iTK Technologies: Detecting and Preventing Accounts Payable Fraud, Waste, and Abuse

Then Matthew Palmer and Alex Geraldo laid the cornerstone of iTK Technologies back in 2003, they decided to push the envelope of ERP innovation by leveraging the power of artificial intelligence (AI) and machine learning (ML)-based technologies. The goal was to help organizations efficiently manage the application and technical infrastructure of their ERP systems and enhance their usability. In due course, iTK expanded the same AI, ML-based capabilities to streamline and secure the finance and accounting functions, especially procure-to-pay processes, across Infor Lawson and other leading ERP platforms. “We discovered that finance operations were replete with fraudulent transactions, which were difficult to detect within an ERP application. Procure-to-pay processes are often riddled with duplicate payments, occurring due to simple keyboarding issues or OCR errors but costing companies big time. To this end, we apply AI and ML to the problem and resolve it in an elegant, simple way,” explains Palmer, CEO at iTK Technologies. Today, iTK serves more than 160 customers across the healthcare, retail, government, services, and manufacturing sectors, with real-time detection and prevention of potential fraud, waste, and abuse.

iTK is migrating from pure ERP services to become a data science software company with—RTM 10—a data science-based managed service offering that can be fine-tuned for many critical processes and operations in both IT and Finance. When it comes to procure-to-pay processes, RTM 10 can be geared toward identifying duplicate invoices and potential fraudulent “ghost” vendors. “We think it’s a great way to use our AI- and ML-based high-performance platform in the procure-to-pay space. Over the last three years, we have created two new modules, namely, duplicate invoice detection and vendor file maintenance in this space with our managed services offering. Moreover, our duplicate payment detection process is based on American Institute of Certified Public Accountants (AICPA) guidance,” notes Bruce Beck, VP of Marketing at iTK Technologies. With a subscription-based offering, the company enables its production customers to detect duplicates and resolve them between their buyers and vendors.

The iTK-Fleetcor Partnership: Facilitating Automated Payments

The efficacy of RTM 10 in the procure-to-pay space is even more pronounced as it can seamlessly integrate with any ERP system. iTK has recently partnered with Fleetcor—the leader in automated B2B payments—to automate payments in a hassle-free manner. Fleetcor lacked the technology to connect to ERP systems apart from Microsoft Dynamics and SaaS Oracle applications. As such, Fleetcor’s customers were challenged with creating the interface to their payment system for facilitating automated payments. iTK can eliminate this problem with its “any ERP connect capability,” which enables RTM 10 to connect to any ERP system. “We’ve delivered this capability to the Lawson marketplace but we will be making it available for SAP, Oracle, and other ERP systems as well,” comments Palmer.

Together, Fleetcor and iTK will serve customers jointly and streamline the complicated accounts payable functions.