Updating Banking Information with Graphite

The collapse of Silicon Valley Bank (SVB) has caused a lot of turmoil in the business world, including the collapse of other large banks. Whether your organization had an account with the bank or your suppliers did, the impact was felt across industries. Beyond just switching their accounts to a new bank, updating supplier records is another challenging problem to deal with. Delays in this aspect will significantly impact payments being processed. With Graphite Connect, you can quickly identify your suppliers who banked with now-closed banks, target these suppliers with mass communication, and expedite updating your master record with verified banking information to avoid any interruption to business.

Buyers

Graphite Connect provides accurate visibility into which of your suppliers banks with at-risk or defunct banks. With advanced search capabilities, you can pinpoint suppliers with bank accounts associated with affected banks. This allows you to focus on suppliers you need to fix problems with rather than reaching out to your entire supply chain en masse. By targeting only those affected, you can quickly message them and confirm data or remind suppliers to update their data. With built-in communication tools, getting the word out to your suppliers is easy.

Additionally, you can rest assured that the new banking data is accurate and protected from fraud. Any banking data, including accounts being updated, require your suppliers to verify themselves through two-factor authentication. Additionally, changes must be approved by a second user who must verify themselves. Once the bank information has been updated and verified, it will sync automatically with your ERP/P2P tools, ensuring that critical business systems are kept up-to-date.

Suppliers

Graphite Connect puts suppliers in control of their data. This means that suppliers can update their own banking information in one location and have this updated automatically across all other connections on the Graphite Network. In addition, our security measures and double redundancy safeguards ensure that banking information is protected from fraud.

For more information on updating bank information, see our help center article.

To say that none of us had “significant bank failure” on our 2023 bingo cards would be a gross understatement. However, while bank failures undoubtedly cause significant disruption, with Graphite Connect, the disorder is minimized by quickly surfacing affected suppliers, enabling quick communication, and allowing suppliers to update their information securely before the data automatically flows into your transaction system.

To learn more about supplier-managed data, effective supplier information management, and more, schedule a time with one of our experts.