Before PaymentWorks

A near constant scramble to ensure internal and external compliance standards met and kept

  • New vendor and existing vendor changes manually checked against 3rd party sources
  • Sanctions lists manually checked and onboarding and (maybe???) checked with each PO
  • Insurance and Supplier diversity certifications must be continually checked for expiration dates
  • Banking information must attempt to be verified through a combination of independent 3rd party source and outbound phone calls
  • Impossible to spot and stop maverick spend

With PaymentWorks

Single source of record for vendor compliance related documentation

  • Automatic tax and address checks, with clear ‘valid’ or ‘invalid’ responses
  • Sanctions lists continuously monitored, changes trigger update on vendor record and new approval workflow
  • Vendors auto-reminded when insurance and diversity documents expire
  • Liability for domestic ACH payments shifted to PaymentWorks
  • Purchasing compliance implemented before spend occurs