Prospectus Group Australia
Prospectus Group Australia

Payment Verification (Pre)

The Pre-Payment Verification System has been developed to inhibit duplicate payments based on Profectus' extensive knowledge of the causes, patterns and processes that drive these erroneous transactions.

Solution Overview:
This solution imports pending Accounts Payable payments and compares them to historical payments using proprietary algorithms to identify duplicate payments - before they are processed. The Pre-Payment Verification System is a web-based solution that complements your organisation's accounts payable cycles and business rules.

Solution Benefits:
The benefits of using the Pre-Payment Verification System to identify potential duplicate payments include:

  • Improved cashflow, as errors are identified prior to the duplicate payment being made
  • Reduced re-work for internal teams
  • Potential duplicate payments are identified for internal teams to investigate
  • A cost-effective SaaS model which removes the need for clients to invest in licensing, hardware and resources to support the Pre-Payment Verification System

Pre-Payment Verification Process

The solution prevents duplicate payments with the following steps:

  1. Extracts all pending transactions in the Accounts Payable system
  2. Compares these potential payments to historical payments
  3. Suspected duplicate payments are ranked according to their likelihood
  4. Reports detailing suspected duplicate payments are produced for users to accept or override each finding
  5. Duplicate payments are removed before proceeding with the payment run.

  

Pre-Payment Verification Managed Service
Profectus provides a Duplicate Preventer Managed Service using this tool and managing data upload, profile reporting and investigation into suspected duplicates.