchange, the PSR is reviewing the scheme and processing fees charged by Mastercard and Visa on domestic UK transactions.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

Nanonets

APRIL 2, 2024

Bank reconciliation is a fundamental process that ensures the alignment of internal records with external bank statements. This article highlights the importance of bank reconciliation, and its role in maintaining financial control, accountability, and protection against errors and fraud.

Reconciliation 52

Reconciliation Adjustments Automation Regulatory Compliance 52

Nanonets

JUNE 19, 2024

Purchase orders are critical documents that signify the start of the purchase process by a business in order to acquire goods or services. In order to complete any particular purchasing process, the purchase order associated must be processed and closed. SAP Ariba, Coupa).

Small Business 52

Small Business Automation P2P Audit 52

Nanonets

FEBRUARY 13, 2024

It serves as the framework that outlines what’s reimbursable, what’s not, and how to go about the whole "I spent this, now give me my money back" process. An expense policy does that by defining a clear process and workflow, making the expense management process less of a maze and more of a straight line.

Compliance 52

Compliance Non-Bank Automation Duplicate 52

Nanonets

JUNE 29, 2023

Traditionally, spend management involved manual and error-prone processes, making it challenging to gain a comprehensive understanding of company spending. By implementing spend management software, businesses can streamline their spending processes and maximize the value obtained from their expenditures.

Payment APIs and Integration 52

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