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

Salutations
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
This field is for validation purposes and should be left unchanged.

Altares Data

440M

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 :

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.

Altares logo

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.

Learn more

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.

Learn more

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.

Learn more

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.

Learn more

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

Learn more

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.

Learn more

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

How can we help ?

The problem is simple and longstanding; the reconciliations carried out for several years on the one hand, and the great diversity of the management systems on the other hand, generate multiple sources and identity data concerning the suppliers. It is therefore essential to optimise your supplier base through a common repository, which should be accessible via different solutions depending on the maturity and purchasing methods of each division or department.
With the advent of Corporate Social Responsibility and the strengthening of ethical approaches, supplier sourcing goes well beyond the simple business relationship, deliveries and invoicing. You need to be able to align your supplier line more precisely to define this sourcing as closely in line as possible with your purchasing strategy.
Initially administrative, this step has now taken on a strategic dimension, the duration of which can penalise your clients. Upheavals observed in the prices of raw materials and lockdowns throughout the world can force companies to face unusual behaviour within their supplier creation process.
Whether it’s for your existing suppliers or those you’re considering working with, you need to have real-time access to three key data sets: compliance, financial default risk and CSR data.
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.