Trustpair Expands Global Reach with the Opening of its First U.S. Office
European technology leader enters U.S. market to help large enterprises prevent vendor payment fraud, a $20B annual business problem
NEW YORK–(BUSINESS WIRE)–Trustpair, a leading vendor fraud prevention platform for large companies, today announced the opening of its U.S. headquarters in New York City. The new office location will support Trustpair’s strategic expansion into the U.S. and enable the European technology leader to serve the market’s growing payment fraud prevention needs.
Ninety percent of financial departments still rely on manual bank account validation processes. The lack of automation and technology-driven fraud prevention processes makes it easy for breakdowns to occur and fraudsters to usurp the identity of suppliers and collect their payments. Trustpair helps large companies across industries avoid this risk and protect their vendor relationships.
“Fifty-six percent of U.S. companies were targets of B2B payment fraud last year. As adoption of ACH, instant payments and other critical digital payment methods accelerates, companies’ exposure to fraud events significantly increases alongside. The cost of these events can reach a staggering $20B annually,” said Baptiste Collot, Co-Founder and CEO of Trustpair. “We help companies prevent this fraud risk by automating systematic account validation throughout the procure-to-pay (P2P) process and ensuring they’re paying the right vendor and bank account every single time.”
Trustpair raised $20 million in October 2022 to support its U.S. expansion. The company settled its offices in Manhattan, New York City and plans on actively hiring across account executives and product positions by 2024. The funding also fueled research and development to maintain the company’s place at the cutting edge of fraud prevention technology. Trustpair is the first to offer a single platform to help finance, treasury and accounts payable teams prevent vendor payment fraud on a global level through international account validation and automated controls. The software company serves more than 250 large enterprise customers worldwide.
“Given the pervasiveness and growing sophistication of fraud attacks, it’s no longer a question of ‘if’ but of ‘when’ a company will experience a payment fraud incident. We look forward to empowering companies in the U.S. to fight fraud with the right tools and helping them gain the utmost confidence and trust in their financial data, teams and processes,” added Collot.
Learn more about Trustpair’s payment fraud prevention platform.
About Trustpair
Trustpair is a leading vendor fraud prevention platform for large companies worldwide. The platform helps 250+ clients smoothen their processes and reduce fraud, for more peace of mind. It fights B2B payment fraud by automating account ownership validation worldwide, throughout the whole P2P process. The solution offers direct integration to the existing technical ecosystem (SAP connector, API, etc.) as well as intuitive dashboards and real-time warnings in case of fraud attempts. To learn more, visit www.trustpair.com
Contacts
U.S. Media
Jake Scearbo
Corporate Ink for Trustpair
trustpair@corporateink.com