Business Payments Fraud
Companies lose over 20 Billion Dollars annually to this type of crime. It's the biggest source of cyber crime in the U.S.
What are you doing to ensure your organization's payments are verified?
At Meyer, we implement PaymentWorks & provide support going forward.
“You live in fear that today will be the day the phony vendor slips through for millions of dollars lost, on your watch.”
Vendor Desk Manager,
Tier One Research University
There is a gap in managing the identity elements in B2B relationships. This identity gap has directly led to a high degree of business payments fraud and compliance risk. Why does it exist?
Paying vendors and individuals is a largely manual process across almost every organization.
The process relies on people making uninformed judgements.
The current landscape of products hasn’t addressed or solved the problem.
Meyer partners with PaymentWorks to implement & support vital payment fraud protection services for your organization.
How It Works
The premise is simple:
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.
And it 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.
The Identity Gap Explained
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?
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.
Speak with Meyer today to learn more about protecting your organization.