Vendor Direct automates transactions across the the purchase-to-pay process, typically single-cost items with single, balance-only payments, involving an array of counterparty types, including surveyors, vessel suppliers, mooring companies, transiting passage pilots, and offshore security services.
“Our customers have been talking with us about the pressures regarding current business demands,” stated Ian Baker, business development manager, DA-Desk.
“For example, operators have told us that the process of initiating, monitoring, settling, accounting and reconciling thousands of individual voyage-related transactions is a constant and time-consuming challenge. So in response to their need, we have utilised our experience with DA’s to create this new service.”
VendorDirect users will also have access to another DA-Desk service, DA-Compliance, which aims to minimise exposure to legal, financial, transactional, regulatory and operational risks.
Through DA-Compliance, operators get an automated sanctions-compliance screening of vendors, agents, and transactions, powered by Dow Jones Sanction Alert. This managed data service is designed for transaction filtering and is based on a list of 16 key sanctions covering all major regulatory regimes.