Partnership Protects Customers against Vendor Payment Fraud
RESEARCH TRIANGLE, N.C.–(BUSINESS WIRE)–JAGGAER, the global leader in Autonomous Commerce, has announced its collaboration with Trustpair, a leading vendor fraud prevention platform. Trustpair technology monitors millions of data points from internal and external data sources to verify bank account information internationally. Its platform also provides dashboards, secure workflows, and real-time warnings to streamline risk identification and management.
“The integration with Trustpair enables JAGGAER customers to add an additional layer of protection against a risk that has been on the rise around the world. Organizations are vulnerable when new supplier bank accounts are added or modifications are made to existing accounts, and the fraudsters are getting more sophisticated in exploiting such changes,” said Dawn Andre, Chief Product Officer, JAGGAER. “By automating fraud detection with Trustpair, CFOs at JAGGAER customer organizations can sleep easier in the knowledge that they can pay their suppliers on time without the risk of being the victims of payment fraud,” she added.
“We’re delighted to work with JAGGAER, a global leader in procurement and supplier management technology, and to give customers peace of mind that they are paying the right vendor every time. This native integration of Trustpair with JAGGAER enables procurement and finance teams to confidently mitigate vendor payment fraud within their current procure-to-pay process,” said Baptiste Collot, CEO and co-founder, Trustpair.
“Fraud has become incredibly sophisticated and complex and is a big concern for organizations everywhere. Our solution gives a clear view of organizations’ fraud risk and eliminates fallible manual account validations and controls that are no match for the savvy fraudsters organizations are up against,” Collot added.
“By automating account validations from supplier onboarding through to payment, Trustpair extends JAGGAER’s Autonomous Commerce offering, which already deploys various AI-based solutions to protect against threats in many areas of supplier and supply chain risk,” Andre said.
A survey conducted by Treasury & Risk co-sponsored by Trustpair and GIACT revealed that 56% of companies in the US were victims of vendor fraud in 2022. Furthermore, most companies that were a victim of fraud attempts were targeted more than once. 12% of all US companies were targeted more than 10 times and 5% more than 15 times. According to the report, these record-breaking numbers can be linked to changes in the way fraudsters operate. “They have become more sophisticated, organized, and specialized – the threats aren’t the same as they were 10 years ago.”
Trustpair is the leading payment fraud prevention platform for large companies worldwide. Since 2017, Trustpair has been helping finance teams secure their entire P2P process, thanks to account validation automation. The solution offers intuitive risk management and integrates directly with existing tools for more efficiency. The company raised 20 million euros in October 2022 to focus on their US expansion and R&D, staying at the cutting edge of fraud prevention technology. With the platform, more than 200 companies worldwide have avoided fraud, thanks to the most reliable account ownership verification worldwide, leveraging unrivaled validation.
About JAGGAER: Autonomous Commerce
JAGGAER is leading the Autonomous Commerce revolution, a self-governing B2B commerce experience between buyers, suppliers, things (IoT), and partners. Over $500 billion worth of goods flows frictionlessly through our Enterprise Commerce Network every year. Leveraging AI and machine learning, our intelligent procurement solutions provide enterprise buyers and suppliers with smart-match recommendations that align buyer needs with supplier capabilities. Our solutions autonomously execute many of the repetitive, behind-the-scenes tasks required to facilitate enterprise commerce. We are Networked, Intelligent, Comprehensive, and Extensible. We are over 1,100 employees strong, all focused on customer success.
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