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PaymentWorks

FOUNDED : 2013

LOCATION : US & Canada, US

TEAM SIZE : 51-200

SOLUTION MATURITY : Stalwart

FUNDING ROUND : Venture Series (Unknown)

TOTAL FUNDING RAISED ($m) : $14.8

Core functionality
Risk Mgt: Fraud Prevention
Additional functionality
Risk Management
Description

The PaymentWorks Business Identity Platform offers solutions for payment security, focusing on risk management and fraud prevention.

It allows payers and payees to exchange verified identity elements in a networked environment. This removes the risk of business payments fraud and reduces costs by automating complex payee-management processes.

PaymentWorks’s platform enables customers to automate the collection and verification of business identity information for all their payees. It allows for the continuous monitoring and updating of information, all while defending against efforts to hijack existing vendor records or redirect payments – protecting your organisation from fraud and ensuring compliance with increasingly intense regulatory requirements and scrutiny.

With PaymentWorks, new and existing payees can self-manage changes and updates. It offers automated verifications, including TIN, address and bank account ownership.

The platform reduces costs by shifting from checks to ACH payments. It interfaces and integrates easily with any ERP system, and with a 90 day implementation,boasts a quick time to value with minimal drain on your IT resources.

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