Frequently Asked Questions

Finexio is the leading provider of AP Payments as a Service, offering a fully managed, embedded accounts payable payments solution that optimizes, monetizes, and secures the entire B2B payment lifecycle. We handle 100% of our customers' eligible supplier payments, allowing finance teams to focus on strategic tasks.

Finexio is designed to be ERP and AP-agnostic and integrate into existing workflows with minimal IT resource requirements, however, there may be instances where some adjustments or additional time for change management are needed. We provide API, SFTP, and file drop integration methods to facilitate seamless data exchange. Before each new customer engagement, an implementation questionnaire is completed and reviewed with the customer to identify any specific considerations that may impact implementation or requirements.

Finexio eliminates manual AP payment processes, reducing costs and saving time. By moving to secure electronic payments, customers can help prevent fraud, gain visibility and control over payments, and even generate revenue from existing AP spend.

Suppliers receive faster and more secure payments through various electronic methods, including virtual cards sent by email, virtual cards sent by mail (“Card by Mail”), ACH, and FinexioExpress. They also gain peace of mind with 24/7 access to payment status and detailed remittance information via the Finexio Portal.

How does Finexio ensure accuracy in supplier-buyer transactions and relationships?

Finexio employs robust security measures to ensure the accuracy and security of all transactions. These include:

• Know Your Customer (KYC): Verifying the identity of buyers to prevent fraud and ensure compliance with regulatory standards.
• Account Validation Services (AVS): Using advanced technology to verify supplier bank account details, ensuring payments are directed to valid, authorized accounts. AVS reduces errors and mitigates the risk of fraudulent account changes. AVS is done by Finexio as a normal course of business when Finexio is managing supplier enrollment in ACH.
• Real-time Transaction Monitoring: Continuously analyzing transaction activity to detect and respond to potential fraud or anomalies in real time.
• Third-party Validation Services: Leveraging trusted third-party providers to confirm company information and bank account details, adding an extra layer of accuracy and security to supplier-buyer relationships.

Finexio analyzes customers' supplier lists using AI and data analytics to determine the optimal payment method for each supplier. Our technology leverages internal and external data to predict supplier payment preferences, enabling industry-leading electronic payment adoption.

By employing automation technology and AI, Finexio streamlines payment processes, reducing manual work and associated costs. Our partnerships with financial institutions and our extensive supplier network further enable cost-effective electronic payment solutions.

Implementation of Finexio's services involves close collaboration with your team to integrate with your existing accounting or ERP system. While Finexio’s team manages most of the setup to minimize the workload on your IT resources, we do ask for a technical representative from your organization to participate in onboarding calls. This ensures alignment, facilitates a smooth transition, and allows us to tailor the solution to your unique workflows for optimized payment processes.

Yes, Finexio's infrastructure is hosted within Amazon's secure data centers, utilizing AWS technology. We have implemented the latest industry security standards and adhere to strict compliance requirements, including ISO 27001, SOC 1 and SOC 2, and AML/KYC screening, ensuring the highest level of security for your payment processes.

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Network Security

Finexio has implemented comprehensive frameworks and policies to achieve the highest level of network security and monitoring. This includes the use of firewalls to restrict access, encrypted HTTPS communication, and continuous risk assessments to safeguard information flow and protect systems from malicious data or actors.

Firewalls

Firewalls are utilized to restrict access to systems from external networks and between systems internally. By default, all access is denied, and only explicitly allowed ports and protocols are permitted based on business needs. Each system is assigned to a firewall security group based on its function, mitigating risk by restricting access to only the necessary ports and protocols.

Finexio is committed to comprehensive fraud prevention and robust cybersecurity measures, reflecting best practices and modern technological standards, including:

• Encrypted HTTPS Communication: All client-to-platform interactions use RSA 2048-bit keys with TLS 1.3 encryption for secure data transit, supported by SHA-256 and HTTP Strict Transport Security (HSTS) protocols​.
• Firewall and IDS Monitoring: Continuous monitoring of firewall and Intrusion Detection System (IDS) configurations and logs ensures rapid detection and mitigation of unauthorized activities​.
• Access Reviews: User access to production environments is routinely audited and adjusted following the principle of least privilege to minimize security risks​.
• Vulnerability Scanning: Regular Tenable vulnerability scans proactively identify potential attack vectors, offering comprehensive detection and remediation of risks​.
• Incident Response: A robust Security Information and Event Management (SIEM) framework supports real-time event logging, orchestration, and rapid response, coupled with advanced Intrusion Detection and Prevention Systems (IDPS) to counteract threats effectively​.

Finexio’s physical infrastructure is hosted within Amazon's secure and resilient data centers, leveraging Amazon Web Services (AWS) technology. AWS brings decades of expertise in designing, constructing, and operating large-scale data centers to ensure the highest levels of security and reliability.

Amazon employs robust risk management practices, continuous monitoring, and regular assessments to maintain compliance with global industry standards. AWS data center operations are accredited under the following certifications:

• ISO 27001: A leading international standard for information security management systems.
• SOC 1 and SOC 2/SSAE 16/ISAE 3402 (formerly SAS 70 Type II): Ensuring robust internal controls for security and availability.
• FISMA Moderate: Meeting rigorous standards for federal systems and data protection.
• Sarbanes-Oxley (SOX): Ensuring compliance with financial reporting and data integrity requirements.

Additionally, AWS data centers feature:

• Physical access control with 24/7 on-site security personnel, biometric security measures, and video surveillance.
• Redundant power and cooling systems to ensure continuous, uninterrupted operations.
• Comprehensive preventative maintenance and monitoring of critical systems to mitigate risks proactively.

These safeguards ensure that Finexio’s platform operates with maximum security, availability, and scalability, empowering customers to manage payments with confidence.

‍Finexio’s supplier verification process minimizes risks and costs associated with poor vendor management. We follow documented policies and procedures to ensure secure and accurate supplier verification, including validating changes to bank account information to prevent unauthorized modifications. Our dedicated risk and compliance team screens suppliers against OFAC and other high-risk lists to maintain regulatory compliance. Additionally, our robust compliance program provides automated, comprehensive, and consistent surveillance of all transactions across the network to ensure AML compliance through transaction monitoring.

‍‍Finexio's Network Operations Center provides 24/7 proactive monitoring of IT networks and infrastructure, ensuring uninterrupted platform performance and seamless payment processing. Real-time operational metrics and alerts enable rapid identification and resolution of potential issues before they impact payment flows.

‍The Security Operations Center operates around the clock to monitor and respond to potential cybersecurity threats. Finexio’s SOC employs advanced Security Information and Event Management (SIEM) systems to detect, analyze, and respond swiftly to security incidents, ensuring robust protection of the platform and customer data against emerging threats.

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Finexio provides suppliers with secure and efficient payment options, including virtual cards, ACH transfers, and wire transfers. Virtual cards are single-use, digital payment cards sent via email, offering a safe and convenient way for suppliers to receive payments. Each virtual card is valid for one transaction and includes a unique 16-digit card number, expiration date, and CVV for added security. These payment methods are designed to ensure suppliers receive their funds quickly and reliably, while also minimizing the risks and inefficiencies associated with traditional payment methods like checks.

Paper checks are costly, inefficient, and susceptible to fraud. Transitioning to electronic payments, such as virtual cards, improves working capital by accelerating cash flow. Virtual cards eliminate the manual tasks associated with checks, such as printing, mailing, and tracking. Additionally, they offer greater security, as check fraud remains one of the most common payment risks. Here are a few statistics to give you and idea of the high cost and fraud impact of staying with paper checks:

• Average cost per payment made by AP Teams is $8.93 per check. Source: Ardent Partners’ Accounts Payable Metrics that Matter in 2023
• 80% all organizations experienced payments fraud in 2023. Source: 2024 AFP® Payments Fraud And Control Survey Report.
• The average cost per incident of payments fraud is $149,225. Source: Unveiling the Hidden Threat of Payment Fraud, GARP, December 2023.

A virtual card is a single-use, digital payment method sent to suppliers via email or mail. It functions like a traditional credit or debit card, offering secure payment processing through existing card networks. Virtual cards enhance security, reduce costs, and are widely accepted by suppliers already processing card payments. If a payment reissue is necessary, Finexio processes it through alternative methods, such as issuing a replacement virtual card or arranging for a different form of reimbursement.

Suppliers open the virtual card email and enter the provided 16-digit card number, CVV, and expiration date into their point-of-sale (POS) system. The transaction processes immediately, and funds are typically settled within the standard credit card settlement timeframe.

If you are unable to process a virtual card, please submit a support request with the Finexio Help Center for assistance in processing your payment. Here is the link: https://support.finexio.com/hc/en-us/requests/new

Finexio’s supplier portal provides 24/7 access to payment activity and history for suppliers that are being paid by virtual card or Finexio Express (enhanced ACH). The intuitive dashboard displays recent payments, invoices, and charts tracking payment trends, offering a clear view of your financial activity.

Features include:

• Real-time monitoring of payment statuses and methods.
• A payment timeline for each transaction, ensuring full visibility.
• Tools to search, filter, and download detailed remittance information for efficient reconciliation.
• Easy updates to banking and demographic details directly within the portal.
• Email notifications for every transaction to keep you informed.

The portal is designed to streamline the supplier’s financial operations and give full control over payment data. For assistance, instant support is available at the touch of a button.

What level of support will I receive?

At Finexio, we are committed to providing comprehensive support to ensure a seamless experience with our AP Payments as a Service. Support Resources:

• Help Center: Access our extensive knowledge base for articles, guides, and FAQs to assist with common questions and issues.
• Support Tickets: Submit a support request directly through our Help Center for personalized assistance from our support staff. Here is the link: https://support.finexio.com/hc/en-us/requests/new

A Customer Support number is available 24/7 to support your inquiries at 818-724-8110 ext. 1, where you can leave a voicemail that will be responded to within 48 hours.

Yes, suppliers who cannot process virtual cards can be set up with alternative electronic payment methods, such as Finexio Express, our enhanced ACH solution. Please submit a support request with the Finexio Help Center for assistance in configuring a payment method that works for your business and a member of our support staff will respond as soon as possible. Here is the link: https://support.finexio.com/hc/en-us/requests/new

The program is free for suppliers to join, however standard merchant processing fees may apply, depending on the supplier’s agreement with their bank or payment processor. Suppliers have to be enrolled in the program by their customer (supplier’s can’t self-enroll).

Please submit a support request with the Finexio Help Center and make sure to provide the correct contact information. The individual must be employed by or have an existing business relationship with the customer in order to authorize enrollment. Finexio will ensure the appropriate person receives an enrollment invitation. Here is the link: https://support.finexio.com/hc/en-us/requests/new

Yes, each virtual card is issued for a specific payment amount, including multiple invoices if applicable. The full card amount must be processed as a single transaction. If the card is not processed within 30 days, it will expire, and a replacement payment may be issued. This timing can vary for virtual card by mail payments. If you have specific questions regarding multiple invoices, submit a support request with the Finexio Help Center and a member of our support staff will respond as soon as possible. Here is the link: https://support.finexio.com/hc/en-us/requests/new

Yes, virtual card payments delivered via email are typically available 3-5 days sooner than those sent via mail. To switch to email delivery, follow the instructions provided on your Card By Mail payment notification if you have received one, or submit a support request with the Finexio Help Center and a member of our support staff will respond as soon as possible. Here is the link: https://support.finexio.com/hc/en-us/requests/new. If you have received payment via card by mail for the first time and have questions, you can learn more about the card by mail program here: https://www.finexio.com/vcp

Yes Finexio offers your business an online portal for with payment history and details. Please contact help@finexio.com for online enrollment to our Portal.

Please submit a support request with the Finexio Help Center. In most cases a replacement virtual card will be issued, and you will receive the updated payment details via email. Here is the link: https://support.finexio.com/hc/en-us/requests/new

To opt out of Card By Mail payments, refer to the instructions and opt-out code included in your most recent Card By Mail letter or submit a support request with the Finexio Help Center to request an alternative payment delivery method. Here is the link: https://support.finexio.com/hc/en-us/requests/new