The vendor verification process made easy
When bad actors are able to compromise vendor or supplier email accounts, they can update banking data and redirect payments with ease. Fraudsters are committing business email compromise on all sizes of business and targeting ones who lack processes and technology to properly vet, verify and manage vendors.
Seamless integration
Graphite Connect seamlessly integrates with your existing ERPs, third-party data providers and project management tools like Jira and Slack. This compatibility reduces the need for extensive training and helps your team quickly adapt to the new process. Think of Graphite like the sieve that weeds out bad or fraudulent data before it hits your ERP, keeping your master vendor data clean and protected.
Automated verification
By automating the vendor verification process, Graphite Connect eliminates manual errors and improves accuracy. This automation not only speeds up verification but also makes sure that all compliance requirements are consistently met.
Real-time updates
Stay informed with real-time updates on the status of your vendor verification. This feature allows you to promptly address any issues and make informed decisions throughout the vendor screening process, reducing the risk of working with non-compliant suppliers.
Expedite your vendor verification process
Fast supplier onboarding
Our platform makes the vendor identity verification process quick and efficient, minimizing the time spent on onboarding new suppliers and ensuring supplier-managed data comes straight from the correct source. This feature reduces delays and helps you start working with verified vendors faster.
Accurate data collection
Graphite Connect collects and verifies vendor information with high accuracy, reducing the risk of errors and fraudulent activities. Through telecom verification and a live identity verification technology similar to the technology used by LinkedIn to verify accounts, vendors are confirmed to be who they say they are. This means you only work with legitimate and reliable suppliers, which protects your business interests.
Compliance assurance
Stay compliant with industry regulations through our automated commercial data validation checks. This feature reduces the risk of non-compliance penalties and boosts your organization’s reputation for meeting legal standards.
Why Graphite Connect?
Enhanced security measures
Graphite validates key data points provided by vendors and suppliers during onboarding to prevent fraud. These data points include mobile phone number, PII like name and email, company locations, bank account, company name/DBA, Tax Identification Number (TIN), and tax classification.
Real-time ID verification
Vendor identities are confirmed in real-time as they complete onboarding. This method – which meets GDPR privacy and CCPA standards – uses cutting-edge technology to take a live selfie and confirm identity with a government ID as well, preventing a bad actor from using deepfake technology to corrupt supplier data.
Flexible verification options
While our telecom and government ID verification is the fastest way to get vendors onboarded, manual ID verification remains available for vendors unable to complete the streamlined process. This flexibility ensures that all vendors can be verified securely, regardless of their circumstances.
Safeguard your vendor relationships with vendor identity verification
What is vendor identity verification?
Vendor identity verification is the process of confirming the legitimacy and accuracy of a vendor’s provided information. This involves checking key data points such as personal and company details to prevent fraud and support compliance with regulatory standards. This can also be known as a “Know Your Supplier” approach to vendor management.
Why is the supplier verification process important?
The supplier verification process is important because it protects your business from fraud and non-compliance risks. By verifying supplier identity, you can maintain a trustworthy network, protect sensitive information, and support smoother operations.
How do you verify a supplier’s identity?
Supplier identity verification involves validating data points like mobile phone numbers, personal information, company locations, bank accounts, company names/DBA, TINs, and tax classifications. This can be done through automated ID verification or manual verification if needed.
How can Graphite expedite the vendor verification process?
Graphite accelerates the vendor verification process through real-time digital ID verification and automated checks. This streamlined approach reduces onboarding time and improves security while ensuring that vendors are verified quickly and accurately. No more teams of full-time employees doing manual verifications and confirming data.
Start securing your vendor relationships today
Ready to streamline your vendor verification process and safeguard your business? Contact Graphite Connect now to learn how our innovative solutions can protect your operations and improve efficiency.
Don’t wait to verify that your vendors are trustworthy – get started today!
See what Graphite has to offer
Contract compliance audit
Conduct detailed audits of all <a> supplier contracts</a> to ensure compliance with regulations and standards.
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