Contract Management

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Wire confirmation/call back systems

  • 1.  Wire confirmation/call back systems

    This message was posted by a user wishing to remain anonymous
    Posted 03-16-2022 08:50 AM
    This message was posted by a user wishing to remain anonymous

    I work in a consulting type role and support various Private Equity firms with best practices around vendor management (and other operational topics). One of these firms has about 8,000 vendors today and is struggling to manage the wire instruction confirmation process.

    Currently, their accounts payable team does the initial wire instruction confirmation call at onboarding. Later, if an invoice is received with different instructions, they perform the same call back procedure using the original phone number/contact information. As you can imagine, this has been very difficult for them to manage because of (1) the volume of vendors and (2) many people have been working from home these days, which makes it difficult to get confirmation of instructions when calling the office number. 

    They are looking for system or service provider that can manage this process for them. My initial thoughts are that it is likely risky to engage with a third party to handle these confirmations for them. I am wondering if anyone else has come across this question or outsources these services/uses a system for confirmation.