Cobalt Precision Group is a mid-sized automotive components manufacturer with operations across the UK, Germany, and Czech Republic. The company manages over 1,500 international vendors and makes daily payments from six legal entities across three ERP systems.

The finance team oversees €200M+ in annual supplier payouts, many involving first-time vendors from Eastern Europe and Asia.

---

The Problem

Each regional office was using different manual processes to validate supplier bank details — with varying levels of accuracy and oversight. This created:

• 📉 Inconsistent vendor verification standards
• 🧾 A serious incident in which €62,000 was paid to the wrong account after a typo in the IBAN
• 🧠 High risk of duplicate vendors with different bank accounts
• 🕰 Over 3 days of delay per new vendor onboarding due to manual checks

“What we thought was compliance was actually just luck. We had no central control.”

---

The Solution

Cobalt Precision implemented MonitorPay.ai across all subsidiaries via a centralized middleware layer that fed back into their Oracle NetSuite and SAP Business One systems.

Key actions included:

• Real-time IBAN format checks
• Payee name verification with account holder
• Batch validation of all existing vendor master data
• Multi-subsidiary audit logging to enforce consistent standards

---

The Results

• ✅ All new vendors now validated in <60 seconds
• 💸 No payment errors reported in 9 months
• 🔄 Unified vendor onboarding SOP across all regions
• 👮 Created audit-proof workflows across finance and procurement
• 🛠 Validated and cleaned 2,300+ vendor records during onboarding

“We don’t worry about mistakes anymore. It’s automatic, centralized, and compliant.”

— Director of Shared Services, Cobalt Precision Group