ARPA Funds: The Key to Advancing Your Tech Stack

Posted by Angela Sarno on Jan 26, 2022 10:15:00 AM

At PaymentWorks, we are passionate about secure vendor onboarding as the lynchpin of secure payments.  When nearly three quarters of organizations have actual or attempted payments fraud scams aimed at them, we know that finding ways to gain peace of mind when it comes to avoiding these scams is keeping a lot of you up at night.  

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Topics: payments fraud, vendor master, risk, Cyber Security, business payments

Three Bank Account Verification Methods to Scrap in 2022

Posted by Angela Sarno on Jan 4, 2022 10:15:00 AM

Think your bank account verification process confirms ownership? Think again.

How procurement and finance departments verify banking information generally falls into these three buckets:

  1. Collecting a voided check or account info on bank letterhead
  2. Calling the vendor to confirm the change
  3. Multi levels of internal approvals for changes

All of these seem, on the surface, to be solid, but are not infallible in defending the vendor master from infiltration by fraudsters.  If your organization is relying on any of these three ways to ensure the validity of your vendor master file's banking info, you are likely leaving holes wide enough for a fraudster to walk right in. 

Let’s break each one down:

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Topics: payments fraud, AP, insurance, vendor master, Cyber Security, business payments

What AP Can Learn From Procurement

Posted by Angela Sarno on Oct 27, 2021 10:15:00 AM

As promised, we have our ‘counterpoint’ to last week’s blog. This week it’s your turn AP!  There is so much you can learn from your peers in procurement. I cannot wait to dive in!  (Side note: finding just the right image in stock art kept me up late last night.  Please enjoy this wonderful team huddle.)

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Topics: AP, procurement, risk, supply chain, business payments

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