PaymentWorks
Secure, compliant, and optimized business payments through digital supplier onboarding.
Executive Summary
PaymentWorks is a digital supplier onboarding and payment security platform that automates vendor management, verifies vendor identities, and streamlines payment processes. It is used by organizations across various sectors, including higher education, healthcare, and government, to significantly reduce payment fraud risk, ensure regulatory compliance, and improve operational efficiency. The platform differentiates itself by offering payment fraud indemnification and robust, automated compliance checks.
Use Cases
- Automating vendor onboarding and data collection to improve efficiency.
- Preventing payment fraud and vendor impersonation through robust verification.
- Ensuring continuous regulatory compliance and sanctions screening.
- Streamlining vendor data management and maintaining a clean vendor master file.
- Optimizing payables strategy by facilitating electronic payments and reducing manual tasks.
- Mitigating financial, legal, and reputational risks associated with third-party vendors.
Features
Visibility
- Real-time Onboarding Status Tracking: Track every step of the vendor onboarding process in real-time, providing transparency and preventing delays.
- Centralized Vendor Master Data: Consolidate all necessary vendor information into a single, secure repository, ensuring data accuracy and consistency.
- Audit Trails for Compliance: Maintain comprehensive audit trails of all checks and activities, providing evidence of due diligence for regulatory and internal requirements.
- Invoice and Payment Status for Vendors: Vendors can track their onboarding progress and view invoice payment statuses directly through the platform.
Intelligence
- Automated Vendor Identity Verification: Automatically verify vendor identities, banking information, and tax IDs against third-party databases to prevent impersonation fraud.
- Continuous Sanctions Monitoring: Perform ongoing sanctions list monitoring with real-time alerts to ensure vendors remain compliant with regulatory requirements.
- AI-powered Fraud Detection: Utilize advanced algorithms and machine learning to detect suspicious patterns and flag potential payment fraud in real-time.
- Automated Workflow Triggers: Red flags or compliance issues automatically trigger approval workflows for review, streamlining risk mitigation.
Support
- Help Center & Knowledge Base: Access a comprehensive online help center with guides, FAQs, and articles for both payers and payees.
- Support Ticket System: Submit and track support tickets for assistance with platform-related issues, compliance questions, or vendor registration.
- Training Videos: Access a library of training videos covering various aspects of the platform, from onboarding to integrations.
Technical Specifications
- Architecture
- Cloud-native SaaS platform optimized for ERP integration and complementing procure-to-pay systems.
- Deployment
- Cloud/SaaS
- Authentication
- SSO, SAML, MFA
- API Available
- Yes
- MCP Server
- No
AI/ML Stack
- Machine Learning
- NLP
Integrations
- Oracle
- SAP
- Workday
- PeopleSoft
- Banner
Security & Compliance
Certifications: SOC 1, SOC 2, TX-RAMP, Nacha Compliant
Encryption: Industry-leading security practices protect sensitive information, including bank account and tax details, through secure online repositories and encrypted data handling.
Data Residency: US
Pricing
- Model
- Custom enterprise
- Starting Price
- Contact sales
- Target Customer
- Mid-market to Enterprise
- Contract Type
- Not specified
- Free Trial
- No (credit card required)
About PaymentWorks
PaymentWorks is a secure, cloud-based platform that streamlines vendor onboarding and management processes, ensuring compliance and mitigating fraud risks in business payments. It offers features like automated vendor verification, continuous compliance monitoring, and indemnification of payments up to $2 million.