Meta Platforms and nsKnox Partner on B2B Payment Security

Meta Platforms has selected nsKnox to ensure B2B payment security.

nsKnox, a provider of global bank account validation and B2B payment security, and its PaymentKnox for Accounts Payable (AP) solution are set to validate vendor bank accounts globally, protecting all outgoing B2B payments against fraud for Meta, nsKnox said in a Wednesday (July 5) press release.

“Meta will now be able to onboard new vendors, verify any change in their bank account details and ensure that their [master vendor file (MVF)] is secured using our solution,” nsKnox Chief Operating Officer Nithai Barzam said in the release.

The solution validates vendor bank and account ownership to protect “Meta and its vendors against significant financial losses and reputational damage,” the release stated.

The announcement of the partnership comes in the wake of nsKnox’s fresh capital injection of $17 million in January which brought the total funding to $35.6 million.

PYMNTS research found that businesses around the world are increasingly vulnerable to the risk of incoming payments fraud and need advanced solutions to protect their accounts receivable (AR) streams. Many businesses using manual methods experienced difficulties onboarding customers and dealing with customer requests.

The adoption of automated solutions, however, enabled them to be more successful, according to “The Overlooked Importance of Securing Incoming Payments,” the January edition of the “B2B Payments Fraud Tracker,” a PYMNTS and nsKnox collaboration.

In addition, PYMNTS found that only 38% of businesses are using document and identity authentication tools to protect them from fraud. It also highlighted the importance of real-time payments, with 28% of vendors preferring it as their top payment option.

In other news regarding B2B payment security, Unit21 raised $45 million in a Series C funding round in June to support the growth of the Fintech Fraud DAO consortium. The consortium aims to address fraud and money laundering through a collaborative approach.

Also in June, Jack Henry launched a fraud mitigation feature called Payrailz Fraud Monitor, which is powered by artificial intelligence (AI). The feature is part of the company’s Payrailz Digital Payments Platform and is designed to detect fraud in real time for various payment types, including peer-to-peer (P2P), account-to-account (A2A) and bill payments.

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