How to Eliminate Invoice Fraud!

According to the Association of Certified Fraud Examiners, fraudulent invoices cost companies a minimum of 5% of their overall revenues in any given year, dramatically impacting corporate and shareholder value. These errors in invoice processing due to inefficient manual business processes and poor data quality, result in companies losing millions of dollars every year as they pay fake invoices from fraudulent suppliers, as well as process duplicate invoices. Even more worryingly, with the Covid-19 pandemic as the backdrop, invoice fraud is dramatically on the rise, as decentralised working, hastily implemented ad-hoc business processes, and distracted finance departments become even more vulnerable to digital crime and professional fraudsters. Keeping track of invoices and suppliers is especially tricky when working from home, as so many are doing worldwide right now, which results in a further lack of spending visibility and data fragmentation.

There has never been a better time to transform your finance operations into a digital ecosystem by adopting new technologies and digital solutions. But digitalising your processes does not mean receiving or sending PDF invoices by email, as these are not proper e-invoices nor should you ever communicate sensitive financial information via email. ivi, as the global leader in e-invoicing, accounts payable (AP) automation, and innovative financial solutions, eliminates the massive risk of processing payments for both fraudulent and duplicate invoices with our unique solution offering that empowers our worldwide clients.

Data Verification & Validation
ivi is the only solution in the market that verifies and validates the integrity of every incoming invoice no matter what combination of document and data formats the supplier sends it in. Whether the invoice is paper, PDF, electronic, EDI/XML/iDoc, etc., and covering direct, indirect, Purchase Order (PO), or non-PO spending, ivi digitalises and converts these documents into electronic invoices for you, providing machine readable structured data formatting that eradicates human intervention. This straight-through processing means that every invoice is automatically verified and validated with proper matching to check for fraudulent and duplicate invoices resulting in 100% visibility and spend under management.

Electronic Handshake
When receiving e-invoices through ivi’s government certified and approved solution, all invoices are automatically secured. In the ivi Network, both receiver and sender are required to perform an “electronic handshake” before the companies can start exchanging financial documents with each other. This means that you pre-approve and invite your suppliers easily to the ivi Network (the world’s largest B2B network) and can relax knowing that all e-invoices that you receive through our network are completely safe. Furthermore, this removes manual data maintenance and ensures that the business and supplier information is always up-to-date achieving better supply chain transparency.

Data Accuracy
ivi’s unique value proposition is its industry-leading 100% data extraction and conversion accuracy without any human and manual intervention required. With our sophisticated AI driven technology, all supplier invoices are automatically received, verified, processed, and propagated into your ERP or finance and accounting system with the highest quality data and accuracy available in the market. Furthermore, all data is processed with state-of-the-art security and system standards as per the European General Data Protection Regulation (GDPR) and ISO Certifications in Information Security Management Systems (ISMS).

Protect your business from fraudulent and duplicate invoices now and transform your finance department into a secure, automated, and efficient digital ecosystem, with ivi’s e-Invoicing and AP Automation Solutions.