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Hermes Account Payable Automation

Feature Alert: Fraud detection (3-way matching)

Released on:  
July 12, 2022

DALLAS, TX – June 29, 2022 – Hermes - accounts payable (AP) automation software recently added a fraud detection (3-way matching) feature to help clients detect duplicate and fraudulent invoices. All the clients have significantly improved their revenue and minimized losses due to the removal of duplicate and fraud invoices.

“Our clients are delighted to know about this fraud detection feature, they already minimized the workload of their FTEs with Hermes AP automation, and now they can leverage 3-way matching,’’ says Thomas John, CEO of Calpion Inc.

The 3-way matching feature eliminates losses by tracking and comparing: the purchase, the supplier invoice, and the receipt of the goods.

“3-way matching improves the financial health of companies. Clients can compare the quantity delivered with the quantity requested,” added Thomas.

Hermes has been in the news around the industry ever since its launch. It is a powerful tool that has changed how the logistics industry works. Hermes uses AI, RPA, OCR, and ML technologies to automate the accounts payable process. It can handle all invoices and is programmed to adopt diverse invoice formats. It digitizes the complete AP system and significantly reduces the 
cost.

The new fraud detection feature thoroughly verifies all the invoices and eliminates misfiles. It uses secure cloud technology to save invoices and remove invoice approval delays.

“Our client paid excess amount to their suppliers, but with the 3-way matching feature, they can prevent these losses,” Thomas says.

“Clients have enhanced their relationship with suppliers and vendors as they process invoices faster, pay legitimate, and generate precise receipts,” he added.

Hermes aids companies in maintaining consistency and accuracy in their accounting books to reduce liabilities. It acts as an active audit team member to detect lost invoices, spot errors, find late payments, and work on them individually.

You can Book a demo with us to know more on how we are helping our clients succeed using the 3-way matching methodology.