Vendor Validation ensures your company’s vendor data is compliant and less likely to invoke sanctions by verifying critical information like addresses, Taxpayer Identification Numbers (TIN), and compliance with the Office of Foreign Assets Control (OFAC) Sanctions List. This feature integrates with external validation providers to reduce errors and help meet both business and federal compliance requirements. Each validator entity is referred to as a ‘provider’ in Mekorma documentation.
Before you can use Vendor Validation, follow these setup steps:
- Set Permissions: Ensure users have access to Vendor Validation through the User Setup page. Only users with the proper permissions can perform validations.
- Activate Validation Providers: Enable specific validations in the Vendor Validation Setup page:
- TIN Matching: Confirms vendor TINs with Internal Revenue Services (IRS) records.
- OFAC Screening: Verifies vendors against the OFAC Sanctions List.
- Address Validation: Ensures accurate and valid addresses.
Configuration is company-specific, allowing you to customize the providers for each organization.
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