Doug Cranston, Bottomline Technologies’ VP of Product Management, sat down with PYMNTS.com to discuss the new landscape of Accounts Payable (AP). Pointing to the persistence and prevalence of fraud within the world of B2B payments, Cranston advises AP professionals that there is no time to waste in being proactive in the fight against fraud. Finding an electronic payments platform that uses cutting-edge technology to identify and thwart fraudulent behavior BEFORE it happens is essential to your organization’s success in the fight against accounts payable fraud.
The Face of a Fraudster
As business payments continue trending towards faster and Real-Time Payments (RTP), fraudsters are constantly developing new methods to exploit your organization and capitalize on the complacency of your current security infrastructures. In this generation of business payments, the modern fraudster takes advantage of challenges facing accounts payable and understands the payments space, victimizing your organization by targeting several different points of attack – from receiving invoices to paying them.
“As banks provide new payment options to their business customers, it’s important that they also help protect their clients from fraud.” —Doug Cranston, VP of Product Management at Bottomline Technologies
Corporate clients are now not only expecting banks to securely move money, but are also looking for ways that banks can help their organization make faster and smarter payments. Providing clients with accounts payable fraud protection through an innovative electronic payments platform that uses machine learning to identify any suspicious activity and prevent fraudulent behavior can differentiate your organization within the payments space.
Historically, AP departments have been mired in time-consuming and inefficient paper-based processes. Now, accounts payable best practices have evolved and organizations expect a payment infrastructure that eliminates the associated risks of traditional paper-based processes such as:
• Security vulnerabilities
• High cost per transaction
• Less than optimal cash flow
New technologies and advancements within the business payments space eliminate the ripple effect of inefficiencies associated with outdated paper-based processes.
“A solution that uses machine learning and other advanced technology to identify fraudulent behaviors at points throughout the AP process is almost like hiring a security consultant to sit with the AP all day, every day.” — Doug Cranston, VP of Product Management at Bottomline Technologies
As fraudsters continue to develop new ways of victimizing your AP process, do not let complacent security measures be the cause of significant losses for your organization. The time to take action in the battle against payments fraud is now.
To learn how your organization can put an end to accounts payable fraud, read Doug Cranston’s full interview on PYMNTS.com.
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