Finexio added a new fraud protection solution to its accounts payable (AP)-as-a-service offerings.
The new Finexio Shield is designed to secure B2B payments, preventing fraud while also optimizing and delivering supplier payments, the company said in a Tuesday (June 25) press release.
“Outdated security measures are futile against today’s sophisticated fraudsters leveraging AI deepfakes and spear phishing attacks that prey on businesses managing suppliers and payments by hand,” Finexio CEO Ernest Rolfson said in the release. “Finexio Shield changes the game by preventing and taking on fraud risk by meticulously vetting suppliers and their bank accounts, ensuring CFOs and their AP teams can operate with absolute confidence.”
With its supplier identity and bank account validation capabilities, Finexio Shield eliminates fraud risk and liability for payments to suppliers, according to the release.
End users of the Finexio service can opt into Finexio Shield to gain fraud detection while processing their electronic payments through the platform, the release said.
The new solution joins Finexio’s AP B2B payments platform that uses AI to optimize, monetize and secure the entire payment lifecycle, with Finexio providing payment delivery and orchestration, supplier management, fraud prevention, payment monetization, and payment reporting and analytics, per the release.
“[P]artners choose Finexio in large part due to our investments in software and process automation to help grow payments as a service, a valuable capability that only grows in value the safer we can keep end users and their suppliers from fraud risk,” Rolfson said in the release.
The PYMNTS Intelligence report “Fraud Management in Online Transactions” found that 95% of merchants have either already begun enhancing their anti-fraud capabilities or are planning to start soon. Forty-one percent of the companies surveyed had already taken steps to improve their anti-fraud toolkits, and another 54% said they plan to do so this year.
In an earlier product launch, Finexio unveiled its NextGen platform in October, saying that it’s equipped with an AI-powered supplier enablement framework, prioritizes user-centricity and offers a streamlined approach to managing payables.
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