Trustpair and GIACT announce partnership to fight B2B payment fraud worldwide

giact and trustpair partnership announcement

Last modified on February 14th, 2023

70% of large corporations were affected by fraud in 2022. In a world where B2B payment fraud is an all-too-frequent experience for many large companies, select actors in the finance ecosystem are joining forces to fight back.

At Trustpair, a leading fraud prevention platform, we’re thrilled to announce our partnership with GIACT, a London Stock Exchange Group (LSEG) business. As a result of our collaboration, Finance professionals will be able to automate account validation around the world, securing payments and significantly reducing the risk of fraud.

What kind of partnership will it be and what can you expect in the future? Read on to find out!

A transformative product partnership that empowers Finance Teams

At Trustpair, we see our clients confronted daily with the complexity of payment fraud detection and prevention. Did you know that fraud cost large companies more than $20B in 2022? The reasons are simple: insufficient automation plus too many complex and manual processes. Making sure the suppliers you’re paying are actually the right ones isn’t easy.

Finance teams have to deal with nightmarish processes involving disconnected stacks and multiple manual tasks along their P2P chain. It’s no wonder fraudsters take advantage. That’s why Trustpair and GIACT are and collaborating. Through our partnership, we provide a more comprehensive account validation offering that’s global in reach, significantly reducing the potential for fraud.

With more than a decade of expertise in the US market, GIACT help their customers facilitate faster and more secure transactions by combating payment fraud, account takeovers, and identity theft. Their account ownership and trusted payments solutions include real-time verification of bank accounts and signatories.

At Trustpair, we’re a top-notch fraud prevention platform that automates bank account validation across the P2P chain. We make sure our 200+ customers have access to the right data, with the right context, on one single platform.

Through our partnership, Finance Teams in the US will be able to access GIACT’s data source directly within the Trustpair platform. This US addition to Trustpair’s unrivaled third-party data source is great news. Collectively, via this partnership, our offerings now provide international coverage for real-time and secure account verification, that can be accessed by a much broader set of customers.

Watch our video to learn more about our partnership!

A business partnership to fight fraud in the long run

Not only are GIACT and Trustpair partnering on a product level, but we’re also happy to be collaborating on a business level. In the short-term, we see our partnership generating more opportunities for both of our organizations and helping a wider set of customers achieve their goals faster. We also plan to explore collaboration around other key solutions in LSEG’s risk portfolio.

 

So, what’s next, and how to get in touch?

The good news is: our partnership is live now! Finance teams will be able to save 100+ hours per week of manual work, reduce their exposure to fraud, and process worldwide payments with peace of mind.
If you’re reading this and looking for a powerful bank account validation platform to manage risk in the USA, Europe, and Asia, or all three, go ahead and get in touch with Fraud and Data experts from Trustpair or GIACT. Together let’s fight fraud risk!

Interested? Contact one of our experts right away!

demo request trustpair b2b payment prevention plateform

 

 

FAQ

Trustpair is a leading fraud prevention platform. We help 200+ clients smoothen their processes and reduce fraud, for more peace of mind. We fight B2B payment fraud by automating account ownership checks worldwide, throughout your whole P2P process. Our solution offers direct integration to your existing technical ecosystem (SAP connector, API, etc.) as well as intuitive dashboards and real-time warnings in case of fraud attempts.

GIACT is part of LSEG (London Stock Exchange Group). They create innovative technology solutions to protect companies and their customers from payments and identity fraud. Their solutions include account ownership checks, real-time verification of bank accounts and signatories, etc.

B2B payment fraud takes many forms: CEO scams, phishing, supplier fraud, etc. To summarize, it’s all the ways fraudsters can embezzle funds from a company.

One of the most common ways is using identity theft to change banking informations and have money transfered to fraudulent bank accounts. This type of fraud is difficult to detect: that’s why it’s crucial to have an automated solution like Trustpair that checks bank account ownership.

Manage the risks related to corporate treasury.

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