Control 1

Verify when onboarding

When renewing your business cyber insurance, insurer's asks about your processes to verify your payments? It's because payment fraud is where they're paying out claims. Poor processes, and your premium climbs, or your cover shrinks. VigilantPay lets you tick both boxes with confidence, and prove it.

Save time, error, and hassle with VigilantPay, connect to domestic and global banks to verify payee details. We have done the hard work to deliver a cost effective way to manage and control your master suppliers list and onboarding payees.

Checked before the first payment, not after. When Procurement or Accounts Payable adds a new supplier to the master list, VigilantPay checks the name against the account details their bank holds, before anyone approves the payment run, not weeks later when something's already gone wrong. You're still dealing with your supplier directly. We're not an intermediary sitting between you and them, just the check that happens before you pay. 

And when your insurer asks again next renewal, you've got the answer. Every check is logged, who was verified, when, and the result, so you're not reconstructing evidence after the fact. Onboarding is Control 1. But suppliers' bank details change after they're approved, and fraud doesn't wait for your next renewal cycle to try its luck. 

The onboarding control managers your master supplier list often refered to as the "source of truth". However that is a point in time, knowing wheather a change has been introduced between the onbording control and making payment is where the risk now lies.   This is where VigilantPay catched fraud and errors. Our research has found that 10% of payment files analised by VigilantPay for customers are found to have 1 or more erroniuos transction, this is equal to $1,400 for every $1M analised through VigilantPay. These can be expensive errors such as duplicate payments which are not helped by control 1 or fraud.

$1,400 of errors detected per $1m analised by Vigilance

It's not humanly posible to check every transaction when performing high volumes of payments during the critcal final pre-flight, this is where VigilantPay shines, automating checks early in the payment process giving your AP Team a consistand process and Approvers and Authorior confidence they are signing off on a consistant and audited process.