nsKnox, the leader in Global Bank Account Validation and B2B Payment Security, today announced that Meta Platforms, Inc. (NASDAQ: META) selected its PaymentKnox for AP solution to validate vendor bank accounts globally, and protect outgoing B2B payments against fraud. nsKnox will help Meta provide its vendors with a more streamlined and secure process when onboarding or changing banking details. The solution protects Meta and its vendors against significant financial losses and reputational damage by validating vendor bank account ownership anywhere on the globe and preventing manipulations across every point of the payment transaction journey.
With nsKnoxs PaymentKnox for AP, integrated with multiple Meta financial and operational systems, Meta will also be able to make sure its Master Vendor File (MVF) is kept safe at all times. Any changes made will automatically be audited to make sure no unauthorized change is entered into master data. Together with global account validation and payment transaction scanning, this solution ensures all payments are sent to the correct beneficiaries.
We are proud and humbled to be chosen by Meta to provide our B2B payment fraud prevention solutions globally. We are excited about the opportunity to collaborate with Meta in streamlining and securing vendor onboarding experience, said Nithai Barzam, President & COO nsKnox. nsKnoxs mission is to safeguard B2B payments, whether outbound or inbound, protecting against external perpetrators and bad insiders. We partner with some of the worlds largest enterprises, helping them to send and receive B2B payments without the fear of fraud. Meta will now be able to onboard new vendors, verify any change in their bank account details and ensure that their MVF is secured using our solution.
nsKnox is a fintech-security company enabling corporations and banks to prevent fraud and ensure compliance in B2B Payments. We help organizations avoid significant financial losses, heavy fines, and reputational damage.
Leveraging its patented Cooperative Cyber Security (CCS) and groundbreaking Bank Account Certificate technologies, nsKnoxs solutions detect and prevent finance & ops infrastructure attacks, social engineering, business email compromise (BEC), insider fraud, and other Advanced Persistent Fraud attacks.
nsKnox offers an end-to-end technology-driven solution, the PaymentKnox Payment Security Platform, that integrates with the companys unique global account validation technology, master data security, and automated payment transaction scanning to eliminate the vulnerabilities of manual processes.
Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.
View source version on newsdirect.com: https://newsdirect.com/news/nsknox-selected-by-meta-to-provide-global-vendor-account-validation-and-b2b-payment-fraud-protection-832512622
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.