Redwood: Validate Supplier Bank Accounts

Welcome to the demo of the 25C Redwood Validate Supplier Bank Accounts Procurements Supplier model. You can now validate bank accounts in the Redwood supplier registration, both internal and external, using J.P. Morgan's bank account validation service. The service checks for validity of the bank account number or IBAN, as well as the accounts ownership with the supplier and returns the outcome status to the registration approvers, reviewing bank accounts.

An invalid bank account provided by the requester results into a failed or incorrect payment, causing delay in payment to the supplier and even a financial loss to the organization. J.P. Morgan's account validation service now empowers supplier registration approvers, reviewing bank accounts to take appropriate actions based on their validation statuses. This results into more accurate bank accounts available for correct and timely payments to suppliers.

In this demo, I will submit a supplier registration request with an incorrect bank account information and then provide the approval view on how the validation status is communicated through the approval notification and what action approval can take. I'm using the Redwood self-service supplier registration URL to submit a supply request. I have already provided my email and entered the access code received on that email.

Now, I will enter the company name as Small Inc., provide country as United States, provide the taxpayer ID. Select organization type as corporation and Save. I have already completed other steps like contacts and addresses and will now enter a bank account. On bank account step, my country defaults to United States based upon country selected on the company details step.

I'll select a routing number. Selecting routing number defaults my bank and branch. I will then enter the account number. This is an incorrect account number that I have entered. I will select currency, provide account type, and give account name. I will then attach a supporting document for my bank account. We'll Save. Move to the next step and Submit my request.

After the request is submitted, the bank account validation service is called and the outcome of the validation will be displayed to the approvers.

For the next part of the demo, I have logged in as an approver of the registration request. I will now access the approval notification for the request submitted for Small Inc. and will review the validation message for the bank account. This is the Redwood based supplier registration approval notification, I will scroll down to the bank account section to review the outcome of the validation.

Since the bank account provided was invalid, I see these messages that the bank account is closed or invalid for payment transactions, and the account owner could not be validated. Based on this information, I as an approver, can take request to resubmit action to send back the request to requester for resubmission with correct information.

If request is sent back and requester submits the request again, the validation service will revalidate the bank with the latest information. And then the approvers will see this updated validation status on the approval notification. A bank account, as well as ownership with the supplier is found to be valid. The verified message will be shown.

Once this request is approved, the supplier created will have an accurate bank account, resulting into correct and timely payments to suppliers for their future transactions. This concludes the demo.