Securing payments and vendor master file

Since its creation in 2011, the Keys Asset Management Group has specialized in the development and management of alternative and innovative real-estate investment funds for experienced and professional investors.

SECTOR

Real-estate fund management

HEADQUARTERS

Paris, France

VENDOR

+2.500

Challenge

Reliable payment processes with the native Trustpair connector for Allmybanks (Exalog) and cleaning of Vendor Master File with Trustpair Audit.

Solution

Reliable payment processes with the native Trustpair connector for Allmybanks (Exalog) and cleaning of Vendor Master File with Trustpair Audit.

Results

Seamless control processes to ensure operational performance and peace of mind for payment signatories.

Context and issue

Although the company has not been subject to any B2B payment fraud attempt, the numerous bank transfers issued on a daily basis have led the Treasury team to deploy solutions to make payment processes more secure, and question the integrity of the third party data featured in databases.
Then, the Treasury team decided to implement the Trustpair native connector for Allmybanks (Exalog). The Exalog connector did not yet exist when the Finance team took on the project with Trustpair. So the first step was to focus on making supplier bank detail checks more reliable as well as cleaning Vendor Master File before connecting the tools together.
For this, they used the Trustpair unit control solution to systematically check the bank’s details of new third parties.Then the project continued with the audit of the Vendor Master File, identifying a large volume of duplicates as well as missing third party identification data.

I would like to thank the Trustpair team for their adoption support and exceptional availability since the beginning of our relationship. The collaboration between Keys Asset Management and Trustpair is a win-win: the more we master our tool, the more it ensures a secure Procure-to-Pay process, from start to finish.

Fabrice Meunier

Administrative and Financial Manager

HOW IT WORKS

A gain in confidence and performance for the team

The activation of the Trustpair connector in Allmybanks helps Keys Asset Management benefit from reliable data, and ensures that signatories like Fabrice Meunier can initiate payments with complete peace of mind.

Since the project was launched, Fabrice Meunier and his team have completely adopted the Trustpair solution. One member is responsible for the onboarding of new suppliers, and the rest of the team then create the new beneficiary profiles in the accounting software and audit the Vendor Master File regularly.

In addition, Trustpair platform has had a reassuring effect on internal control as well as external auditors. In 60% of cases, the time it takes to validate a wire transfer has been reduced from 3 minutes to just a few seconds.