FINANCIAL SERVICES

Extend enterprise applications to achieve 100% invoice digitization, eliminate supplier fraud, connect all users and gain efficiencies.

The financial services sector continues to face growing SEC regulations enforcing strict supplier risk and data privacy thresholds. While enterprise applications take steps to protect against third-party risk, validating supplier data and invoice processing are still largely manual efforts opening the door to human error and fraud.

Data Assure: Touchless, fully automated supplier data validation
Invoice AI: Automatic invoice validation and digitization
Connect: Collaboration Platform Integration

Supplier Fraud Prevention

Financial organizations must be at the forefront of supplier risk management. With Data Assure, all registering supplier data is validated, flagged, or rejected based on automatic multi-source spot checks. Relish Data Assure globally validates:

  • legal name
  • address
  • bank routing numbers
  • tax IDs
  • up-to-date sanctions lists (like OFAC)
  • W8, W9
  • PII
  • Integrate any third-party data source (EcoVadis, D&B, ISNetworld, GIACT, GAN, and more) to enrich supplier profiles.

With Relish Data Assure, apply automated checks in the supplier onboarding process to stop possible fraudsters at the front door. Re-check when suppliers change their information and run periodic checks for risky suppliers. Better yet, add automation to the invoicing process when processing one-time suppliers for payment.

Payment Accuracy

How can financial institutions solve for hard-to-enable suppliers who generate their own invoices?  These rouge, typically service-related, invoices are either on paper or arrive via email.  Manual processing of these invoices is no longer a viable option.

Invoice AI automatically reads invoices from any source, in any format, and validates them against master data, POs, government tax authorities, and more.

Invoice AI is specifically tuned to read disparate documents in the Invoicing context.

  • Eliminate re-keying of supplier invoices into your procurement system.
  • Suppliers correct invoice errors before you even see them.
  • Allow AP to manage true invoice reconciliation exceptions. Invoice AI offers a touchless path for all invoices to enter your existing AP workflow.

Automate Supplier Invoicing with Invoice AI

This Financial Services client knew they needed a solution to automatically process all LAC invoices.  The top priorities were eliminating supplier fraud and reducing manual efforts to gain efficiencies.

The Relish Advantage

Enable in days

Relish apps are easy to install and configured to extend your existing enterprise application.  No new long-term projects.  Just install and go!

Security

Relish utilizes SOC-2 enterprise-grade best practices to protect all data.

Great partnerships

Work directly with Relish or find us on the SAP Store or Coupa App Marketplace.  We meet you where you are.

Our clients are industry leaders

Industry leaders understand the limitations of enterprise solutions and benefits from Relish solutions.

Resources

June Employment Report: What to Expect

June Employment Report: What to Expect

Soaring food and energy inflation and a slowing economy could lead to job cuts in the small business sector. “To stay afloat, most businesses will have to do more with less staff, less capital for investment, and less product to sell,” Sean Sollitto, co-founder of Relish, told International Business Times.

read more