Through this partnership, nsKnox will help Meta provide its vendors with a more streamlined and secure process when onboarding or changing banking details. The solution offered by nsKnox was designed to protect Meta and its vendors against significant financial losses and reputational damage by validating vendor bank account ownership anywhere in the world while preventing manipulations across every point of the payment transaction journey.
NsKnox’s PaymentKnox for AP is able to integrate with several Meta financial and operational systems. This gives Meta peace of mind that its Master Vendor File (MVF) is always kept safe, as any changes made will automatically be audited to make sure no unauthorised change is entered into master data. The solution is able to ensure that all payments are sent to the intended beneficiaries by leveraging global account validation and payment transaction scanning.
NsKnox representatives cited by Yahoo Finance expressed their gratitude to be able to work with Meta in streamlining and securing the vendor onboarding experience. They also talked about the company’s goals and its commitment to protecting B2B payments, whether outbound or inbound, safeguarding against external threats and bad insiders.
NsKnox is a fintech-security company that helps corporations and banks to prevent fraud and ensure compliance in B2B payments. In essence, the company is able to help organisations avoid significant financial losses, fines, and reputational damage.
In January 2023, nsKnox announced a new funding round of USD 17 million, which brought its total funding to USD 35.6 million. Most of the funds were secured from two new investors, namely US-based internet and technology venture capital firm Link Ventures and Harel Insurance and Finance. The funding round also included the participation of existing investors such as M12 - Microsoft’s Venture Fund, Viola Ventures, and Alon Cohen, the company’s founder and CEO.
Meta has recently launched a new app named Threads, which aims to compete with Twitter. According to Reuters, millions of users have joined the new app in a matter of hours, including celebrities and US politicians.
Even though Threads is a standalone app, users can log in using their Instagram credentials and follow the same accounts. Similarly to Twitter, the app includes short text posts that users can like, re-post and reply to. Direct messaging capabilities are not included at the time of writing, however.
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