Trustmi Talks

Elevating Trust and Efficiency in B2B Payments by Harnessing the Power of AI

3 mins read
Elevating Trust and Efficiency
Elevating Trust and Efficiency

The following post was penned by Dor Gosher, the newest Trustketeer to join our Leadership Team!

In our previous discussions, we delved into the ominous possibilities that attackers armed with AI could bring to the world of B2B payments. From the unsettling realm of deepfakes to the subtle art of social engineering, chatbots and impersonation, the landscape is rife with challenges that demand innovative solutions. At Trustmi, we understand the critical importance of securing and improving the B2B payments process, and we firmly believe that AI is not just a tool for attackers but an ally in fortifying and streamlining financial processes. This comes into play in the following ways:  

Detecting Fraud, Eliminating Duplicates, and Unmasking Anomalies

One of the most profound effects of AI on B2B payments lies in its capacity to improve security by identifying and preempting business payment fraudulent activities. Conventional fraud detection methods often prove insufficient against the evolving tactics of bad actors. In contrast, AI excels at analyzing extensive datasets, discerning patterns, and identifying anomalies that may elude human scrutiny.

AI-driven solutions incorporate advanced capabilities, including the ability to scrutinize emails for alterations in tone, writing style, and the parties engaged in the email thread. This nuanced analysis aids in uncovering potential threats by identifying irregularities indicative of fraudulent intent. Furthermore, an AI platform diligently examines invoices, revealing subtle deviations in information and style or formatting that might otherwise evade detection.

Furthermore, AI continuously monitors habits and behaviors, detecting deviations and updates to and from the ERP system. This not only ensures data integrity but also serves as a proactive measure against potential security breaches. An AI solution surpasses traditional fraud detection by identifying instances where segregation of duties is violated and appropriate controls are overridden, providing an additional layer of security against malicious activities.

Improving Efficiency Through Automation

Efficiency in B2B payments extends beyond safeguarding against threats; it involves optimizing processes to save time and resources. AI plays a pivotal role in this endeavor by introducing intelligent insights into the payment workflow. An AI-driven solution is particularly useful in assisting in identifying bottlenecks within the payment process. By discerning areas where the workflow is stuck, the platform enables organizations to address inefficiencies, making the entire payment cycle smoother and more streamlined.

Moreover, a solution that leverages advanced AI capabilities can summarize extensive data, transforming this information into actionable insights and recommendations. This not only expedites decision-making but also ensures that businesses can navigate complex datasets efficiently, extracting meaningful information to drive strategic actions and allowing monitoring and auditing of the payment processes.

In addition, an AI-driven platform can learn the specific cycles and behaviors unique to each organization. By adapting to individual workflows, the system becomes more attuned to the specific needs and nuances of the organization. This adaptability not only enhances automation but also ensures that AI becomes an integral part of the organization's operational fabric, continuously evolving to meet changing requirements.

In conclusion, the impact of AI on B2B payments goes beyond the shadowy realm of potential threats. At Trustmi, we view AI as a powerful ally in the mission to secure and enhance the B2B payments process. By leveraging AI to detect fraud, eliminate duplicates, and automate tedious tasks, we strengthen a business’s defense against malicious activities while elevating the efficiency and accuracy of financial transactions. The future of B2B payments is one where businesses can trust in the security of their transactions while enjoying the unprecedented efficiency that AI brings to the table.