European technology leader enters U.S. market to help large enterprises prevent vendor payment fraud, a $20B annual business problem
NEW YORK, NY – June 13, 2023 – Trustpair, a leading vendor fraud prevention platform for large companies, today announced the opening of its U.S. headquarters in New York City. The new office location will support Trustpair’s strategic expansion into the U.S. and enable the European technology leader to serve the market’s growing payment fraud prevention needs.
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Ninety percent of financial departments still rely on manual bank account validation processes. The lack of automation and technology-driven fraud prevention processes makes it easy for breakdowns to occur and fraudsters to usurp the identity of suppliers and collect their payments. Trustpair helps large companies across industries avoid this risk and protect their vendor relationships.
“Fifty-six percent of U.S. companies were targets of B2B payment fraud last year. As adoption of ACH, instant payments and other critical digital payment methods accelerates, companies’ exposure to fraud events significantly increases alongside. The cost of these events can reach a staggering $20B annually,” said Baptiste Collot, Co-Founder and CEO of Trustpair. “We help companies prevent this fraud risk by automating systematic account validation throughout the procure-to-pay (P2P) process and ensuring they’re paying the right vendor and bank account every single time.”
Trustpair raised $20 million in October 2022 to support its U.S. expansion. The company settled its offices in Manhattan, New York City and plans on actively hiring across account executives and product positions by 2024. The funding also fueled research and development to maintain the company’s place at the cutting edge of fraud prevention technology. Trustpair is the first to offer a single platform to help finance, treasury and accounts payable teams prevent vendor payment fraud on a global level through international account validation and automated controls. The software company serves more than 250 large enterprise customers worldwide.
“Given the pervasiveness and growing sophistication of fraud attacks, it’s no longer a question of ‘if’ but of ‘when’ a company will experience a payment fraud incident. We look forward to empowering companies in the U.S. to fight fraud with the right tools and helping them gain the utmost confidence and trust in their financial data, teams and processes,” added Collot.
Learn more about Trustpair’s payment fraud prevention platform.
