#Basware #invoice management #Trustpair

Basware and Trustpair: A Revolutionary Partnership in Invoice Management

Introduction

In a bid to strengthen financial security against the escalating threat of fraud, Basware has announced a definitive agreement to acquire Trustpair, a leader in payment fraud prevention. This strategic acquisition marks a significant expansion in Basware's efforts to enhance its Invoice Lifecycle Management system, ultimately aiming to provide clients with unparalleled assurance from invoice to payment.

The Growing Threat of Payment Fraud

As businesses increasingly face the challenge of AI-driven scams, the necessity for robust payment fraud prevention mechanisms has never been more urgent. Reports indicate that organizations worldwide lose approximately 8% of their revenue each year due to fraudulent activities. With AI technology enabling criminals to impersonate trusted vendors more easily, traditional fraud detection methods often fall short. Notably, the Association of Certified Fraud Examiners has revealed that 75% of anti-fraud professionals have witnessed a rise in AI document fraud and forgery, while only 7% feel adequately prepared to confront these challenges.

The Acquisition Details

Trustpair, founded in 2017 and recognized as a Nacha Preferred Partner, specializes in ensuring secure payments by verifying account ownership and managing supplier onboarding. The integration with Basware is expected to provide an innovative end-to-end solution for invoice lifecycle assurance. Under the terms of the agreement, Trustpair will continue to operate independently under the Basware umbrella, ensuring that existing customers can leverage Trustpair's capabilities without the need for changes to their current systems.

Jason Kurtz, CEO of Basware, emphasized the importance of this acquisition: "AI may be the most powerful productivity tool of our generation, unfortunately, it is also becoming one of the most powerful tools in the hands of criminals. Our partnership with Trustpair enables us to extend our protection from the invoice all the way to the payment."

Enhancing Customer Trust

The objective of combining the strengths of Basware and Trustpair is to foster a more secure financial ecosystem for businesses. This collaboration aims to provide businesses the confidence that their invoices are not only legitimate but that payments reach the intended recipients. The acquisition aligns with Basware's long-term vision of achieving the