The Ritchie Bros. business was founded as a family business in Canada during the late 1950s as an auction house for industrial equipment. They started their European venture during the late 1980s and have flourished here ever since. They are listed on the Toronto Stock Exchange and employ 1.400 employees globally. The Ritchie Bros. business model was moving to online auctions before the lockdown – they are accelerating this move very successfully. As a growing international auction house with businesses all over the globe, Ritchie Bros. had a strong desire to automate their main finance processes. The project involved implementing a corporate payment hub to centralise and harmonise all payment activities and processes. They also wanted to minimise the risk of fraud, both internally and externally.
Businesses like Ritchie Bros. are often faced with two key drivers for payment fraud detection – volume and complexity. It is simply too complex to expect existing treasury and accounts payable teams to check fraud risks manually. The business wanted a solution that would enable its staff to create special rules for different types of payments, users, geographies, bank accounts, currencies etc. One of their main concerns was that with a large global team and many different people involved in payments, the business needed an intelligent solution that was able to create appropriate rules to mitigate fraudulent activities.
Since the lockdown period, payment fraud is on the rise. The fraudsters are becoming more and more artful in their quest to defraud businesses of large amounts of money. During this DACT session, Ritchie Bros. will explain the process they went through to solve this problem, and describe the goals and challenges they met along the way.
Speakers: Hendre Remacle, Ritchie Bros and Nick Clare, Sales Director Kyriba