Paying a supplier in today’s global, digital economy involves many hazards. More often than not, you may not have actually met a supplier in person, which opens your company up to risk when it comes time to pay them. How well do you know the payee? Are they on a “do not pay” blacklist? Also how do you solve the data collection complexities in effectively executing payments?

Tipalti, one of the leaders in global payment platforms catering for payers with 100s or 1,000s of suppliers world-wide, have developed a checklist which identifies the most critical best practices that global accounts payable departments should institute to safeguard payments to a supplier or partner. The 51 points are grouped by:

• Payee Contact Information
• Banking / Account Payment and Routing Data
• Tax Information
• Anti-Money-Laundering Compliance / Fraud Prevention
• Payment Reconciliation
• Operational Controls.

Tipalti automates the whole business process not just the payments which is the future of payments.

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CTMfile take: This Checklist is essential reading for any Accounts Payable department. It includes some ideas you probably haven’t thought, e.g. not paying until the supplier has completed the correct tax form, see.