The Institute of Finance & Management (IOFM) research found that 44% of AP departments experienced an attempted or actual fraud attack in the past year. More than two-thirds of detected fraud attacks involved phishing.
The result? AP departments are mitigating their risk by finding new ways to make one-off payments and investing in the latest fraud technology. With the latest technology comes a chance to automate and improve manual processes.
In this webinar, payables product experts Andrew Scarborough and Becca Hall take a deeper look into the trends in AP departments and share some recent focus group findings, including:
- The pros and cons of becoming an entirely paperless function
- Data security and the costs associated with setting up supplier records for one-off payments
- The operational impact of bank branches closing
- New technologies and frameworks to reduce fraud
- A short demo on PTX Payouts and Confirmation of Payee
The reinvention of AP as we know it is a good thing. In 2024, accounts payable will continue to emerge as a key value driver in the digital enterprise of tomorrow.
