Vendor Risk Management Software That Restores Sanity and Strengthens Compliance
Compliance and fraud risks are no small matters. Staying ahead of bad actors while also toeing the line of constantly shifting regulatory requirements takes skill—and the right technology. Tap into trustworthy, secure vendor risk management software that automates compliance and risk management so you can rest easy knowing you’re protected.
We Can Help. Here’s How.
Highest Commitment to Security & Compliance
When it comes to managing vendor data, security and compliance aren’t optional—they’re essential. That’s why we’ve gone the extra mile to earn SOC 1, SOC 2, and TX-RAMP certifications. Additionally, we are Nacha Compliant (Audited by the Clearing House), proving our commitment to the highest standards of data protection, risk management, and regulatory compliance.
With these industry-leading certifications, you can trust that your vendor data is handled with the utmost security, keeping you compliant and reducing risk at every step. Because protecting your business is just as important to us as it is to you.
Automated Data Checks
Tired of getting locked out of TINCheck or navigating a desk littered with sticky note reminders to re-check debarment lists for each PO?
First-party and third-party data checks are the foundation of secure, accurate vendor onboarding—but manual checks are slow, error-prone, and difficult to track. PaymentWorks automates all required data checks in one platform, ensuring vendor compliance and consolidating everything into a single, streamlined onboarding or update file.
Our platform checks and submits all compliance and payment information at the same time, saving you time and money while lowering your fraud risk.
Vetted, Efficient Payee Network
We’ve perfected how to collect payee data, so you don’t have to. Our standardized, expert-designed process ensures you get the right information in the right format—no guesswork, no gaps.
Unlike other platforms that push their own networks, PaymentWorks is ERP-agnostic and works with any financial system. We’re here to simplify vendor data collection, not to hold your vendor data for ransom by locking you in.
For payees, we offer an unmatched experience: It’s free to join, they can connect with multiple customers at once, and updates happen in one place—ensuring accuracy across the board. And we ensure vendor payments aren’t redirected to a fraudster.
PaymentWorks doesn’t just simplify vendor onboarding, we make it safe and effortless.
Automated Risk Pattern Identification
Human eyes weren’t built to identify the types of fraud and risk we deal with today. The good news? With PaymentWorks, you can give your eyes (and blood pressure) a rest.
Our vendor risk management platform uses machine learning to zero in on risk patterns in data, flagging them before any money flies out the door.
Every single red flag is reviewed and new inputs reinforce the feedback loop, making the platform—and risk identification—stronger over time. We shoulder your risk so you can focus on your job: building and executing strategy and adding value.
Strategic Alliances & Partnerships
We don’t just talk about security and efficiency—we build it alongside the best. Our partnerships with system integrators, technical experts, and strategic allies help ensure every transaction is fast, seamless, and secure.
The biggest names in finance and insurance trust PaymentWorks. The largest insurer you know relies on us as their only loss prevention provider for social engineering fraud, and some of the world’s biggest banks recommend us to their clients.
When industry leaders put their confidence in PaymentWorks, you can too. Our network, expertise, and partnerships work together to protect your payments and eliminate risk—so you can focus on growing your business.
Intelligent, Secure Vendor Management
Managing vendor accounts across multiple locations and tax IDs is messy, time-consuming, and full of risk. That’s why we built Registration Routing™—the only solution in the industry that intelligently matches multiple order and remit addresses to a single tax ID.
No more duplicate vendors. No more outdated, error-prone records that increase your fraud risk. Just a clean, organized vendor file that makes your team’s job easier. Ready to take the first step? Let’s clean up your vendor data today.
Get control over vendor onboarding and management
Secure Your Payments
Billions of dollars indemnified through PaymentWorks
Secure Your Payments
Billions of dollars indemnified through PaymentWorks
Offload Your Data Entry
Submissions controlled by suppliers via our secure platform
Offload Your Data Entry
Submissions controlled by suppliers via our secure platform
Continually Clean Your Supplier File
30% of suppliers change info every year
Continually Clean Your Supplier File
30% of suppliers change info every year
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Frequently Asked Questions
What is vendor risk management software, and why do businesses need it?
Vendor risk management software helps businesses assess, monitor, and mitigate risks associated with third-party vendors. It ensures that suppliers meet compliance, security, and financial requirements before they get onboarded and paid.
Companies can expose themselves to fraud, compliance violations, and payment errors without a structured system. A robust vendor risk management solution, like PaymentWorks, automates due diligence, reducing the risk of fraud and ensuring the accuracy of vendor information. It also helps businesses comply with GDPR, SOC 2, and OFAC screening regulations.
Vendor risk management software enables companies to simplify onboarding, protect sensitive data, and ensure payments go to the right entity—all while maintaining strong relationships with trusted vendors.
How does PaymentWorks help mitigate vendor-related risks?
PaymentWorks reduces vendor risk by automating identity verification, compliance checks, and payment authentication. Instead of relying on (error-prone!) manual processes, our platform ensures vendor information is accurate and secure before processing payments.
Our software verifies vendor credentials, conducts compliance screenings, and ensures payment details are legitimate—minimizing fraud risks like business email compromise (BEC) scams. Plus, with PaymentWorks handling vendor data directly, companies avoid the liability of storing sensitive financial information internally.
Organizations use our vendor risk management software to confidently onboard and pay vendors while complying with regulatory requirements.
What security and compliance features should a vendor risk management software include?
A strong vendor risk management platform should prioritize security, compliance, and fraud prevention. At a minimum, it should include:
- Identity Verification: Ensuring vendors are who they claim to be through authentication checks.
- Bank Account Validation: Preventing fraudulent payments by verifying account ownership.
- Compliance Screening: Automatically checking vendors against watchlists like OFAC and other sanctions lists.
- Audit Trails & Reporting: Keeping records of all interactions for compliance and internal audits.
- Data Encryption & Security Controls: Protecting sensitive vendor and payment data from cyber threats.
PaymentWorks includes all these features and more, giving businesses peace of mind when managing vendor relationships.
How does vendor risk management software improve the vendor onboarding process?
Traditional vendor onboarding is slow, manual, and prone to errors. Vendor risk management software automates the process, making it more accurate and secure.
With PaymentWorks, vendors submit their information directly into our system, eliminating back-and-forth emails and paperwork. Our platform automatically verifies vendor identities, checks compliance status, and validates banking details—reducing the risk of fraud and payment delays.
This not only saves time for procurement and AP teams but also enhances the vendor experience. Vendors can track their onboarding status and update their details as needed, ensuring smoother transactions and fewer disputes.
Digitizing vendor onboarding helps businesses improve efficiency, reduce risk, and build stronger, more trustworthy supplier relationships.
Want to know more? Contact us.
