Corporate-to-bank integration provider AccessPay has launched Detect, the first product in its series of anti-fraud and error prevention tools.
Detect scans corporate payment files and checks them against customisable rules, with any potential errors and issues flagged for finance teams to investigate. It is fully integrated into the client’s payments platform, allowing for faster and more efficient action if problems arise, and can handle both domestic and cross-border payments.
The product suite has been developed in response to new UK corporate governance reforms, which require large corporates to include fraud statements, detailing their detections and prevention processes, in their annual reports.
As the Fraud & Error Prevention Suite develops, AccessPay intends to include products that will allow corporates to be more proactive in their handling of fraud and risk management, identifying potential issues before they become problems.
Commenting on the launch, Anish Kapoor, CEO of AccessPay, says: “Standards and expectations in relation to how corporates manage operational resilience and fraud risk are increasing. The new additions to AccessPay’s product roadmap will help businesses of all sizes to take a multifaceted approach to managing fraud and preventing errors, as well as helping them to be audit-ready and able to demonstrate the impact of controls to regulators.”
“AccessPay has long helped corporates in consolidating their payments data and automating processes, which helps reduce manual errors. Now we are taking this to another level, thanks to our new fraud and error prevention suite, which has been designed to alert finance teams to payment issues before making a transaction. Foresight is always better than hindsight.”
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