Trust Your Supplier (TYS) and Signzy, two innovative industry leaders, have joined forces to revolutionize supplier lifecycle management and risk assessment. This partnership marks a significant step towards enhancing data security, compliance, and transparency for global organizations. By leveraging Signzy’s expertise in AI-based digital onboarding and risk management and TYS’s blockchain-based Supplier Information Management (SIM) system, this collaboration aims to streamline the vendor application and verification process
Challenges faced by TYS
They faced multiple challenges in supplier onboarding and identity verification which include:
- Security and Compliance: Ensuring data security, fraud prevention and compliance with regulatory standards is paramount in supplier onboarding.
- Efficiency: Manual processes often lead to delays and increased costs in supplier onboarding and identity verification.
- Data Accuracy: Errors in supplier data can have far-reaching consequences, impacting business operations and decision-making.
Benefits of the TYS and Signzy Partnership
As a part of our vendor authentication process, Signzy’s bank account verification solution offers real-time validation of bank account details, reducing the risk of fraudulent activities and ensuring data accuracy. Here’s how Signzy’s solution addressed TYS’s challenges:
- Fraud Prevention: Signzy’s solution introduced robust fraud prevention mechanisms by validating supplier bank account information in real-time confirming the account belongs to the business onboarded.
- Global Database Checks: Signzy’s platform seamlessly integrates with global databases, enabling cross-referencing of supplier information with international financial institutions and regulatory databases, ensuring compliance with global standards.
- Continuous monitoring: Signzy’s dashboard simplifies and enhances the critical data management process by ensuring data accuracy and reliability is maintained, and regular checks are conducted.
- Cost-Effectiveness: Signzy’s solution offered cost-effective vendor verification services, aligning with TYS’s commitment to affordability without compromising on quality.
“The strategic collaboration between Trust Your Supplier and Signzy will transform supplier lifecycle management and risk assessment, enhancing data security and compliance for global organizations,” said Gary Storr, General Manager of Trust Your Supplier. “Our combined expertise will enable businesses to effectively manage supplier lifecycles and mitigate risks across various business divisions, ultimately making the procurement process more transparent and resilient.”
Conclusion
The strategic partnership between Trust Your Supplier and Signzy has ushered in a new era of efficiency, security, and compliance in supplier onboarding and verification. By leveraging cutting-edge technology and innovative solutions, both companies have demonstrated their commitment to providing transformative solutions for the challenges faced by enterprises today and in the future.
This collaboration serves as a testament to the dedication of Trust Your Supplier and Signzy in driving innovation and setting new standards in the industry. As the business landscape continues to evolve, organizations can trust in the capabilities of TYS and Signzy to meet their supplier onboarding and identity verification needs with excellence.
