Finexio Introduces Finexio Shield for B2B Payment Fraud Protection

ORLANDO, FL / ACCESSWIRE / June 25, 2024 / Finexio, a leader in Accounts Payable (AP) Payments as a Service, has launched Finexio Shield. This new solution aims to safeguard B2B payments against fraud, addressing a notable gap in the market. The service not only prevents fraud but also optimizes and delivers efficient supplier payments.

In 2023, 80% of companies experienced payment fraud, a steep increase from previous years. Finexio Shield combats this with superior supplier identity and bank account validation, eliminating fraud risk. Users of Finexio Shield can processed electronic payments securely through the Finexio platform, avoiding financial and reputational harm.

The Association for Financial Professionals (AFP) reports that 41% of fraud victims fail to recover more than 75% of their funds, while 30% recover nothing. Aside from financial losses, businesses face reputational damage and supply chain disruptions. Finexio Shield mitigates these risks by meticulously vetting suppliers and their bank accounts.

Ernest Rolfson, CEO of Finexio, stated, "Outdated security measures are ineffective against modern fraud tactics. Finexio Shield changes this by preventing and managing fraud risk." Leading AP Procure to Pay partners choose Finexio for its robust fraud prevention and process automation capabilities.