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Validating vendor payment information
December 19, 2023
Q. What is best practice when verifying or authenticating a vendor’s banking details? Is the process the same for both domestic and foreign vendors?
Has it been challenging for practitioners when dealing with foreign vendors and the time zone difference? If so, what process have you put in place?
A.
(Answered by the IOFM Advisory Panel)
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We have a supplier business form to fill out and once returned we will contact the vendor for account verification. We are getting away from bank letters,…
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