Natixis Corporate & Investment Banking and Trustpair launch an innovative solution for corporates to prevent and detect wire transfer fraud
Almost half of companies worldwide have fallen victim to fraud over the past two years, with losses reaching unprecedented levels1. In response to this threat, Natixis Corporate & Investment Banking and Trustpair have combined their expertise to offer corporates a technological solution to combat wire transfer fraud and secure their payments.
The solution uses the analysis of third-party data and artificial intelligence to digitalize controls on suppliers’ and clients’ bank details in order to secure payments. It combines algorithms developed by Trustpair to assess the reliability of third parties and account numbers with Natixis’ bank detail analysis systems to bolster fraud checks on payments.
“Today’s trade is increasingly digital, so this partnership with Trustpair is an ideal opportunity to offer our clients an innovative way to combat fraud, which has become a major concern in their businesses” notes Anne-Cécile Delas, Global Head of Global Trade at Natixis Corporate & Investment Banking.
“The partnership between Natixis and Trustpair highlights the crucial challenge of bank transfer fraud for financial departments and reflects the urgent need to roll out digital solutions to counter this threat” adds Baptiste Collot, CEO of Trustpair.
Created in 2017, Trustpair is the market’s go-to solution for wire transfer fraud detection. The Fintech helps the financial departments of mid-caps and major companies to secure their payments process by automatically verifying their third party bank details. With Trustpair, more than 150 financial teams already use its risk assessment technology to:
- Automatically check suppliers’ IBAN
- Analyze their Vendor Master File in real time
- Secure all bank transfers
1) PwC’ Global Economic Crime and Fraud Survey 2020