Download to read offline
Uploaded byCPA.com
RIVIO Clerainghouse Overview
The financial document clearinghouse platform, Rivio, developed by CPA.com in partnership with Confirmation.com, allows private businesses to securely exchange validated financial documents with investors, lenders, and CPA firms, addressing concerns around document authenticity and inefficiency in traditional methods. It offers features that protect the privacy of firms, minimize fraud, and streamline communication, making it easier for firms and stakeholders to manage financial information. The platform enhances security through rigorous validation processes, distinguishing itself from existing portals by providing a centralized, user-friendly interface for document exchange.
More Related Content
Similar to RIVIO Clerainghouse Overview
RIVIO Clerainghouse Overview
- 1.
- 2. CPA.com PRODUCTS &SERVICES FIRM CLOUD BASED SOLUTIONS EDUCATION & RESOURCES MISSION Empowering CPAs and Businesses For The Digital Age
- 3. Tax WORKFLOW SALT FINANCIAL PLANNING Advisory VIRTUAL CFO REALTIME REPORTING BUDGETING/FORECASTING Audit ELECTRONIC CONFIRMATIONS FIN STAT CLEARINGHOUSE AUDIT SOFTWARE Accounting VIRTUAL CONTROLLER CLOUD ACCOUNTING BILL MANAGEMENT FIRM TRAINING IMPLEMENTATION CONSULTING LMS PLATFORM BEST PRACTICES CASE STUDIES WHITEPAPERS COMMUNITY Supporting The Core Pillars Of The CPA Firm
- 4. Founded 2000 Provides secureonline confirmation services for auditors All-in-one solution helps minimize fraud and elevate efficiency Industry Leader and Creator – Creator of the world’s leading provider of secure electronic audit confirmations used by firms in more than 100 countries. 60+ Types of Confirmations now available 400,000+ Organizations 3,000+ Banks 13,000+ Accounting Firms
- 5. Why are weworking together? The convergence of both CPA.com and Confirmation.com’s mission statements are represented in the clearinghouse RIVIO Innovation Validation Digital Fraud Prevention
- 6.
- 7. Private Company Financial Information MARKETPROBLEMS • Concerns with users (banks, private equity) on validity of documents • Current delivery processes are not secure (use of email, paper, etc.) • Lack of authentication has supported fraud • Highly inefficient process for sharing important data
- 8. • Not Secure •Not Verified • 20th Century EMAIL and PRINT EMAIL and PRINT PRIVATE COMPANY FINANCIAL STATEMENT EXCHANGE TODAY Bank & Private Equity Business Firm
- 9. RIVIO RIVIO, a serviceof CPA.com in partnership with Confirmation.com, is an financial document clearinghouse that enables private businesses to exchange authenticated, key financial documents with their investors, lenders and stakeholders; as well as, retrieve information from their CPA firm(s), ensuring data is submitted from a validated source. 9
- 10. 3 UNIQUE USERTYPES, 1 FINANCIAL CLEARINGHOUSE PLATFORM CPA FIRMS Delivery through the financial clearinghouse eliminates the ability for fraudulent use of the firm signature and unauthorized alterations of firm generated financial reports. PRIVATE BUSINESSES Private businesses can now securely collect and distribute financial information from a single source, RIVIO. INVESTORS & LENDERS RIVIO mitigates the risk of using fraudulent documents used to approve loans through validating the source of the files. Repository of Intelligent Validated Inputs and Outputs
- 11. CLEARINGHOUSE CPA FIRM VALIDATION CPA FIRM CLIENT RECIPIENTS FinancialStatements Others Financial Documents FINANCIAL DOCUMENT CLEARINGHOUSE SOLUTION Private Business Not for Profit Other Banks Investors Other Users
- 12. Protects the Firm PrivityDefense • Recipient remains unknown to firm • Eliminates 3rd party confirmations CPA Firm Benefits Intelligent Managementof Firm Reports • Ability to recall reports • Ability to restrict distribution of reports • Document retention settings Vehicle to Educate Banks • Requests by banks for solvency letters • Firm Services • Document types on dropdown Protects Firm Name and Reputation • Firm maintains control of report • Ends era of forged reports
- 13. Navigate Complex Vertical Industry Requirements •K1 Distribution • Financial Services • Healthcare • Internal Controls (ex: SOC) • Investor backed companies • Employee Benefit Plans Additional CPA Firm Benefits Service Differentiation • Efficient & Centralized Distribution • Provides banks with confidence • Redefines and distinguishes firm’s delivery of documents Effortless Compliance • Dodd Frank Custody Rule • HIPAA • Other
- 14. Centralized Distribution • Effortless distribution toany third parties • Forward/fulfill a request from lender/investors • Status tracking of projects Private Business Benefits Trusted Source • Protects your privacy & maintains the security of your financial records • Assurance that documents were provided by your CPA firm in good standing Electronic Document Repository • All financial document exchange in one platform • Hosted, maintained, backed up Seamless Communication • Single vehicle of communication with both CPAs and 3rd Parties • Simple, easy to use, user interface • 24/7 access to collaborate with 3rd parties for document exchange
- 15. Fraud Prevention • ValidatesCPA Firm licensure • Verifies original source of documents • Authenticates documents as unaltered Lender and Investor Benefits Efficient Workflow Exchange • Single repository for all CPA Firm provided documents • Seamless process to request client documents • Status tracking Intelligent Communication • Instant notification of a withdrawn report • Alert when financial statements are available to view • Bi-directional communication with clients • Differentiate your institution’s loan application process • Meet client expectations of a modern, digital approach • Timely responses related to client communications Technology First Approach
- 16. Existing Portals vsRIVIO Platform Firm Portals • Designed for CPA firm to client communication • Limited system controls governing document and file exchange • Client may not have ability to release documents to third parties • Does not validate users Bank Portals • Designed for bank to client communications • Limited system controls governing document and file exchange • Potential to create bottle necks in workflow situations. • Does not validate source of client provided financial documents Financial Document Clearinghouse • Designed for 3 distinct user groups with features relevant to each • Sophisticated controls regarding document exchange (ability to recall, limit access, etc.) • Master console capabilities to facilitate sharing of documents • Validates and authenticates the CPA firm as the source and ensures unaltered documents are provided to 3rd parties • Highest level of security • Real-time, collaborative communication
- 17.