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Advancing B2B Payment Security: Insights from Trustmi’s CEO
Posted by:Russ Berkun, February - 21 - 2024

Advancing B2B Payment Security: Insights from Trustmi's CEO

In my role as a strategic advisor in the healthcare sector, I’m always exploring innovative solutions that can significantly benefit my clients. Today, I’m spotlighting Trustmi, a leader in B2B payment security. Their mission to enhance and streamline payment protection is particularly relevant in the complex financial landscape of healthcare. With global business payment fraud causing an estimated $300 billion in annual losses and an average of $150,000 per incident, the importance of Trustmi’s approach in detecting and addressing transactional anomalies cannot be overstated. Their strategies, adept at tackling both intentional fraud and common payment errors, are redefining the standards of payment security, positioning Trustmi as a key asset in the healthcare industry.

I recently had the chance to discuss these advancements with Shai Gabay, Co-Founder and CEO of Trustmi. Our conversation delved into how Trustmi is reshaping payment security in the healthcare industry. Let’s explore the insights from this informative discussion.

Inna: With the variety of payment security solutions out there, I’m curious about what sets Trustmi apart, especially in the healthcare sector. Could you elaborate on that?

Shai: At Trustmi, we focus on B2B payment security, an area often overlooked in favor of B2C solutions. This is particularly important in the healthcare space, where the scale is larger, systems are more complex, and there’s often a reliance on older technologies. These factors can lead to significant events such as security breaches that might not be immediately obvious. Our approach is designed specifically for this challenging environment. We aim to address the unique issues in B2B transactions, especially in healthcare, where accuracy and security are critical. Trustmi’s solution is tailored to ensure that transactions are not just secure, but also precise, making it a valuable tool for the healthcare industry.

Inna: Given the critical importance of data privacy in healthcare, how does Trustmi ensure the security of sensitive financial data? And in this context, does Trustmi utilize AI-driven machine learning to detect unusual transaction patterns?

Shai: In healthcare, where data privacy is crucial, Trustmi adopts a thorough approach to safeguarding sensitive financial data. We utilize a blend of advanced technologies as well as the collective intelligence of our Trust Network powered by a self-learning AI engine. The Trust Network captures data of all vendors and companies within the network and verifies their identities and detects fraud incidents that occur, alerting everyone of any attacks.  This technology collects anonymized and tokenized data from our clients, forming unique ‘fingerprints’ of their vendors’ information and behaviors. Our approach is vital for effectively spotting unusual patterns in vendor transactions. It’s similar to how the Waze navigational application identifies traffic patterns by crowdsourcing information from its users. In much the same way, our system adds a dynamic and intelligent layer of security by gathering information on payment patterns across millions of vendors and organizations to detect anomalies within our Trust Network. We’re focused on more than just protecting data; we’re actively on the lookout for potential threats. Such proactive measures are key to upholding the financial integrity of the healthcare sector.

Inna: Are Trustmi’s operations and solutions aligned with HIPAA compliance to ensure regulatory adherence?

Shai: Trustmi is carefully designed with security and privacy at its core, ensuring that we meet HIPAA compliance standards. We take our customers’ privacy seriously, so we don’t collect any Personally Identifiable Information (PII). Our approach is to build security into every part of our system from the start. We place a lot of emphasis on following all the best practices in the industry and have SOC2 Type 2 certification, which shows our dedication to meeting high security and compliance standards.

Inna: Integration with existing systems is often a key concern. Can you walk me through how Trustmi integrates with existing systems, ensuring minimal disruption?

Shai: At Trustmi, our core philosophy is that enhancing security shouldn’t necessitate altering your existing business processes. We achieve this by seamlessly integrating with our clients’ current financial systems and tools. Our approach involves adding a sophisticated layer of security that functions unobtrusively yet effectively. This ensures that every vendor payment is correct, secure, and goes to the right place on time. Our goal is to strengthen financial processes without interrupting the usual way of doing things, giving clients better security and enabling their operations to run smoothly.

Inna: Moving from integration to the broader picture, does your service involve identifying financial vulnerabilities within an organization and providing support in addressing these weaknesses?

Shai: Yes, our service involves a comprehensive analysis of an organization’s financial transactions. We use the organization’s past payment data to train our AI system. This training helps us track how payments have been processed in the past, and enables us to spot any unusual patterns or behaviors in the future. This process does two important things. First, it makes our system more intelligent and accurate. Second, it helps us find areas where there might be risks, past fraud incidents, or mistakes in payments. Our goal is to not only make our AI better but also give organizations useful insights. In this way, we can spot and fix any issues early on, making sure their financial operations are both secure and efficient.

Inna: Human error can be a significant factor in payment fraud. How does Trustmi’s solution specifically address this element to reduce risk?

Shai: Trustmi tackles the issue of human error in payment fraud by improving the usual manual checks with automation. Nowadays, fraudsters are using more advanced tools like AI Voice impersonations and deepfakes, which makes manual processes more prone to mistakes. Our solution fits right into the systems clients already have, adding automatic checks that greatly lower the chance of errors that could lead to fraud. This means financial teams can work more securely and efficiently, staying ahead of the latest threats and ensuring better protection against payment fraud.

Inna: Scalability is a critical factor for healthcare organizations of varying sizes. How does Trustmi’s solution cater to this diversity in scale and complexity?

Shai: Our solution is built to fit healthcare organizations of all sizes and levels of complexity. Whether it’s a small clinic or a large hospital system, our platform can adapt and scale to meet different needs and requirements. We have a proven track record of successfully implementing our system in large enterprises, handling extensive scales with efficiency. We’re well-equipped to work with various types of healthcare organizations, making sure our solution can grow and evolve along with their business.

Inna: How quickly can an organization expect to see results?

Shai: Within 10 business days, organizations will start seeing a reduction in fraud risks and errors in payments. Our system’s proactive detection of anomalies means potential threats are identified and addressed quickly, enhancing financial security. This immediate impact on operational efficiency and financial integrity is a tangible benefit we deliver swiftly to our clients.

Inna: Lastly, how does Trustmi measure the effectiveness of its solution in real-time, and how is this communicated to the client?

Shai: Trustmi’s effectiveness is demonstrated in real-time through our comprehensive dashboard, which shows the value we deliver, including savings from fraud prevention and corrected payment errors. Additionally, our monthly reports aggregate these metrics, providing a clear view of trends and improvements in financial operations, equipping decision-makers with actionable insights for their payment security strategies.

As our conversation with Shai Gabay wrapped up, the role of Trustmi in revolutionizing B2B payment security became clear. They are not just addressing payment fraud; they are preempting it with precision and foresight, crucial in our complex financial environment. Their approach combines real-time effectiveness, seamless integration, and scalability, transcending mere impressiveness to become truly transformative.

Leveraging emerging technologies, Trustmi proactively addresses the latest security vulnerabilities, ensuring client protection before fraud occurs. The insights from Shai and his team at Trustmi exemplify the impact of innovative solutions in tackling financial and security challenges.

Recognizing the unique challenges and struggles faced by healthcare companies today, it’s clear that Trustmi’s innovative approach is well-suited to meet the dynamic needs of this sector. For those in my network aiming to enhance their payment security strategies, Trustmi stands as a model of proactive and advanced security solutions.

If you’re ready to see the difference Trustmi can make, I encourage you to reach out to me or explore more at Trustmi’s website.

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Russ Berkun

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