In the dynamic world of finance, technological advancements have revolutionized traditional processes, bringing forth unprecedented opportunities for efficiency and security. Artificial intelligence (AI) has emerged as a game-changer and is currently revolutionizing our world in many areas. It is also enabling fintech companies like WALBING to transform the landscape of financial services. WALBING has incorporated advanced algorithms and machine learning techniques to streamline invoice forfaiting and trade payments, while reinforcing trust and combating fraud. In this article, we explore how WALBING utilizes AI in various aspects of its operation to help manage large amounts of data and to provide a seamless and secure experience for its users.
Automated Payment Recognition
Payments are at the very core of WALBING. Whether it is WALBING Cash, Track & Pay or Trade Credit Insurance, each and every product we have, is connected to at least one payment. Our AI-based payment matching system compares and matches incoming payments from thousands of companies to specific invoices. By using specialized algorithms, we process and reconcile payments, ensuring accuracy and reducing manual effort. This enhances the speed and accuracy of our payment processing, benefiting both our customers and our internal operations.
Information Extraction from PDF Documents
Handling invoice documents is an essential part of invoice forfaiting. Every receivable that is sold to investors on WALBING is uploaded to the platform by users. WALBING harnesses the power of AI to extract relevant information from PDF documents, such as invoice numbers and gross amounts, and turning it into structured data. By automating this process, WALBING detects and eliminates manual data entry errors and reduces processing time. This information extraction capability ensures accuracy, consistency, and efficiency in dealing with invoice documents, saving our human intelligence time and hassle to check invoices manually.
Innovative Fraud Prevention
Trust is paramount in any marketplace, and WALBING understands the significance of maintaining a secure and fraud-free environment for its participants. To address this critical aspect, our incredibly talented team has developed an innovative fraud detection system, utilizing AI and machine learning techniques. By using a self-developed semi-supervised method, WALBING’s AI system can automatically detect fraud patterns for uploaded invoices.
Our sophisticated AI systems detect anomalies and identify high-risk cases, alerting our team promptly. Leveraging AI enables us to analyze and assess a significantly larger volume of receivables compared to manual efforts alone. The AI algorithms are adept at recognizing patterns within vast datasets, providing us with valuable insights and enhancing our ability to scale the business.
Next to a battalion of small checks and complex statistical analyses WALBING’s fraud detection system uses a mathematical modeling of the marketplace, coupled with a self-improving fraud pattern generation approach inspired by Generative Adversarial Networks (GANs). Through a game-theoretic strategy, the system simulates an invoice seller named Moriarty, who aims to maximize profit by deviating from the rules. The AI algorithm employs Active Learning to extract efficient fraud scenarios, which are then used as input for the fraud detection engine, named Holmes.
Holmes, the Deep Learning classifier within WALBING’s AI system, assesses each invoice for any signs of suspicious activity. Over time, Holmes learns and adapts to increasingly sophisticated fraud patterns generated by Moriarty. The interactive training process between Moriarty and Holmes results in continuous improvement in fraud detection capabilities. Unlike traditional fraud detection approaches that rely on known fraud patterns, WALBING’s methodology even allows for the identification of new and evolving fraud scenarios.
As the fintech industry continues to evolve, we believe it is important to stand at the forefront of innovation by leveraging AI in various aspects of our operation. Through automated payment recognition, information extraction from documents, and state-of-the-art fraud prevention measures, WALBING provides a secure environment for businesses on the platform. By harnessing the power of AI, WALBING ensures efficient data processing, reduces manual errors, and strengthens trust among marketplace participants. As technology advances further, we remain committed to staying at the forefront of AI integration in finance, driving industry transformation and redefining the future of financial services.
