Preventing Payment Fraud with Agentic AI
Checks for duplicate payments, verifies vendor and bank details, and provides real-time alerts to reduce risk and safeguard cash flow.
Key Features
Duplicate payment prevention
Detects potential duplicates by checking invoice numbers, amounts, vendors, and payment dates before processing.
Fraud prevention by anomaly detection
Monitors payment patterns to detect irregularities, such as unexpected amounts or unauthorized vendors, and flags them for review.
Vendor validation
Confirms vendor details against the master database to ensure payments go only to verified vendors.
Multi-layered approval processes
Supports custom approval workflows with multiple levels for high-value or flagged payments.
Bank account verification
Checks vendor bank details for accuracy and authenticity before payments are processed.
Monitoring of payment terms compliance
Tracks payment timing to ensure terms are followed, avoiding early payments that could impact cash flow or raise risks.
Suspicious activity notifications
Sends instant alerts to finance teams when unusual activity or potential fraud is detected during payments.
Comprehensive audit trails
Captures detailed logs of all payment activity, both user and system actions, to ensure full traceability and compliance.
KEY BENEFITS
Payment Co-Pilot boosts cash flow by timing payments for discounts, routes approvals automatically for same-day releases, supports ACH, checks, and wire transfers with a full audit trail—delivering accurate, secure payments and tighter spend control.
10%
Cash outflow
Co-pilot optimizes payment timings and methods, analyzing payment terms, discounts, penalties and, cost of capital
Vendor satisfaction
Vendors have higher satisfaction as they know real-time status of invoice processing and payments
Auditability
Human errors
Approvals
Reconciliations & other KPIs
Before and After Hyperbots Payments Co-Pilot
Why Hyperbots Agentic AI Platform?
Finance specific
Hyperbots Agentic AI platform specializes exclusively in finance and accounting intelligence, leveraging millions of data points from invoices, statements, contracts, and other financial documents. No other platform has such large pretrained models on F&A data.
Best-in-class accuracy
Hyperbots achieves 99.8% accuracy in converting unstructured data to structured fields through a multimodal MOE model integrating LLMs, VLMs, and layout models. With contextual validation and augmentations, the platform ensures 100% accuracy for deployed agents.
Synthesis of unstructured and strutured finance data
Hyperbots agents emulate finance professionals to autonomously perform F&A tasks by reading and writing data like COA, expenses, and vendor masters from core accounting systems and integrating it with unstructured data from financial documents such as invoices, POs, and contracts.
Pre-trained agents with state of the art models
Hyperbots' Agentic platform, pre-trained on millions of financial documents like invoices, bills, statements, and contracts, ensures seamless integration, high accuracy, and adaptability to any accounting content, form, layout, or size from day one.
Company specific inference time learning
Hyperbots' Agentic platform employs state-of-the-art Auto ML pipelines with techniques like reinforcement learning to enable inference-time learning for tasks such as GL recommendation and cash outflow forecasting, ensuring continuous improvement and adaptability.
FAQs: Fraud Prevention
How does the Co-pilot prevent duplicate payments?
It analyzes invoice numbers, amounts, vendors, and payment dates to identify and flag potential duplicate payments, such as invoices entered twice in the system.
Can the Co-pilot detect fraudulent payment patterns?
Yes, the Co-pilot uses AI to monitor payment patterns and flags irregularities, such as unusually high payments or payments to unauthorized vendors.
How does vendor validation help prevent fraud?
The Co-pilot ensures payments are made only to verified vendors by cross-checking details like bank accounts and vendor names against the master database.
What measures does the Co-pilot take for high-value or suspicious payments?
It enforces multi-layered approval workflows for flagged payments, requiring additional approvals, such as routing high-value payments to the CFO.
Does the Co-pilot verify vendor bank account details?
Absolutely, it checks the authenticity of vendor bank account details to prevent fraud, ensuring accounts match registered vendor information.
How does the Co-pilot ensure payment terms compliance?
It monitors payment terms to prevent unauthorized early payments, ensuring adherence to agreed terms and protecting cash flow and financial integrity.
Ready to take the next steps?
Book a demo with one of our Financial Technology Consultants to get started!