Data is critical to every business, but it is particularly important in the B2B payments industry. For instance:
Payment and expense data repositories – today these are siloed. Payment data is held by the bank and the expense by the companies. A firm needs access to both types of data to verify that the purchase was actually made (i.e., it wasn’t a fake receipt generated and submitted for reimbursement).
Patterns of expenditure – these are crucial in identifying fraudulent transactions. For example, multiple clients ordering the same items at a restaurant (appetizers, entrees, single dessert) could indicate an employee charging personal expenses or duplicate expenses to a company.
Historical patterns of misclassification of expenses or inappropriate charges – these indicate an employee’s propensity to spend outside policy.
