The Business Identity Platform
The status quo for managing payee identity information is no longer sustainable.
Eliminating the identity gap is the PaymentWorks mission.
Our Business Identity Platform lets Payers and Payees exchange verified identity elements in a networked environment, eliminating business payments fraud, reducing cost and ensuring compliance.
The premise is simple – and strong:
Whenever a payer (a customer) needs to onboard a new payee – or needs to update information for an existing payee – they send the payee an invitation to PaymentWorks. The payee sets up a profile that can be shared with all of their customers.
Why this works:
Identity Proofing
The platform verifies the identity elements of the payee, along with their banking information.
Verification
Additionally, the platform verifies other compliance-related identity attributes, such as tax ID info and address, and monitors hundreds of government sanction lists.
Process Automation
The entire process of creating / updating payee profile information is payee-driven and automated, with the appropriate workflows and approvals before the vendor record is created, or updated in the ERP.
The Origin of the Identity Gap
System Landscape
Most large organizations have four primary systems to streamline and automate the Procure-to-Pay process
- An ERP (or Financial system) which is the system of record for all financial transactions and drives operational processes around payment and the general ledger
- A Procurement System to host catalogs and automate the purchase requisition and ordering process
- An Accounts Payable Automation system to scan invoices and route them for approval before being posted to the ERP for payment
- A Disbursement solution for initiating payment via ACH, Check and Virtual Card.
However, the process of collecting business identity elements (tax, banking, address, insurance, etc.) for the thousands of entities to whom they send orders, received invoices from and make payments to is all done manually in every company of all sizes around the world.
The end result?
RISK
Payments fraud is rampant across nearly all industries.
Compliance issues — both internally and externally — continue to escalate at many organizations.
Inefficient, highly manual processes are rife with potential for human error.