Highlights include Billions in Indemnified Payments Processed, Explosive Network Growth, and an Expanding Customer Base
PaymentWorks, the digital supplier onboarding platform for secure, compliant and optimized business payments, concluded the first half of 2023 with several significant milestones. The company saw demand for digital supplier onboarding explode during the pandemic, and momentum has continued as demand for automation proliferates to combat the growing sophistication of vendor impersonation fraudsters.
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Business Highlights Include:
- Explosive Vendor Network Growth: Vendors join the PaymentWorks network at a rate of more than 25,000 per month, surpassing 300,000 annual additions, illustrating the platform’s value to customers.
- Customer Base Expansion: PaymentWorks customer base has grown rapidly and expanded into multiple industries, including:
- Higher Ed: PaymentWorks continues to be the digital supplier onboarding platform choice for colleges and universities. New additions include: Florida State University, The Catholic University of America, and San Diego State University Research Foundation.
- Healthcare: Adding to the rapidly expanding healthcare sector are St. Charles Health System, Hartford Healthcare, and University of Texas Health San Antonio.
- Enterprise: A growing customer base in enterprise accounts includes Target Freight and Club Car.
- Vendor Payments Indemnified Against Vendor Impersonation Fraud: PaymentWorks continues to be the only vendor management platform with a warranty for ACH vendor impersonation frauds. By tying risk assessments to every stage of the vendor lifecycle, PaymentWorks accepts the risk for fraudulent payments and is able to spot and stop fraud losses before they occur.
- Bank Network Growth: Eight of the largest US commercial banks have single connectivity to the PaymentWorks platform. This connectivity simplifies operations for joint customers, and supports the PaymentWorks fraud warranty.
- Inaugural Event Dedicated to the Strategic Importance of the Vendor Master File: The in-person event brought together industry experts and thought leaders from J.P. Morgan, Chubb, Huron, and E&I Cooperative, along with PaymentWorks customers who are on the forefront of vendor management, to share insights, best practices, tips on optimizing vendor management strategies and practical advice on verifying vendor information. In cooperation with Carahsoft, attendees earned CPE credits for attending. Highlights from the event are here. A second event is scheduled for November 12, 2023 at the JP Morgan offices in Chicago, IL. Interested analysts, procurement, A/P, and Vendor Desk professionals can find more information here.
- Investments in Team: PaymentWorks bolstered the senior leadership team with several key hires to help to shepherd growth, including: Haley Holden as Vice President of Operations; Tom Hopkins as Chief Financial Officer; and Judi Stillman as Vice President, Controller.
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“The first half of 2023 solidified what we have always known: every organization of every size in every industry struggles with onboarding and managing vendor data,” said Thayer Stewart, CEO of PaymentWorks. “Recognizing that the only true means of achieving a clean vendor master file is relying on the vendors themselves to input their data has built a vast opportunity for our customers and our company. And by tying our warranty for vendor payments directly to the onboarding process, we are in a key position to influence payment types, impacting the time value of money for both our customers and their suppliers.”
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