Procurement professionals today are navigating a complex landscape, where maintaining secure source-to-pay (S2P) processes is more challenging than ever due to sophisticated fraud schemes. With nearly every business facing fraud attempts—96% in 2023—the integration of Trustpair’s bank account validation feature into Ivalua’s platform stands out. This solution fortifies procurement against data manipulation and financial fraud, reshaping vendor onboarding and security. Explore how this strategic integration is making a difference in the procurement sector with Nicolas Pang, Trustpair pre-sales engineer.
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- Can you briefly introduce yourself, your technical experience, and your involvement in the Ivalua project? What was your role?
I support customers in the technical integration of the Trustpair solution into their environments and information systems. I’m involved in procurement, purchasing, accounting, ERP, TMS, and so on. The aim is to use our product expertise to make recommendations to our customers and partners. How to connect to Trustpair, how best to integrate it, etc. We also work with all our partners on interface design: what to add where, and so on.
- Can you tell me a little more about the Ivalua integration in project terms? Was it in response to a request from certain customers?
The project was initiated by Ivalua to meet a need for anti-fraud controls at the supplier onboarding stage. We gave them access to our API, to all information concerning technical documentation, and they were able to test the solution on test environments.
- Can you outline the main features and additions that this connector brings to the Ivalua platform?
Our solution comes into play at the supplier’s onboarding stage, from the moment the supplier enters information about his company, bank account, etc. As soon as this information is entered, Ivalua’s solution is ready for use. Once this information has been entered, a validation workflow begins: our customer sees that the information has been filled in, and validates the supplier’s file.
When he validates the supplier’s file, he will then have access to the Trustpair evaluation, which will have been launched as soon as the supplier’s information was entered. The supplier evaluation takes into account various elements: that the company exists, that the bank account is valid and that the two are correlated. This allows us to give a confirmed or unconfirmed evaluation.
- How does it appear on the Ivalua interface?
The Trustpair evaluation is displayed directly when the supplier file is validated. A small box at the bottom of the screen displays all the checks carried out by Trustpair. It also shows where the supplier is in the validation workflow.
- What are the main benefits of this integration?
There’s a decrease in manual and time-consuming tasks. All actions are carried out directly on Ivalua, with no need to leave the platform. The client doesn’t need to go to Trustpair’s platform; he has everything in the Ivalua environment and he can make the right decisions with complete confidence. Controls and actions are also highly traceable. You can see precisely whether controls have been carried out, by whom and when. This ensures that controls are compliant and reduces the risk of fraud – particularly internal fraud.
What’s more, Trustpair integration is very easy to install: it’s an add-on. No development is required. All you have to do is request access & then it’s very quick for a customer to integrate. We can open the platform within 48 hours of the contract signature, the time it takes to create the API key for the customer to activate it on the Ivalua platform.
- And why is it so important to have these anti-fraud controls right from the start of source-to-pay?
In the procure-to-pay process, there are a huge number of actions, different teams, and so on. There’s a complexity that’s conducive to fraud. What’s more, fraud can occur at any time, at any stage – even at a very early stage – and you may not even be aware of it. The entry of the supplier, the creation of this supplier, is really a key stage in detecting fraud.
Are you an Ivalua user looking to up your fraud protection? Chat with an expert to learn more about Trustpair!
