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

Matthew Palmer, CEO and Alex Geraldo, CTO
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.
Why Companies Use SWOT AnalysisBruce Beck, VP of Marketing
While Fleetcor will automate the payments at the backend, iTK will clean up the vendor master file data and duplicate invoices at the frontend to seamlessly issue automatic payments. After Nvoicepay (subsidiary of Fleetcor) pays the vendors, a file is returned enabling all payments—check, ACH, and credit cards—to be reconciled. With this, iTK has the capability to tremendously reduce the time to go live for an organization from weeks to hours. Additionally, customers can choose to automate all their processes, or they can also pick and choose according to their needs and preference. Through the partnership, the duo aims to take the burden off the accounts payable departments and equip them with clean vendor master data to better execute their processes and eradicate fraud, waste, and abuse.


We think it’s a great way to use our AI- and ML-based high-performance platform in the procure-to-pay space

“The beauty of it is that it allows us to leverage our technical services expertise with leading data science-based products,” remarks Beck. The company’s SaaS-based software knits together and uses Google TensorFlow, Tableau, and other open-source capabilities. With growing customer demand for such robust capabilities, iTK has made the software available on a three-year subscription plan that includes new releases, maintenance, and round-the-clock phone support.

Excellence at the Core

With RTM, users are witnessing a 95 percent confidence level in the accuracy of duplicate invoice detection. To illustrate, Beck cites their ongoing collaboration with a large hospital in the Midwest. Within the initial three and a half months of their engagement, iTK successfully managed to help the client attain 95 percent accuracy of their invoice data. iTK analyzed and detected over $3.5 Million worth of leaked payments. Using substantial model data, iTK helped the client understand the major cause of the problem—numerous duplicate invoices being sent repetitively. iTK set the priority list by detecting the ones causing the worst damage and accordingly developed monitoring processes to identify duplicates well before the payments were processed. This helped the client save huge amounts of money.

“We see our business not just growing in the future but also changing more to data science-based services, helping customers isolate issues in their ERP and solve them. It is across procure-to-pay processes that we have found our sweet spot for the next couple of years,” says Palmer.

Company
iTK Technologies

Headquarters
Cumming, GA

Management
Matthew Palmer, CEO and Alex Geraldo, CTO and Bruce Beck, VP of Marketing

Description
iTK Technologies is a leading provider of ERP Implementation and Managed Services that ensures real-time detection and prevention of potential fraud, waste, and abuse. The company 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