Introducing Vendor Compliance Checks, an invaluable addition to the Routable platform designed to take your risk management efforts to the next level.
Every year, more than 70% of businesses experience invoice or payment fraud, with AP teams being the primary targets. Failing to properly assess compliance, fraud, and financial risks can severely damage your business’s stability. This oversight can lead to audits, penalties, financial losses, and damage to your reputation and credibility.
Instead of relying on expensive third party monitoring services, add compliance and risk management workflows to your Routable platform to further ensure the security of your payments.
With Vendor Compliance Checks, you can:
- Reduce your financial risk
- Stay tax compliant
- Eliminate the need for 3rd party compliance services
Reduce your financial risk
This feature offers a comprehensive solution to mitigate financial risk and ensure peace of mind when engaging with vendors. With Vendor Compliance Checks, you can verify crucial vendor information such as TINs (EIN & SSN), legal names, and addresses while screening against a database of over 6000 global watchlists, including OFAC and EU.
Utilizing AI and fuzzy matching logic, our system provides continuous monitoring, promptly notifying you of any changes in a vendor’s risk status. Whether you’re dealing with domestic or international vendors, Routable’s Vendor Compliance Checks have you covered, empowering you to make informed decisions and confidently safeguard your financial transactions.
Stay tax compliant
Avoid tax-related complications and penalties by verifying vendor information upfront. With Vendor Compliance Checks, you can verify Taxpayer Identification Numbers (TIN), including EIN and SSN, during vendor onboarding or before issuing payments. Additionally, requesting updates to tax information individually or in bulk triggers revalidation of TIN and watchlist checks. Should any concerns arise, take action by suspending risky vendors and ensuring you remain compliant with your transactions.
Eliminate the need for 3rd party compliance services
With seamless integration into our platform, you can onboard, verify, and pay your vendors or contractors without leaving Routable. Tailor your compliance strategy by choosing which vendors to enroll using a variety of preset filters, ensuring efficiency and flexibility.
Plus, with the option to pay only for the vendors you want to check, you have full control over your expenses while maintaining the highest compliance standards. Say goodbye to the hassle of third-party verification tools and experience the convenience and peace of mind that come with an integrated compliance solution.
How to start using Vendor Compliance Checks
If you’re a current Routable customer and want to start using Vendor Compliance Checks, this feature is available to all customers with vendor tax collection enabled. Simply reach out to success@routable.com to get the feature enabled in your account.
If you’re a new customer and want to learn how Routable can automate your invoice processing, payments, vendor onboarding, approval, and compliance flows, schedule a demo with us.