Basware Acquires Trustpair to Strengthen Fraud Prevention Offerings

Basware has acquired payment fraud prevention platform Trustpair to enhance its invoice lifecycle management capabilities, according to a news release from the company made on October 5th. The acquisition allows Basware to extend its services all the way to the payment stage, ensuring that invoices are not only authentic, accurate, and properly approved, but also that the associated supplier bank account is genuine.

Trustpair's technology complements Basware's existing offerings by confirming that the supplier is legitimate, the bank account belongs to that supplier, and the payment is directed to the correct destination. This combination of capabilities will provide finance teams with a "connected view" of the entire financial decision behind every payment, joining invoices and payments within a single governed lifecycle.

Basware emphasized that Trustpair will continue to operate independently, maintaining its platform, specialist focus, customer relationships, contracts, and support. The company will also continue to integrate Trustpair with its existing offerings across ERP, treasury, procure-to-pay, and payment platforms. This strategy allows customers to deploy Trustpair across their existing finance environments, regardless of whether they use Basware.

The acquisition comes at a time when businesses are increasingly prioritizing fraud prevention measures before making payments. According to recent PYMNTS Intelligence research, more than one-third of businesses have experienced check fraud, while nearly half attribute at least 10% of their losses related to outgoing payment fraud to checks. PYMNTS notes that each step in the payment process requires careful verification, and skipping any step can leave companies vulnerable to scams.