Finance leaders today are staring down a serious predicament: delivering the speed and efficiency of real-time payments without compromising security or compliance.
For CFOs and their teams, it’s a hard ask that demands deft handling on multiple fronts.
This delicate balancing act was the focus of the recent panel discussion “CFOs Face Pressure to ‘Slow Down to Speed Up’ Payments” hosted by PYMNTS' Chief Content Officer John Gaffney, featuring Bottomline Senior Risk and Fraud Officer Katie Elliott, and Coupa Senior Vice President & General Manager Bill Wardwell.
The trio explored how organizations leverage advanced technologies like AI-driven fraud detection, embedded compliance tools, and smart workflows to achieve speed and security, often inside familiar ERPs that are widely used and trusted. This strategy can help keep companies ahead of fraudsters while also adapting to new regulations worldwide.
Practical insights on safeguarding payments, protecting corporate reputations, and future-proofing risk strategies in a complex B2B payments ecosystem were also on the talk track.
Slow Down to Speed Up?
It’s been established that a solid foundation for payment security lies in creating multiple layers of protection throughout the process. As part of that, Wardwell emphasized the importance of connected platforms and trusted networks as the bedrock of secure payments. That’s doubly so with real-time rails now getting more B2B payments volume.
"Organizations don't want to compromise," Wardwell said. "They want to have the ability to have certainty and speed in their payments, but also be able to make sure that they're protected and [not increasing] their exposure to fraud."
Meanwhile, Elliott advocated for a security-enhancing approach in B2B that offers “a hiccup” to fool fraudsters – a dab of friction – as overall payment execution accelerates.
"You need to slow down the setup of payments to prevent fraud," Elliott said. "This includes implementing multi-factor authentication and secure communication portals to verify payment details with vendors." The ‘slow down to speed up’ notion got a good-natured laugh from the panel, with Wardwell also saying it’s the smart move with fraud rising.
There was also agreement that education and awareness among financial sector leaders, payers, and vendors are important components of this and any fraud prevention strategy. The human element, combined with technological safeguards, creates a comprehensive defense against fraud attacks that continue to increase in scale and persuasiveness.
Simply put, business payments risk is higher than ever, but it can be successfully fought.
A Little AI Goes a Long Way
While AI is now a required fraud detection tool, overreliance is a concern. Elliott cited a PYMNTS finding that 94% of organizations are using AI for fraud detection, saying it should be part of a broader strategy that also includes human review with robust B2B payment processes. She stressed that it should not be the sole defense against fraud.
On the topic of AI being a ‘silver bullet’ she advised against it, saying "I caution against relying solely on it, as fraudsters may find ways to bypass AI-based detection methods." It’s a school of thought that values keeping humans in the mix, interpreting signals, and detecting fraud as they did when “AI” was just a Kubrick film, and long before.
Still, Wardwell highlighted AI's value in authentication and validation, particularly for organizations with rapidly changing supplier bases. He noted, for example, that AI can analyze behavioral patterns and real-time data to identify fraud attempts as they happen. The technology is unquestionably a game-changer in stopping B2B payments fraud.
Split the difference, and the most effective approach today combines AI capabilities with multiple verification methods, creating layered defenses that are harder to crack. When you make breaking in too much work, fraudsters often move on to more vulnerable prey.
Navigating Compliance and Future-Proofing Risk Strategies
As regulatory requirements progress, organizations need strategies to ensure compliance without creating new operational burdens. Wardwell emphasized hands-on engagement with stakeholders to understand the practical implications of new regulations.
"Finance leaders and companies need to be proactive and engage with their industry peers, technology providers, financial industry providers, and regulatory bodies to understand what these regulations actually mean for their business," he said.
For compliance purposes and as a business practice, Elliott stressed the importance of regular risk assessments and clear accountability. She also favors enhanced fraud detection capabilities and scalable infrastructure that can adapt to emerging threats.
Describing a security and compliance regimen “that combines risk management technology and cross-functional governance," she said regular risk assessments and clear ownership of the facets of payments risk are “essential for building resilience."
On the transformative potential of modernizing to reduce risk, Wardwell noted the importance of business payments networks like Bottomline’s Paymode in protecting businesses and keeping pace with new technological requirements.
"Investing in technology to stay at the forefront of change and reduce risk exposure is critical," he said. "Networks play a crucial role in protecting businesses and keeping pace with technological advancements."
By combining advanced technology with human expertise and vigorous processes, CFOs can navigate the complex landscape of B2B payments with confidence. It achieves both the speed demanded by modern business and the security to operate in a risky climate.
See the full interview and read complete news coverage at PYMNTS.com