Archives

PaymentWorks: Vendor Analysis — Solution Overview for Supplier Information Management and Fraud Prevention, Roadmap, Customer Feedback, PaymentWorks Competitors, Analyst Insights

This Spend Matters PRO Vendor Analysis provides an overview of PaymentWorks and its solution for supplier information management and fraud prevention.

The largest source of cyber-crime in the US is, unfortunately, directly connected to proper procurement processes. According to the FBI, half of cyber-crime targets B2B payments, often via business email compromise (BEC), where fraudulent actors impersonate legitimate employees or supplier reps to direct payments to their own bank accounts. BEC accounted for $1.7 billion in losses during 2019 alone, according to FBI data.

Preventing this and many other issues is what PaymentWorks, a 7-year-old vendor out of Waltham, Massachusetts, helps customers around the US do every day. Designed around the needs of procurement and AP teams to rapidly onboard and handle information change requests from payees — including suppliers and employees — PaymentWorks is a niche solution for fraud prevention and bank payment connectivity. Notably, it tends to co-exist with ERP and S2P/P2P solutions, augmenting their current fraud support and capturing tail spend that often never routes through larger systems.

This Vendor Analysis also explores the concept behind PaymentWorks; the platform, application and supporting services the vendor delivers; a verified customer reference analysis; and a competitive market analysis, complete with key analyst takeaways.