Procurement
Optimising and making the supplier payment process more reliable
After experiencing a sharp increase in bank transfer fraud, more than ever optimising and increasing the reliability of supplier payment processes has become a key issue in protecting yourself from risk. These challenges are dependent on a perfectly mastered onboarding process by the teams in charge of supplier payments.
According to a PwC study “65% of Finance Departments are considering upgrading their information systems by optimising functional components. There is a direct link between fraud risk and a company’s exposure to cybersecurity risk” (link to study). In addition, procurement managers can identify ten everyday issues including:
- Secure bank transfers to ensure your suppliers receive secure payment.
- Avoid exposure to late payment analysis.
- Do not unwittingly participate in criminal activities.
- Reassure suppliers with a reliable and secure process.
- Have a smooth and accurate process for requests to change bank details.
- Check supplier bank details via a single, shared repository.
- Integrate a shared process for verifying bank details within the information systems themselves.
- Benefit from real-time information on changes to supplier bank details.
- Awareness of existing fraud risks.
- Use a bank details validity score to make payments more reliable.
This process should be clear, documented and fully integrated into your supplier management (SRM) and financial (ERP) solutions. Documentation and verification of bank details when creating your third party suppliers should obviously be integrated.
It is also important to properly verify changes in your third party bank details. Several data sources allow you to establish a confidence score on them and allow both your Purchasing and Finance teams to be alerted to a risk of bank transfer fraud.
This type of device can be shared with your investors and of course your suppliers, guaranteeing them that all means have been implemented to mitigate a possible wire transfer fraud.
Make an appointment with an expert
"*" indicates required fields
Altares Data
500M
OF ENTITIES IN THE WORLD
255M
LEADERS
161M
UBOS IN THE WORLD
6M
UBOS IN FRANCE
2.5M
UBOS IN THE NETHERLANDS
1.7M
UBOS IN BELGIUM & LUXEMBOURG
4 steps to build supplier relationships :
supplier knowledge
KYS and decide
Collect supplier knowledge elements
1. Collect supplier identification data
2. Check if the supplier is already registered
3. Deduplication and quality control of supplier data
4. Update and/or enrich supplier data
5. Check if the supplier’s KYS is up to date
6. Analyze the financial reliability of the supplier
Why Altares can help
Altares supports you in all of your Purchasing procedures, in particular by bringing your portfolio of suppliers into compliance, to ensure that they comply with the legislation in this area, and the principles of Corporate Social Responsibility which are increasingly more related to Data.
The regulatory landscape is becoming an essential issue for companies subject to it, in a global approach to strengthening ethical business practice.
The success of your Purchasing policy goes through several stages of verifying the data of your third parties, protecting your reputation and monitoring compliance with regulations.
Get in touch with one of our expert Purchasing advisors to jointly carry out the risk diagnosis on your supplier portfolio, and discover Altares’ responses to your Purchasing compliance issues.
The Supply solutions we offer
Altares supports its customers in the analysis and segmentation of their supplier panel.
Platforms
indueD
indueD facilitates your due diligence, for an optimised compliance of your business relations portfolio. Integrating the latest compliance regulations and thanks to dynamic data visualisation, indueD makes your compliance issues a reliable, simple and fast process. indueD is aimed at all sectors of activity exposed to compliance issues: banking & insurance, industry, distribution, etc., and more particularly at resource and purchasing departments.
Platforms
inDoc
Do you need quick access to official company documents ? You need to be sure of the origin of the document? It's easy with inDoc! Simply place your order, via the DUNS Number (or via a manual search) inDoc provides you with official company documents, by email, in less than 1 hour* in a large number of countries, facilitating your due diligence.
Platforms
D&B Onboard
KYC, KYV, KYB, search for beneficial owners, screening of sanction lists: D&B Onboard helps you to cope with the increasing complexity of compliance obligations (including due diligence). D&B Onboard simplifies your compliance procedures and saves you time on your audits in the face of changing regulations and obligations.
Platforms
PPI
The DunTrade member-only payment behaviour analysis platform gives you an exclusive view of the Paydex, an index of your third party's payment behaviour, allowing you to:
Identify customers who pay you late, but who pay other suppliers' invoices on time.
Also identify customers who are all paying their suppliers late and therefore appear to be in difficulty.
Platforms
D&B Hoovers
Online platform dedicated to your business development in France
Identify your prospects by crossing identity criteria, business indicators, web data, geolocation and your own data
Search for a company and get a complete view (capital tree, decision makers, financial data, etc.)
Segment your targets
Export decision makers to carry out your marketing campaigns
API / Connectors
Direct +
D&B Direct+ allows you to integrate D&B data into your CRM, SRM or ERP. This data and its analyses are constantly updated, allowing you to :
make your third-party data repository (customers, prospects, suppliers) more reliable,
have reliable data that is updated with each change,
Save time by integrating your data into your applications,
easily follow the evolution of your third parties in real time.
API / Connectors
Business Add-On
Integrate and optimise the management and reliability of your third parties in SAP® :
Control your data repository with the most reliable and comprehensive data from the D&B database,
get daily updated information,
integrated directly into your business applications.
The Supply solutions we offer
Altares supports its clients in the analysis and segmentation of the French market.
indueD facilitates your due diligence, for an optimised compliance of your business relations portfolio. Integrating the latest compliance regulations and thanks to dynamic data visualisation, indueD makes your compliance issues a reliable, simple and fast process. indueD is aimed at all sectors of activity exposed to compliance issues: banking & insurance, industry, distribution, etc., and more particularly at resource and purchasing departments.
Do you need quick access to official company documents ? You need to be sure of the origin of the document? It’s easy with inDoc!
Simply place your order, via the DUNS Number (or via a manual search) inDoc provides you with official company documents, by email, in less than 1 hour* in a large number of countries, facilitating your due diligence.
KYC, KYV, KYB, search for beneficial owners, screening of sanction lists: D&B Onboard helps you to cope with the increasing complexity of compliance obligations (including due diligence).
D&B Onboard simplifies your compliance procedures and saves you time on your audits in the face of changing regulations and obligations.
The DunTrade member-only payment behaviour analysis platform gives you an exclusive view of the Paydex, an index of your third party’s payment behaviour, allowing you to:
• Identify customers who pay you late, yet pay other vendors’ invoices on time.
• Also identify customers who pay all their suppliers late and who therefore seem to be in difficulty.
• To anticipate these risks well in advance of default, in order to support your customers in difficulty, while securing your outstandings.
Online platform dedicated to your business development in France
• Identify your prospects by crossing identity criteria, business indicators, web data, geolocation and your own data
• Search for a company and get a complete view (capital tree, decision-makers, financial data, etc.)
• Segment your targets
• Export the decision makers to carry out your marketing campaigns
D&B Direct+ allows you to integrate D&B data into your CRM, SRM or ERP. This data and its analyses are constantly updated, allowing you to :
• make your third-party data repository more reliable (customers, prospects, suppliers),
• have reliable and updated data with each change,
• save time by integrating your data into your applications,
• follow easily and in real time the evolutions of your third parties.
Integrate and optimise the management and reliability of your third parties in SAP® :
• control your data repository thanks to the most reliable and exhaustive data from the D&B database,
• get daily updated information,
• integrated directly into your business applications.
Learn more
