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Duplicate
Payments - Remove the Noise of False
Positives
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Speaker:
Karl Andersson – Founder, Technology
Insight Corporation
Rebecca Snyder - Director, Business
Development, Technology Insight
Corporation
Users of audit software such as ACL,
FirstStrike or even internally developed
software know the importance of
identifying and preventing or recovering
duplicate payments. However, these users
are also familiar with the downside of
audit software: the noise of false
positives.
A false positive is
a pair of transactions that the software
identifies as a duplicate payment but
really is not. The issue of false
positives can be overwhelming and reduce
the efficiency and effectiveness of the
audit process, especially for organizations
working with high volumes of payment
transactions.
Common issues
surrounding the use of audit software
include:
-
High
% of false positives
Audit software does not provide a
systematic, intelligent method of
removing false positives therefore users
spend significant resource researching
transactions for no return. Up to 95%
of software candidates can be false
positives.
True duplicates are often missed with
the noise of false positives.
-
Users
must limit the number of algorithms used
While additional algorithms enable a
company to identify more duplicate
payments, the sheer volume of false
positives that also accompany an
expanded analysis typically prohibit a
company from using any more than 8-15
algorithms.
Material amounts of duplicate
payments are left unidentified.
- Users
must limit the timeframe and/or dollar
value analyzed
Expanding the timeframe or lowering the
floor on dollar values analyzed expand
the number of transactions under
review. Unfortunately, this also
increases the noise of false positives
therefore a company cannot expand its
analysis without significant resource.
Duplicate payments are left unidentified
or are left to a profit recovery firm to
recover and pay a contingency fee to.
- Invoice to P-card duplicate payments
unidentified
In order to perform a
thorough
analysis that uncovers true duplicate
payments, p-card data must be scrubbed.
This requires both technology and manual
effort that audit software cannot
provide.
Join us to learn
how Technology Insight’s DataShark
A/P
solution enables an organization to take
its duplicate payment analysis to the
next level by:
- Removing the noise of false positives
to deliver a 50% and higher true
duplicate payment hit rate.
- Increasing duplicate payment
recoveries significantly as
Technology
Insight DataShark A/P is not limited in the number of
algorithms it can use.
- Identifying cross-system duplicate
payments, including invoice to p-card
and invoice to T&E, using a highly
developed process to normalize
cross-system data.
- And much more including over 200
operational A/P reports and metrics to
identify breakdown in business process,
clean and maintain the vendor master
file, target inefficiencies, and uncover
questionable transactions and practices.
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