Finexio and Unimarket Launch Payment Risk Assessment and Management Tool

Finexio and Unimarket have partnered to launch a payment risk assessment and management tool.

The new Payment Risk Score (PRS) is designed to tackle payment fraud by offering enterprises a data-driven approach to assessing risk levels across common payment methods, the companies said in a press release emailed to PYMNTS.

“The Payment Risk Score (PRS) equips enterprises with the actionable insights needed to shift from defensive to offensive risk management, enhancing security and operational efficiency across their payment processes,” Finexio Chief Strategy Officer Chris Wyatt said in the release.

Unimarket, a provider of spend management solutions, will use PRS to offer a quantitative assessment of risk levels across payment methods like checks, ACH transfers, virtual cards and wire transfers, according to the release.

“Through our partnership with Finexio, Unimarket’s Payment Risk Score (PRS) gives organizations a powerful tool to identify and measure vulnerabilities in their payment processes, enabling them to proactively mitigate risks and protect their financial assets,” Unimarket Chief Revenue Officer Darren Blakely said in the release.

Staying ahead in fraud prevention is not only about staying safe, it’s about maintaining a competitive advantage for partners and their customers, Finexio CEO Ernest Rolfson wrote in the PYMNTS eBook, “Beyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.”

“Our focus on providing beyond-human-scale optimization, monetization and security in how we manage AP payments as a service sets us apart,” Rolfson wrote. “By leveraging technological advancements, staying ahead of regulatory requirements and maintaining a laser focus on payments security and fraud prevention, we’re well-positioned to navigate the potential headwinds and tailwinds ahead.”

For Unimarket, the launch of PRS follows some other recent product introductions.

In May, the firm introduced its fully managed accounts payable (AP) payments service, Unimarket Payments, to the United States. This service optimizes, monetizes and secures the entire payment lifecycle.

In February, Unimarket launched its Virtual Mailroom product that automates and simplifies the processing of invoices, whether they are electronic, PDF or paper. This product digitizes supplier invoices of all formats and enables customers to process them at a low fixed cost within 48 hours.