Vendor Identity Verification
Hyperbots Vendor Management Co-pilot automates vendor identity verification with two-way or three-way document matching, real-time validation, and integration with external databases.
Key Features
Automated identity matching
Verifies vendor identity through two-way or three-way matching of uploaded documents such as W-9 forms, contracts, and system records.
Document authentication
Validates the authenticity and completeness of submitted documents, ensuring that only genuine vendors are onboarded.
Integration with external databases
Connects with third-party databases or government systems to validate critical vendor details like tax IDs and business registrations as need arises.
Real-time validation feedback
Provides immediate feedback to vendors or procurement teams on validation outcomes, flagging inconsistencies for correction.
Customizable verification rules
Supports configuration of identity verification rules to align with company policies and regional compliance requirements.
Secure handling of vendor data
Ensures all uploaded documents and identity data are encrypted and securely stored to prevent unauthorized access.
Audit trail for verification actions
Maintains detailed records of all identity verification actions, including timestamps, results, and corrections.
Spend optimization due to vendor rationalization
Co-pilot helps in spend reduction by consolidating suppliers, enabling bulk discounts, reducing administrative costs and improving procurement efficiency
Vendor onboarding effort
AI-enabled automation in vendor information capture and W-9 form verification significantly reduces vendor onboarding time by streamlining data entry, ensuring compliance, and minimizing manual errors.
Realtime status update
A vendor portal benefits vendors by providing real-time visibility into purchase orders, invoice processing, and payment statuses, enhancing transparency and trust
VALUE PROPOSITION
Why Hyperbots Vendor Management Co-Pilot?
Hyperbots Vendor Management Co-pilot streamlines vendor onboarding, identity verification, and collaboration while automating tasks like data uploads and real-time communication, ensuring efficiency, compliance, and transparency in vendor relationships.
Before and After Hyperbots Vendor Management Co-Pilot
FAQs: Vendor Identity Verification
How does the Co-pilot verify vendor identity?
The Co-pilot uses two-way or three-way matching of uploaded documents, such as W-9 forms and contracts, with system records to verify vendor identity.
Does the Co-pilot validate the authenticity of submitted documents?
Yes, it validates the authenticity and completeness of documents, ensuring only genuine and accurate vendor information is onboarded.
Can the Co-pilot connect to external databases for additional verification?
Yes, it integrates with third-party databases or government systems as needed to validate vendor details such as tax IDs and business registrations.
How does the Co-pilot handle inconsistencies in vendor information?
The Co-pilot provides real-time feedback to vendors or procurement teams, flagging inconsistencies for correction during the onboarding process.
How does the Co-pilot ensure data security and compliance?
All vendor identity data and documents are encrypted and securely stored, with detailed audit trails maintained for traceability and compliance.
Why Hyperbots Agentic AI Platform?
Finance specific
Hyperbots Agentic AI platform specializes exclusively in finance and accounting intelligence, leveraging millions of data points from invoices, statements, contracts, and other financial documents. No other platform has such large pretrained models on F&A data.
Best-in-class accuracy
Hyperbots achieves 99.8% accuracy in converting unstructured data to structured fields through a multimodal MOE model integrating LLMs, VLMs, and layout models. With contextual validation and augmentations, the platform ensures 100% accuracy for deployed agents.
Synthesis of unstructured and strutured finance data
Hyperbots agents emulate finance professionals to autonomously perform F&A tasks by reading and writing data like COA, expenses, and vendor masters from core accounting systems and integrating it with unstructured data from financial documents such as invoices, POs, and contracts.
Pre-trained agents with state of the art models
Hyperbots' Agentic platform, pre-trained on millions of financial documents like invoices, bills, statements, and contracts, ensures seamless integration, high accuracy, and adaptability to any accounting content, form, layout, or size from day one.
Company specific inference time learning
Hyperbots' Agentic platform employs state-of-the-art Auto ML pipelines with techniques like reinforcement learning to enable inference-time learning for tasks such as GL recommendation and cash outflow forecasting, ensuring continuous improvement and adaptability.
