Managing vendor data accuracy for greater payment security

International laboratory specialised in plasma fractionation, the Octapharma Group focuses its expertise on research and development, the creation and sale of protein for therapeutic use.

SECTOR

Pharmaceutic

HEADQUARTERS

Lachen, Switzerland

VENDOR

+1.000

Challenge

Use the Trustpair platform to control IBAN, perform an audit of the VMF and add company registration numbers to the base in order to stabilise and control data through time.

Solution

Use the Trustpair platform to control IBAN, perform an audit of the VMF and add company registration numbers to the base in order to stabilise and control data through time.

Results

The accounting manager is reassured when she takes responsibility for the veracity of the IBAN. ¼ of third party data has been automatically enriched with company ID suggested by the tool.

Context and issue

“There was no visibility on the checks carried out.”

Before using the Trustpair solution, the team used to manually check each IBAN and bank details change request, making several changes per week.
One day, the company received a letter from a supplier (from the TOP 3 of the company’s partner suppliers) asking to modify its bank details. This person was very forceful with various members of the Finance Department, so Mrs Harquel ended up having doubts. It was at this very moment that she decided to equip the Finance department with a fraud detection solution, in order to prevent them from experiencing this situation again.
Today, the digitised and secure processes for checking bank details enable better collaboration with the purchasing department.
Thanks to the automatic data enrichment solution of the VMF hosting in SAP, the Finance Department is able to check if some missing or duplicate data is present.

The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier’s bank details

Fanny Harquel

Accounting Manager

HOW IT WORKS

A gain in confidence and performance for the teams

The control process is simplified with the Trustpair platform, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier’s bank details.

With the continuous audit of the Vendor Master File, the work of the blocking campaign is simplified.

With this reporting document generated directly in the platform, the Finance Department can clearly see the remaining actions to be taken to obtain an error-free VMF and then ensure the sustainable security of all its payments over the long term.