Fiscal technologies announces partnership with Advanced - combined solution increases financial risk protection with forensics and artificial intelligence
Published 17/06/2019 by Gordon Wilson, Chief Executive Officer, Advanced
Partnership helps organisations boost fraud & risk protection in the purchase-to-pay cycle
FISCAL Technologies, a global provider of a forensic and artificial intelligence (AI) powered P2P Risk Management Platform, today announced a new partnership with Advanced, the UK’s third largest provider of business software and services. The partnership will enable Advanced’s Enterprise Resource Planning (ERP) and Financial Management solution customers to strengthen their Purchase-to-Pay (P2P) fraud and risk protection with FISCAL’s proven solution.
Advanced customers can now further protect their organisational spend from the increasing fraud, risk and compliance threats in their Accounts Payable and P2P processes. FISCAL’s NXG Forensics platform intelligently augments Advanced’s ERP solutions with continuous invoice and supplier analysis, identifying and blocking high risk payments to preserve working capital.
According to a recent ACFE report, 80% of organisations still rely on external audits, yet only 4% of fraud is detected by external audit. With traditional controls such as audits no longer protecting from contemporary risks, Advanced’s customers can now take a proactive approach by augmenting their transaction processing with FISCAL’s solution.
FISCAL’s platforms have processed over 1 billion transactions with a value of over £5 trillion in spend. Its global customer base is closely aligned with Advanced’s ERP customer profile, ensuring they can immediately benefit from the platform’s P2P spend protection.
“We’re excited to partner with Advanced as we focus our combined energies on serving customers with an industry-leading P2P Risk Management platform” stated Colin Rigby, Head of Strategic Alliances and Channel at FISCAL Technologies. “Today’s announcement is great news for organisations looking to take control of their P2P fraud and risk management. This relationship represents a powerful opportunity for FISCAL Technologies to significantly expand our presence in the enterprise ERP market.”
“Today’s announcement with industry leader FISCAL Technologies is another solid step in our journey to provide world-class solutions for our clients and further strengthens our capabilities for providing financial solutions” said Stefan Hiscock, Corporate Development Director, Advanced. “This partnership will help us deliver on our Financial Solutions Product Strategy by giving us a comprehensive solution around Fraud and Risk in the Purchase-to-Pay arena, in addition to our already strong position in ERP Solutions. FISCAL Technologies is the perfect partner, proven not only in the UK, but globally to help us fully realise this opportunity in the long term.”