Medius, recognised as a formidable player in providing AP Automation and comprehensive Spend Management solutions, today announced the launch of their new product, Fraud & Risk Detection, aimed at ensuring businesses preemptively counteract fraud and maintain robust control and visibility throughout the invoice to pay lifecycle.
The introduction of Fraud & Risk Detection by Medius comes at a time when organisations are grappling with an escalating threat of fraud. Recent research from Cybersecurity Research points towards a worrying trend, highlighting that over half of organisations have witnessed a surge in fraud attempts in the past year. Additionally, a stark 60% of survey participants pinpointed finance teams as the predominant targets of fraud and phishing attempts, underscoring an acute need for augmented protective measures in the financial process.
Founded on the ethos of linking invoice capture, processing, and payment, Medius transcends basic automation by utilising artificial intelligence to facilitate the bulk of the work, ensuring that invoices get confirmed, coded, and paid, while AP teams achieve balance and rest, and businesses can place their trust in their budgets and forecasts. Medius, currently serving more than 4,000 customers across 102 countries, processes a whopping $180bn in annual spend through its system, providing a safety net over financial operations and enabling businesses to confidently navigate their fiscal landscapes.
The newly launched Fraud & Risk Detection is not merely a protective shield but an anticipative and proactive tool in safeguarding finance teams. By leveraging the latest advancements in AI and Machine Learning, this product persistently monitors risk events within the invoice-to-pay process, alerting relevant personnel to mobilise action. It doesn’t stop there – the solution also integrates real-time analytics, empowering teams with the capability to comprehend threats in-depth, thereby allowing them to anticipate and stave off issues before they even materialise.
Moreover, to shield AP teams from both internal and external fraud, Medius Fraud & Risk Detection meticulously identifies anomalies and risk factors using AI throughout the invoice lifecycle. Users are afforded online alerts, augmenting transparency and enabling them to identify fraud attempts, such as fabricated invoices or duplicate payments, and even more sophisticated fraud schemes. Thus, action to mitigate potential risk can be enacted immediately, ensuring that financial teams can steadfastly uphold their organisation’s policies within a unified, business-need-aligned process.
The application doesn’t merely stop at detection. With the incorporation of the Medius Fire Station Dashboard, finance leaders are provided with fresh insights and visibility, receiving alerts on risks within their AP process. This ensures leaders are capable of investigating specific risk types and profiles, perpetually enhancing the security of AP and payment processes. Importantly, the product is meticulously designed to prevent risks, such as fraud or duplicate payments, before they can be executed, safeguarding businesses from the financially and operationally taxing chore of recouping pilfered funds.
Medius EVP Product Daniel Ball said, “Over-burdened finance leaders need visibility across the invoice-to-pay process, and to feel confident in their ability to find and mitigate fraud within their businesses. Medius Fraud & Risk Detection helps businesses proactively manage the risk so they can prevent issues. This is so important for business leaders who are operating in challenging economic conditions, and who simply can’t afford the added and preventable costs of fraud.”
Kevin Permenter, research director, Financial Applications, IDC, said, “The real promise of AI and ML within autonomous finance is not just streamlining processes but eliminating them. Anomaly detection using AI and ML from solutions like Medius Fraud & Risk Detection helps to ensure policies are consistently and repeatedly being enforced giving CFOs new insights and data that they need in today’s volatile landscape.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
Copyright © 2018 RegTech Analyst
