Our Partner: PaymentWorks
What does your vendor onboarding form and vendor data management process look like? Is it manual. Is it insecure, incompliant, relies on individual judgements? Do you store your vendor banking data and are you able to make electronic payments to your vendors? PaymentWorks focuses on this sliver of a very time consuming and risk filled process. PaymentWorks is the bouncer at the door of your vendor master and the gatekeeper for changes to existing vendors or adding new vendors. Eliminate maverick spend and fraudulent payments. Automate all of the required 3rd party data checks. Consolidate all necessary information into the vendor onboarding or update file. With all compliance and payment information checked and submitted at the same time, your process will save both time and money on 3rd party subscriptions, and lower your vendor fraud risk. What once took one hour to setup a vendor with a ton of compliance risks and gotchas can be turned into a 5 minute automated effort complete with security and fraud protection.
Vendor Master Management
PaymentWorks transforms the chaos and unsecured nature of the typical vendor onboarding process into an orderly, secured, trackable process.
Eight ways PaymentWorks transforms your process:
- Invitation to Vendor Sheet
- Payment Optimization Selection
- Vendor Sheet Submission
- Compliance & Security Checks in Real Time
- Approval Workflows & Audit Trail
- Existing Supplier Updates
- Fraudulent Payment Monitoring
- Eliminate Storing Vendor Payment Data
PaymentWorks is the foundation of vendor master data management. The supplier onboarding software provides vendor data an organization can trust, reducing cost and risk, and providing opportunities for revenue generation by tying payables strategy to vendor onboarding and management.
- Automated data checks where red flags automatically trigger approval workflow for review.
- Automated 3rd party data checks for tax ID and address captured at submission.
- Sanctions lists checked at onboarding then continually monitored through vendor lifecycle.
- No more chasing forms: W9s, insurance, diversity documents and conflicts of interest all captured during submission.
- Submission automatically triggers approval workflow with timestamps.