Bretton Woods
Financial Dictionary — Capital Markets & Financial History
Definition
Bretton Woods The site in New Hampshire, U.S., of an international conference in 1944 which resulted in the establishment of the World Bank and the International Monetary Fund.
Use cases, Example & Why it matters
Use cases
- Used in the purchase-to-pay cycle to validate invoices, approvals, and supporting documents.
- Used to strengthen internal controls over purchasing and supplier payments.
- Used to strengthen internal controls over purchasing and supplier payments.
Example
- Example: Before payment, the AP team applies **Bretton Woods** to confirm the invoice matches the approved purchase documentation.
Why it matters
- Why it matters: Prevents incorrect/duplicate payments, reduces fraud risk, and improves accuracy of payables and expenses.