Nuvo, a platform that facilitates trade in the physical goods economy, has launched its Vendor Network, a new product designed to secure and streamline the process of onboarding vendors, validating credentials, and reducing fraud.
The Vendor Network aims to provide businesses with a reliable method for authenticating vendor information and automating compliance, addressing challenges posed by increasingly global and digital supply chains. Many organizations currently rely on manual, paper-based processes to collect and verify sensitive data such as bank details and tax forms. These methods create vulnerabilities that fraudsters often exploit.
According to reports, 45 percent of businesses have experienced vendor impersonation attempts, and half have encountered ACH redirect fraud. When such attacks succeed, only 22 percent of businesses recover more than 75 percent of their losses. The absence of a centralized marketplace or card network to verify vendor legitimacy places the burden of validation on individual buyers.
Nuvo’s Vendor Network introduces a secure authentication layer specifically for vendor relationships. Vendors can create a verified profile through a simple invite link, which includes several key features. Instant Business Verification validates business and owner identities against official registries and analyzes data signals like email domains and physical addresses. This structured vendor data can then integrate directly into ERPs and other downstream systems.
The network also offers Verified Bank Details, using instant and micro-deposit verification to confirm that bank accounts belong to the specified vendor, thereby reducing the risk of ACH redirect fraud and impersonation. Additionally, AI Powered Tax Compliance automates the capture, validation, and resolution of tax documents like W9s to streamline regulatory adherence.
Furthermore, Network Driven Risk Signals leverage fraud patterns identified across the Nuvo network, combined with credit health indicators from established bureau partners, to help businesses proactively assess and mitigate potential risks. By enhancing the security and efficiency of vendor onboarding, businesses can diversify their supplier base, reduce reliance on single points of failure, and maintain operational continuity during events such as stockouts or price fluctuations. This approach to securing the supply chain is intended to increase reliability, lower costs, and improve overall operational efficiency.
The Nuvo’s Vendor Network is already in use, supporting tens of thousands of verified vendors. As its adoption expands, the network is expected to become even more efficient and secure for all participants.
Nuvo specializes in building the foundational infrastructure for trade within the physical goods economy. The company’s solutions are designed to verify identities, authenticate payment information, and automate compliance, with the goal of reducing fraud, fostering trust, and enhancing the speed and resilience of supply chains.
