Finland-based e-invoicing company Basware has announced the launch of AP Protect, an AI-enabled solution that aims to safeguard businesses from fraud and invoice errors. In a bid to enable finance teams to safeguard their organisations from profit losses, invoice errors, and fraudulent activities, Basware introduced AP Protect which aims to address and mitigate these difficulties.

The announcement follows the company’s work which identified 10,800 incorrect payments conducted by companies for supplier invoices due to duplication and fraud. According to its data, this recovered the value of USD 191 million from a spend of USD 245 billion. Basware’s AP Protect capabilities With its new solution, Basware intends to address these challenges as AP Protect utilises over 800 algorithms and real-time monitoring to identify potential errors, prevent overpayments, and detect internal and external fraudulent activities, before them having a negative impact on a company.

The solution applies confidence indicators to decrease false positives, to allow clients to protect their working capital and navigate economic uncertainties more efficiently. Additionally, Basware mentions that AP Protect focuses on preventing overpayment and fraud, as well as conducting vendor analysis to mitigate the causes of the previously mentioned issues. Furthermore, the solution intends to solidify Basware’s strategy against profit loss and fraud prevention, enabling businesses to automate their process and providing them with coverage of the entire invoice lifecycle. Representatives from Basware underlined that, with the launch of AP Protect, the company aims to safeguard AP processes while maintaining increased standards of financial integrity.

By detecting transactions for errors and fraud risks during the invoicing process, Basware intends to protect businesses’ capital, as well as advance their operations. .