SOURCE: Lavante


September 15, 2015 09:09 ET

Lavante's Latest Release Gives Enterprise Customers Powerful New Tools to Reduce Risk and Fraud

Lavante SIM Expands Risk Reduction and Fraud Prevention Capabilities at the Supplier and Transactional Levels With New Software Capabilities, All Sitting on Top of the Lavante Connect Platform

SAN JOSE, CA--(Marketwired - Sep 15, 2015) - Lavante Inc., the leading provider of cloud-based supplier management and profit recovery solutions for Fortune 1000 companies, announced today a major product expansion of Lavante's risk mitigation and fraud prevention solutions. This release of Lavante SIM, which is already deployed at multiple Lavante clients, is immediately available and will equip clients with tools to significantly reduce risk and fraud during supplier due diligence and at both contractual and transactional levels. 

With the delivery of this expanded solution set, Lavante has brought to market the definitive product to enterprise and mid-market customers for pre-screening suppliers prior to extending an invitation to propose, negotiate or conduct business. The expanded product feature allows customers to control the workflow of their supplier screening process by enabling users to choose various validation checks against a range of "watch lists" and databases including but not limited to: OFAC, EPLS, SDN, SAM, OIG and USPS. These third party validations, where available, are performed automatically through the Lavante Connect platform and results are displayed to client requestors and buyers in near real-time. In cases where validation databases are not automatically accessible, the platform will manage the inspection process and auto-notify clients as information becomes available. 

Lavante's newly expanded pre-screening capacity represents an industry high-water mark for keeping companies safe. "Lavante has partnered very closely with our team to create and deliver important and powerful risk mitigation and fraud prevention tools," asserts Dawn Trujillo, Senior Accounts Payable Manager at Leggett & Platt. "I do not worry about inadvertently on-boarding fraudulent suppliers when they have been pre-screened through Lavante." 

In addition to the pre-screening features, Lavante has also developed an integrated tool which allows suppliers to upload invoices. Once uploaded, invoices can be accepted by the client approver and payments made accordingly. Customers also possess the ability to inspect and change elements of the invoice during the approval process as well as perform advanced search across an unlimited database of invoices based on a multitude of invoice attributes including, but not limited to: invoice type, invoice amount, vendor type or invoice upload date. As clients benefit from the invoice processing tools, suppliers gain expanded invoice visibility through Lavante's integrated AP Help Desk module.

This SIM release also includes integrated support for contract management, which allow customers to track, store and recall details of Master Service Agreements, SOWs, NDAs and other related deliverables. The contract management feature is configurable per customer. The newly expanded functionality of both the invoice and contract management products provides benefit to both the supplier and the customer and further serves to increase visibility and communication between parties while significantly reducing risk, fraud and other transactional errors.

About Lavante

Lavante is the leading provider of cloud-based supplier management solutions for Fortune 1000 companies. Our mission is to connect businesses with their suppliers while adding value to both by automating and improving the quality, accuracy and cost effectiveness of business interactions. For businesses our software and services help drive dollars to the bottom-line by ensuring quality of supplier data and automation of supplier onboarding and management, including burdensome tax and compliance requirements. For suppliers, we simplify the process of delivering value to clients and improve customer satisfaction, the ability to win new accounts, and profit.

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