The main functions of supplier payments solutions include digital approval processes, automatic risk scoring, fraud detection, and bank file integrations.
With supplier payments solutions, businesses can remove lengthy and error-prone manual approval processes via email or signature on paper. Instead, all review and approval steps are conducted in a secure online tool allowing for full visibility and audit trail of payment transactions.
Digital supplier payments solutions also include risk scoring functions that automatically identify anomalies – such as a new supplier, changed supplier banking details or duplicate payments –to stop potential fraud.
Bank integration is another important function where supplier payment solutions can offer a secure and fast data flow from the business ERP system directly to the bank enabling faster payment transactions.