Organizations are under a constant threat of losing millions of dollars to payment fraud and are looking to their bank for solutions. Banks themselves are at risk for failing to detect and prevent fraudulent transactions.
In today’s world, fraudsters have become exceedingly adept at leveraging sophisticated technologies, such as deep fake AI, to hack an organization’s communications and business systems. They then execute fraudulent payments and compromise signatory rights. This is why banks cannot afford to rely solely on signatory rights when authorizing B2B payments.
PaymentKnox™ for Banks is a secured SaaS platform that applies three layers of robust protection that goes far beyond signatory rights.
It is a payment security service that protects both the corporate client and the bank by ensuring that every beneficiary paid by the bank is:
Validating that the target account in every payment is registered and approved to receive payments by your Corporate Client.
Verifying that the target recipient is the rightful account owner, anywhere in the world.
Ensuring that target account owner doesn’t appear in global sanction lists.
A Secure and Verifiable Bank Letter that Provides Bullet-Proof Verification and Prevents Fraud.
Verifying beneficiaries and transactions against your corporate client's ERP system.
The only solution that guarantees truly global bank account validation. Enter only validated accounts into your ERP system, making sure entries are safe from external & internal fraud or human errors.
PaymentKnox™ for Banks is a SaaS fraud protection platform that banks offer to their corporate clients. It applies three layers of verification to every payment before it is authorized – going far beyond what signatory rights alone can provide.
The three layers:
Signatory rights confirm who approved the payment – they cannot confirm where the money is actually going. With today’s fraud technology:
nsKnox verifies the destination account independently – so even if a fraudster successfully impersonates an authorized person, the payment still won’t reach a fraudulent account.
All three checks happen automatically before every payment is released.
PaymentKnox™ for Banks creates tangible value for the bank itself:
No. PaymentKnox™ for Banks is a SaaS platform that integrates with existing authorization workflows. No core banking system changes are required.
nsKnox is a fintech-security company, enabling corporations and banks to prevent fraud and ensure compliance in B2B Payments. Founded and led by Alon Cohen, Founder & former CEO of CyberArk (NASDAQ: CYBR), nsKnox solutions help organizations avoid significant financial losses, heavy fines, and reputational damage.
Leveraging its patented Cooperative Cyber Security™ (CCS) and groundbreaking Bank Account Certificate™ technology, nsKnox’s solutions detect and prevent finance & ops infrastructure attacks, social engineering, business email compromise (BEC), insider-fraud and other Advanced Persistent Fraud attacks.
