MAR 21 2023 Blog Data

Updating Your Supplier Banking Information with Graphite

The collapse of Silicon Valley Bank (SVB) has caused a lot of turmoil in the business world, even resulting in 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 challenge to deal with, as delays will significantly impact direct deposit and electronic payments being processed.

With Graphite Connect, you can quickly identify which suppliers banked with now-closed banks, target these suppliers with mass communication, and swiftly update your master record with verified supplier banking data to avoid any interruption to your business.

For Buyers

Graphite Connect provides accurate visibility into which of your suppliers banks with at-risk or defunct financial institutions. Advanced search capabilities allow you to pinpoint suppliers with bank accounts at affected banks. This enables you to focus specifically on those 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 to confirm data or remind suppliers to update their bank account data. Built-in communication tools makes getting the word out to your suppliers easy.

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

Supplier Data Management

For Suppliers

Graphite Connect puts suppliers in control of their own data. Suppliers can update their own bank account information in one location and have this data updated automatically across all other connections within the Graphite network. In addition, our double redundancy and security measures safeguard supplier banking data 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 to business payments, with Graphite Connect, the disorder is minimized by quickly surfacing affected suppliers, enabling quick communication, and allowing suppliers to update their bank account information securely before the data automatically flows into your transaction system.

Ready to Learn More?

In light of recent bank failures, the ability to efficiently and securely update supplier bank information has never been more critical. Graphite Connect offers a streamlined solution to quickly identify and communicate with affected suppliers, ensuring that your business remains uninterrupted.

If you’re a buying organization, gain precise visibility into which suppliers are impacted and efficiently target your communications using Graphite Connect’s advanced features. Security measures offer peace of mind by ensuring that updated bank account information is accurate and protected from fraud.

If you’re a supplier, take control of your banking data with ease. Update your bank information in one place and have it securely stored, synced across the Graphite network, and protected by our stringent security protocols.

Don’t let such attacks or the chaos of bank failures disrupt your business operations. With Graphite Connect you can manage supplier data effectively, maintain uninterrupted transactions, and secure sensitive bank account information against fraud.

Ready to Learn More?

Schedule a demo with one of our experts today to explore how Graphite Connect can simplify and streamline your supplier information management.

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#Supplier Bank Data
#Supplier Risk Management
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#Vendor Risk Management