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:
The platform verifies the identity elements of the payee, along with their banking information.
Additionally, the platform verifies other compliance-related identity attributes, such as tax ID info and address, and monitors hundreds of government sanction lists.
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.