Streamline vendor data and secure payment processes to avoid vendor fraud. Integrate fraud prevention directly into your existing tools.
Most fraudsters exploit vendor data for their own gain. Safeguard your vendor data management to prevent fraud.
Global Business Services (GBS) leaders play a pivotal role in ensuring operational excellence and fraud risk mitigation across organizations. Effective vendor data management serves as a cornerstone for both fraud prevention and operational efficiency. By maintaining accurate and up-to-date vendor information, GBS leaders can:
As custodians of critical business processes, GBS leaders must prioritize robust vendor data management systems to safeguard their organizations’ assets and drive continuous improvement in global operations.
Automated account validation is a strategic imperative that enhances both operational efficiency and security. Trustpair revolutionizes vendor data management by:
This automation significantly reduces manual validation efforts, allowing your finance team to focus on strategic tasks. With instant results on 90% of validations and expert checks for complex cases, you can make informed decisions quickly.
Our platform also fosters collaboration and offers complete traceability of all assessments. GBS leaders can improve vendor management processes, mitigate fraud risks, and drive operational excellence across their organizations.
Trustpair offers GBS leaders a powerful solution that addresses key challenges in global business operations:
at any of our 300+ clients
covered by our banking data sources
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Vendor Data Management is a critical business process that involves the collection, maintenance, and organization of information related to an organization’s suppliers or vendors. This comprehensive approach includes:
Effective Vendor Data Management is crucial for organizations to maintain efficient operations, prevent fraud, ensure compliance, and make informed decisions regarding their supplier relationships. It forms the foundation for strategic sourcing, smooth payment processes, and overall supply chain management.
A vendor management system (VMS) is a software platform or set of tools designed to help organizations efficiently manage their relationships with suppliers or vendors. Key features and aspects of a VMS include:
A VMS helps organizations improve efficiency, reduce risks, enhance compliance, and optimize their vendor relationships. It provides a holistic view of vendor interactions, enabling better decision-making and strategic management of the supply chain.
Trustpair integrates with the main VMS on the market – JAGGAER, Ivalua, Coupa, etc – to add powerful fraud prevention capabilities.
Vendor management best practices are strategies and processes that organizations implement to optimize their relationships with suppliers. These practices help ensure efficiency, reduce risks, and maximize value. Key best practices include:
By implementing these best practices, organizations can enhance their vendor relationships, reduce risks, improve operational efficiency, and drive better business outcomes.
The four stages of vendor data management represent a comprehensive lifecycle approach to handling supplier information. These stages are:
Data Collection:
Data Validation:
Data Maintenance:
Data Utilization:
Each stage is crucial for maintaining a robust vendor management system. Effective execution across all four stages ensures that an organization has accurate, up-to-date, and useful vendor information, supporting better supplier relationships, risk mitigation, and operational efficiency.
"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."
"With Trustpair’s verification methodology, it's no longer just a consistency check but an exact confirmation of the validity of the third party: there is no longer any risk."
"With Trustpair, we are able to automatically and quickly monitor our third parties and ensure the security of that very data over the long term."
“I would definitely recommend Trustpair to finance departments. It makes adding and modifying beneficiaries more reliable, without resorting to manual processes that are cumbersome, time-consuming and fallible.”
“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.”
"Trustpair adapts very well to the specifics of our market and our way of working. Several features are developed as we work together. That's a real plus."
"Trustpair has become more than a reflex; it has become an obligation. The team no longer validates an IBAN unless Trustpair has confirmed it to us."
Thanks to Trustpair, we’ve made a significant shift in our security processes and filled the gaps we needed to fill. Trustpair has proved to be a committed and trustful partner and we’ve appreciated the support and transparency.
We’ve gone from manual and time-consuming fraud controls to automated bank account validation done directly in SAP. The workload has been drastically reduced and payment security is now guaranteed.
