SOURCE: The Accounts Payable Network

July 10, 2008 11:03 ET

The Accounts Payable Network Brings Power to the Payables Department

Industry Leaders Team to Streamline Vendor Master File Management

ATLANTA, GA--(Marketwire - July 10, 2008) - The Accounts Payable Network today announced the debut of Master File Solutions Suite to help accounts payable professionals cleanse, standardize and enrich vendor master file data.

Master File Solution Suite is offered by The Accounts Payable Network (TAPN) and powered by Equifax Commercial Information Solutions. The new offering leverages Equifax's data management services -- an integral part of its Commercial Information Solutions business -- to help accounts payable, finance, accounting and purchasing professionals manage vendor master file activities.

As part of the launch, TAPN and Equifax are offering a free vendor master file assessment to qualified organizations.

"Industry factors such as increasing M&A activity, complex regulatory and compliance requirements, changing sourcing strategies and more sophisticated fraud perpetrators have heightened the need for timely and effective vendor master file management," said Phil Binkow, CEO, The Accounts Payable Network. "Together with Equifax, we are delivering powerful tools for effective vendor master file management while also helping companies guard against fraud."

Master File Solutions Suite can cleanse, standardize and enrich vendor file data in a matter of weeks. A proprietary 5-Tier match process enables industry-leading match rate accuracy to help accounts payable professionals:

--  Identify duplicate records
--  Track spend by supplier
--  Identify spend by corporate family landscape
--  Identify high risk or debarred suppliers
--  Calculate dependency ratios
--  Track diversity spend and meet compliance reporting requirements
    

Through the relationship with Equifax, the new offering also helps The Accounts Payable Network's global membership manage risk throughout the accounts payables process with advanced fraud solutions.

"Accounts payable professionals must balance the need to comply with complex government regulations and make accurate disbursements," says Rip Greenfield, vice president, Commercial Information Solutions, Equifax. "Since a significant portion of a company's revenue is dispersed through accounts payable, there is a critical need for an offering like the Master File Solution Suite that can optimize the vendor master file while minimizing risk and preventing fraud."

Master File Solutions Suite's comprehensive discovery program matches suppliers to a global reference database of commercial businesses (more than 32 million records) and enriches supplier records with up to 200 client-defined business data elements.

The advent of the Sarbanes-Oxley Act, which requires public companies to follow specific financial reporting and record-keeping guidelines makes Master File Solutions Suite a valuable resource. Combined with TAPN.com's popular AP Tools Suite, Master File Solutions Suite provides accounts payable and purchasing professionals vital resources for keeping their organizations SOX compliant -- without having to create processes from scratch.

All of the new suite services are easy to use and customize and are updated regularly. To learn more about Master File Solutions Suite and The Accounts Payable Network, visit www.TAPN.com/masterfile.

About The Accounts Payable Network (www.theapnetwork.com)

The Accounts Payable Network serves more than 25,000 finance and accounting professionals with deep and comprehensive resources to help develop purchase-to-pay strategies and meet their accounts payable objectives and challenges.

As the premier resource for executives and managers who have oversight responsibility for accounts payable, The Accounts Payable Network provides convenient access to an exclusive accounts payable knowledge-base including certification; best practices for every AP function; AP metrics and benchmarking data; tax, regulatory and compliance guidelines; solutions to real world problems; insightful analysis; AP automation case studies; member Q&A networking forums and more than 270 downloadable, customizable AP policies, flowcharts, templates and internal control checklists.

About Equifax (www.equifax.com)

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, employment and income verification and human resources business process outsourcing services, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.

Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses -- large and small -- rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, HR/payroll services, and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximize their financial well-being.

Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.

Contact Information

  • Contacts:
    Susan Bova
    Vice President
    The Accounts Payable Network
    (770) 984.1184 ext. 230
    Email Contact

    Jennifer Costello
    Director of External Communications
    Equifax Inc.
    404.885.8907
    Email Contact