Know Your Network - Introducing Mastercard Track
Business leaders all know the immense value of a robust and trusted network of customers. They also know effective management of their supply chain has a significant impact on business performance. Navigating the minefield of fiscal and legal compliance regulations while maintaining control of your company’s cash flow is no easy feat.
But knowledge is power. The more you know about your customers and your supply chain, the greater your ability to mitigate the risk of financial or reputational damage to your business, whether through financial fraud, embargo violations or simply supplier failure. With increasing pressure on financial institutions and companies to comply with Know Your Customer (KYC) regulations and on companies to maintain comprehensive records on their suppliers, the need for enhanced vendor master management has never been more urgent or relevant.
The latest global survey report on KYC suggests that financial institutions have continued to invest significant resources into KYC, rising from an average of $142 million to $150 million last year for large companies. However, the compliance concerns faced by them and their customers appear to be increasing in complexity and volume, with three quarters of banks saying changes in legislation and regulation require them to constantly refresh their customer records just to stay compliant. Companies are increasingly turning to integrated digital solutions to manage these risks.
That’s why we’ve teamed up with Mastercard to offer a new service to Tungsten Network customers: Mastercard Track.
Track Trade Directory
Beginning in early 2019, customers will be able to maintain, retrieve and exchange key information relating to themselves and their trading partners through the Track Trade Directory, a secure, permissioned repository of over 150 million company registrations worldwide. This central directory will integrate feeds from more than 4,500 compliance lists into one place, making the screening and on-boarding of suppliers more efficient.
Tungsten Network customers will be able to set alerts and receive regular reports on any changes in trading status of their suppliers. This is particularly useful in mitigating OFAC, AML and other audit requirements – meaning that our customers can trade confidently, knowing that their vendors are being monitored for changes in compliance or registry status.
Track Payment Directory and Information
As the platform expands, suppliers will have better visibility into cash flow – when they can expect to get paid and for how much – across multiple networks. Track will help connect all types of payments – account-based, card-based or bank transfer – within the platform, while also connecting purchase order and invoice information. This will streamline and simplify back-office reconciliation, one of the largest burdens facing businesses today.
This will integrate with Tungsten Network’s current Invoice Status Service, but runs even deeper. Customers will be able to reconcile funds received against their outstanding invoices simply by logging into their Track profile from the Tungsten Network portal. There they will see a comprehensive list of their recent payments across all networks, with all of the detail they require on who paid it and when. When integrated with our current e-invoicing and trade finance products, this offers our customers an unprecedented level of visibility and control over their supply chain and spend.
Want to find out more about what the new partnership could mean for your business? Get in contact with Tungsten Network today!