Duplicate payments are on the rise, and they present real financial risk and operational challenges to accounts payable teams. From the smallest company to the largest state agencies, duplicate payments are a drain on cash, time, and human resources. Read on to learn how Speedchain saved state agencies over $10 million in 1 year by preventing duplicate payments.
A number of government programs such as the federally funded Emergency Rental Assistance Program (ERAP) and the Homeowner Assistance Fund (HAF) have a dramatic positive impact on the lives of citizens. These programs, administered by states, are designed to support residents and businesses as they continue to recover and rebuild. By providing funds for rental and utility assistance as well as funds to help prevent foreclosures these programs are distributing billions of dollars to hundreds of thousands of families.
State agencies have partnered with Speedchain to deliver these payments in a timely and secure manner. Part of our technology advantage is the ability to identify, flag, and prevent duplicate payments. Speedchain’s enhanced data capabilities and secure platform allowed administrators in the states to prevent over $10 million in duplicate payments. In addition, countless hours were saved and more citizens benefited from the program.
This capability that flags duplicate payments is available to all users of Speedchain, not just government entities. In the private sector, duplicate payments are as big of a problem as ever - mostly going unnoticed. Wouldn't it be helpful to be made aware of duplicates before payments are issued? Imagine the amount of time you will save your accounts payable team by giving them the ability to easily identify and prevent duplicates.
Speedchain's cloud-native platform was built from the ground up to supercharge payments for all modern finance teams - including yours. Contact Speedchain today for a free consultation on duplicate payments awareness and mitigation.