Ensuring the accuracy of supplier banking details and payment terms is a critical challenge in accounts payable. Errors or fraudulent entries can lead to lost funds, compliance violations, and reputational damage, while late payments disrupt supplier relationships and business operations.
The Supplier Payment Verification Agent proactively addresses these risks by automatically cross-checking flagged or high-risk payment requests against internal data. It analyzes supplier records, historical payments, and transaction patterns, and even examines unstructured data such as free-text instructions and supplier communications to detect inconsistencies or anomalies before any payment is released.
By integrating this verification step early in the payment workflow, organizations can significantly reduce payment errors, prevent fraud, ensure regulatory compliance, and improve operational efficiency. Finance teams benefit from fewer exceptions, lower administrative burden, and more time to focus on strategic, value-added activities turning a traditionally reactive process into a proactive safeguard for the business.
Accuracy
TBD
Speed
TBD
Sample of data set required for Supplier Details Assurance Agent:
High-Risk Payment Request Flagged for Verification
Request ID:
PR-2023-9512Date Flagged: 2023-10-26 Reason for Flagging: Unrecognized banking details provided in free-text instructions. Potential Business Email Compromise (BEC) risk.
Payment Details
Source System: ERP_Procurify Data from Supplier Master File:
Unstructured Data from Payment Request Notes:
Sample output delivered by the Supplier Details Assurance Agent:
Supplier Details Assurance Report
Report ID:
SDA-VER-2023-9512Generated On: 2023-10-26 11:34 UTC Status: CRITICAL WARNING - MANUAL INTERVENTION REQUIRED
1. Summary of Verification
The agent has analyzed Payment Request
PR-2023-9512for Apex Solutions (Invoice APX-8872, Amount $152,430.00). The request was flagged due to a deviation from the supplier master file for both banking details and payment terms, based on unstructured notes from an external email.
| Attribute | Master File Record | Requested Change | Mismatch? |
|---|---|---|---|
| Bank Name | Global Financial Services | Digital Trust Bank | Yes |
| Account Number | **1098 | **2365 | Yes |
| Routing Number | 021000021 | 099000018 | Yes |
| Payment Terms | Net 45 | Net 15 | Yes |
Net 15 contradicts the master agreement term of Net 45.099000018 for Digital Trust Bank shows a low trust score and has been associated with a 12% increase in payment failure alerts in the last 60 days.ACTION: DO NOT PROCESS PAYMENT.
Reasoning: Multiple critical discrepancies have been identified between the payment request and the verified supplier master file. The combination of an un-notified bank account change, altered payment terms, and a low-trust score on the new routing number indicates a high probability of attempted payment fraud (Business Email Compromise).
Next Steps:
Streamlines triage, compliance validation, and routing for AP exceptions to accelerate accurate and consistent resolution.
Generates compliant regulatory filings and vendor notifications for 1099 and escheatment, reducing manual effort and ensuring accuracy.
Validates AP and P-Card transactions against policies, thresholds, and documentation rules, surfacing noncompliance and accelerating period-end close.
Validates, normalizes, and consolidates AP data to ensure accurate and reliable period-end close reporting.
Continuously monitors AP transactions to detect anomalies, duplicates, and high-risk patterns, enabling faster intervention and a smoother financial close.
Analyzes AP KPIs and trends to generate executive-ready performance narratives and insight summaries.