Fintech Verituity is using AI to reduce B2B and B2C payments fraud and errors by an average of 75%.  

Verituity, which automates and verifies digital payouts for banks and businesses, employs an AI agent that traces each transaction “from the point of initiation at the payer system all the way through the settlement of that payment,” Chief Executive Ben Turner told FinAi News.  

“We’re not just looking at the one payment, but all the events that happen along the way,” he said. AI “allows us to paint that whole picture very quickly and isolate where there’s a problem, if there is one.” 

Inadequate information regarding the owner and status of a bank account is a common challenge that AI is tailor-made to address, Turner said.  

“In the world of payments, we think of AI in examples like that — where you have a challenging, probabilistic problem that AI can solve more effectively than machine learning,” he said.  

Further, Verituity’s clients can expect up to 80% efficiency gains by reducing manual verification, thus lowering operational costs, Turner said.  

The fintech’s cloud-based platform allows payees to choose their receiving method, and it supports payout rails including Zelle, PayPal, real-time payments, wire transfers, virtual cards and e-checks, according to the company. The platform also performs data collection for compliance.  

Verituity’s partners include:

• $356 billion BNY;
• $226 billion Citizens Bank;
• Mastercard; and
• Loan-servicing platform Sagent. 

Verituity is starting to work with government entities on disbursements, Turner said. 

Growing business fraud 

Businesses in the United States lost 9.8% of their annual revenue on average to fraud in 2025, up 46% year over year, according to a TransUnion survey comprising responses from 200 leaders. Of all fraud included in the survey, bank account takeovers were the leading cause of losses at 31%, followed by synthetic identity fraud at 24%.  

AI is enabling bad actors to “more quickly change tactics,” Turner said. “That’s the whole game for them, is to stay one step ahead until that step gets shut down, and then they can quickly go to the next step.” 

To combat payments fraud, financial institutions and businesses must combine AI, machine learning and human-in-the-loop throughout the lifecycle of a transaction, he said. 

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