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Keeping Vendor Payments in Check

In light of the banking industry’s surge of mergers and acquisitions, managing vendor contracts and agreements has become an even more confusing ordeal. In response, RECAP, Inc., an Oak Ridge, NJ-based financial consulting firm, has developed a service to help banks better manage vendor relationships.

Since its founding seven years ago, the company has analyzed more than $300 billion of vendor payments, resulting in the identification and recovery of tens of millions of dollars in erroneous payments.

Using its proprietary database, RECAP claims that its vendor management program immediately identifies 40 to 50 percent of its clients’ total overpayments, duplicate payments and payments made to the wrong vendors. The program also shows clients which of their vendors operate under different names but are owned by the same organization, thus enabling clients to leverage their relationships with these vendors.

Payment for the vendor management service is due only upon positive results, in the form of a percentage of what is recovered. Current clients of the firm include nine of the top 20 U.S. banks and two of the largest non-bank credit card organizations. RECAP, Inc. (888)697-6430.

"Keeping Vendor Payments in Check" ©1997 Bank Technology News