How Centime Safeguards Your Business from Fraud and Mitigates Risk

Fraud in accounts payable (AP) is evolving, with increasingly sophisticated scams threatening businesses every day. In 2024 alone, businesses face potential losses exceeding $7 trillion due to fraud, errors, and non-compliance. With 96% of U.S. businesses encountering at least one fraud attempt last year—a staggering 71% increase—the stakes have never been higher. At Centime, we recognize the critical importance of protecting our clients from these threats. Our platform is designed to ensure that your business operations are secure, compliant, and efficient. Here’s how we achieve that:

‍

Comprehensive Compliance Framework

Centime operates under the stringent oversight of the First National Bank of Omaha (FNBO), adhering to the regulatory requirements of a financial institution. While Centime itself is a financial technology company, not a bank, all banking products—including ACH, virtual cards, and working capital—are provided by FNBO, a member FDIC institution. We also maintain SOC 2 Type II certification to demonstrate our commitment to data security and compliance.

‍

Key compliance highlights:

• Hosted on a leading SOC 2-certified cloud services provider.
• Partnerships with PCI DSS-certified payment processors.
• End-to-end encryption for client data at rest and in transit.

‍

Security and Controls

At Centime, security isn’t an afterthought—it’s embedded into our DNA and integral to every aspect of our platform. It’s not just foundational; it’s the fabric of how we operate and innovate. Our platform integrates robust application, payment, network, and data controls to ensure your sensitive information is protected.

• Application Controls: Strong password policies, two-factor authentication (2FA), and automatic session logouts safeguard access to the platform. Every user action is recorded with an immutable audit trail.
• Payment Controls: Multi-level approval processes, transaction limits, and single-use virtual cards ensure fraudulent transactions are blocked before they occur.
• Network Controls: Advanced intrusion detection, network monitoring, and Transport Layer Security (TLS) protect against unauthorized access.
• Data Controls: Encryption standards like AES-256 secure sensitive data, complemented by strong backup and restoration protocols to protect against data loss.

‍

Fraud Detection and AP Risk Management

Fraudulent transactions can slip through manual processes, but Centime’s advanced tools are specifically designed to anticipate and neutralize these evolving threats, providing an automated shield that proactively protects your business. Our proprietary risk engine leverages customizable rules to flag potential threats in real-time.

‍

‍

Core Features:

• Customizable Rule Settings: Tailored configurations to match your unique business needs.
• Intuitive Review Interface: Empowering AP teams to validate flagged transactions quickly and efficiently.
• Positive Pay Integration: Added protection for check payments by matching issued checks with those presented for clearing.
• Detailed Audit Trails: Complete transparency and accountability across all financial transactions.

‍

Secure Integration with Your Accounting System

To streamline your workflows while maintaining security, Centime integrates directly with your ERP and general ledger systems (QuickBooks, NetSuite, Sage Intacct). Here’s how we keep your financial data safe:

• Centime employees have no access to production data.
• All data pulled or posted to the general ledger is encrypted.
• Only relevant financial data, such as open/paid invoices and supplier details, is processed.

‍

Our integration allows real-time access to your accounts payable, accounts receivable, and cash forecasting—ensuring no data is manipulated or exposed outside authorized workflows.

‍

Automation That Enhances Vigilance

Automation is more than a cornerstone of Centime’s approach to risk mitigation—it’s a critical enabler that seamlessly blends efficiency with proactive fraud prevention, ensuring your business stays ahead of potential risks. By structuring AP workflows, we reduce the chances of human error and improve fraud detection through:

• Multi-Level Approvals: Ensures no single individual can push through unauthorized invoices.
• Vendor Verification Mechanisms: Automatically flags discrepancies in vendor details and payment amounts.
• Streamlined Processes: Enables your team to focus on strategic tasks while the system manages repetitive, error-prone activities.

‍

Why Businesses Trust Centime

Fraud and compliance risks pose significant financial and operational challenges to businesses. At Centime, addressing these threats is more than a priority—it’s a defining part of who we are. Our commitment to security and compliance is deeply ingrained in our platform, shaping every feature and process. Every aspect of our platform is meticulously designed with security, compliance, and risk mitigation baked into its very fabric. By integrating these principles into a unified solution, we empower businesses to confidently navigate today’s complex financial landscape.

• Savings Through Fraud Prevention: Protect your business from losses due to fraud, errors, and unauthorized transactions.
• Peace of Mind: With automated processes and SOC-certified infrastructure, you can operate confidently, knowing your financial operations are secure.
• Increased Efficiency: Automation and streamlined workflows free your team to focus on growth-oriented initiatives.

‍

Mitigate Your Risk with Centime

The risks of AP fraud are growing, but with Centime, you don’t have to face them alone. Schedule a demo today to see how our comprehensive security, compliance, and risk management features can protect your business and give you the peace of mind you deserve.

‍

-----------------------------------------------------

¹ Source: The Surging Tide of Fraud in US Companies

‍