Finexio and Unimarket have announced a new tool designed to combat payment fraud and enhance security. The Payment Risk Score (PRS) provides enterprises with a data-driven method for evaluating risk levels across various payment methods. This tool aims to transition companies from a defensive to an offensive risk management strategy, thereby improving overall operational efficiency.
In recent developments, Unimarket has launched several other products to optimize and secure payment processes. Earlier this year, the company introduced its accounts payable (AP) payments service in the United States, which enhances the entire payment lifecycle. Additionally, Unimarket’s Virtual Mailroom service, introduced in February, automates and simplifies invoice processing across multiple formats.
New Risk Assessment Tool
The Payment Risk Score (PRS) assesses risk levels for various payment methods, such as checks, ACH transfers, virtual cards, and wire transfers. According to Finexio Chief Strategy Officer Chris Wyatt, this tool equips enterprises with crucial insights to enhance security and efficiency.
“The Payment Risk Score (PRS) equips enterprises with the actionable insights needed to shift from defensive to offensive risk management, enhancing security and operational efficiency across their payment processes,” Finexio Chief Strategy Officer Chris Wyatt said.
Partnering for Enhanced Security
Unimarket, specializing in spend management solutions, will use PRS to provide quantitative risk assessments. This initiative aims to help organizations identify and mitigate vulnerabilities in their payment processes, safeguarding financial assets.
“Through our partnership with Finexio, Unimarket’s Payment Risk Score (PRS) gives organizations a powerful tool to identify and measure vulnerabilities in their payment processes, enabling them to proactively mitigate risks and protect their financial assets,” Unimarket Chief Revenue Officer Darren Blakely said.
Finexio CEO Ernest Rolfson emphasized that staying ahead in fraud prevention is crucial for maintaining a competitive advantage. The company focuses on leveraging technological advancements and ensuring compliance with regulatory requirements to enhance payment security.
“Our focus on providing beyond-human-scale optimization, monetization, and security in how we manage AP payments as a service sets us apart,” Rolfson wrote. “By leveraging technological advancements, staying ahead of regulatory requirements and maintaining a laser focus on payments security and fraud prevention, we’re well-positioned to navigate the potential headwinds and tailwinds ahead.”
Unimarket has a history of innovation in the financial sector. Their recent launches, including the accounts payable service and Virtual Mailroom, demonstrate their commitment to optimizing and securing financial processes. The introduction of PRS further solidifies their role in risk management and fraud prevention.
The Payment Risk Score (PRS) from Finexio and Unimarket is a significant step forward in combating payment fraud. This tool provides a proactive approach to risk management, enabling organizations to enhance security and operational efficiency. As companies continue to navigate complex financial landscapes, tools like PRS offer valuable insights and solutions for mitigating risks.
