AccessPay launches new Anti-Fraud and Error Prevention Suite

By Gloria Methri

AccessPay, the corporate-to-bank integration provider has released its new fraud and error identification tool, Detect. The launch of Detect marks the first in a series of anti-fraud and error prevention tools that AccessPay will be releasing over the coming months to support the UK’s corporates.

Under new corporate governance reforms, unofficially dubbed UK SOx, large corporates will be required to produce fraud statements in their annual reports, which set out how they are detecting and preventing fraud.

“Standards and expectations in relation to how corporates manage operational resilience and fraud risk are increasing,” said Anish Kapoor, CEO, AccessPay. “We have already experienced this in the financial services sector, where regulated firms are subject to new operational resilience rules and now there is UK SOx for large corporates. Yet, regardless of size, the risk of fraud and error is a very real concern for all businesses and can have a significant financial impact. 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.”

The first tool to be launched as part of this roadmap is the fraud and error identification tool, Detect. Detect adds an extra layer of control into corporate payment workflows, whereby the payment file is scanned and checked against several customisable rules, flagging any potential errors and issues, such as duplicate payments or potentially fraudulent transactions.

This allows finance teams to promptly investigate any potential issues before payment runs are executed. Detect can handle all payment types, both domestic and cross-border. It is also fully integrated into the payments platform, making the detection of erroneous transactions a core step of the payment submission process and enabling faster responses by finance teams, if something does go awry.

Upcoming additions to AccessPay’s Fraud & Error Prevention Suite will focus on helping corporates take a more proactive approach to fraud and risk management, enabling them to catch potential issues before they become a problem.