Preventing fraud and errors
Bearing in mind that phantom invoices, phishing, etc. are common and that insufficient checks were made on supplier data, a stricter check was introduced. This meant that every supplier was emailed to ask if they could send a copy of their bank details. Suppliers found this strange and it caused a huge backlog. An employee then said: "I think this can be done differently". This is how De Connectie ended up at Bluem. Now, when a new supplier is created, first a print screen is made confirming that the IBAN-Name Check has been carried out. This is then sent to a second check, which also performs this check. This prevents fraud and errors.
The data check now takes place within seconds, instead of 1-2 weeks.
Check done in seconds
The implementation went smoothly and the dashboard could be used almost immediately. Ten employees in customer relations and accounts receivable management work with this and are very satisfied; Jane says that the job satisfaction has increased.
In addition, they used to ask suppliers to send a copy of their bank details; this often took 1-2 weeks. With the IBAN-Name Check, the payment details are checked within seconds. The solution is customer-friendly and gives De Connectie a better image; suppliers no longer wonder whether De Connectie believes them.
Efficient business processes
The Connectie checks for company name and IBAN. When an invoice arrives, the system searches for the bank account based on this trigger. The supplier does not notice this, except for the 'no match' message. Relation management then performs the old-fashioned, manual action: they ask the suppliers to send a copy of their bank details.
With the IBAN-Name Check, De Connectie always has the correct data of its suppliers. In addition, changes in account numbers can be immediately adjusted in the administration. In short: always the right customer data and more efficient, safer business processes.
In the future, De Connectie would like to be able to check foreign suppliers. Cross Border checks would therefore be interesting. In addition, the Companies Check may be interesting; it confirms the Chamber of Commerce number while performing an IBAN-Name Check. This helps organisations with their AML and KYC/KYS requirements, and saves a lot of manual work.
Jane Hofman, Team leader Financial Administration De Connectie
"We have made a step change in our business processes and are closely following the developments of the IBAN-Name Check, so that De Connectie can continue to improve its customer-friendliness and efficiency."