Basware, a Finnish accounts payable (AP) automation and invoice processing solutions provider, has introduced an AI-based "AP Protect" designed to guard businesses against financial losses from invoice errors and fraudulent activities.

AP Protect uses 800+ algorithms and real-time monitoring to detect potential mistakes and fraudulent practices and prevent overpayments. It uses confidence indicators to lessen the incidence of "false positives," or transactions mistakenly flagged as fraudulent. The tool also aids businesses in identifying and eliminating root causes of fraud and overpayment within vendor master data.

The company highlights three critical advantages of AP Protect. The solution claims to 1) proactively spot errors and circumvent disbursing excessive funds, 2) identify bogus vendors and transactions that raise suspicion through invoice analysis, and 3) provide insights to remove the primary causes of overpayment and fraud contaminating the vendor master data.