Waltham, MA – According to filings with the U.S. Securities and Exchange Commission, PaymentWorks is raising $17,000,000.00 in new funding. Sources indicate as part of senior management President, Thayer Stewart played a key role in securing the recent investment and it will aid in aggressively expanding the company, as well as broaden and accelerate product development.

About PaymentWorks
PaymentWorks eliminates the risk of business payments fraud, reduces cost and ensures regulatory compliance by automating the complex payee management process. Our Business Identity Platform lets Payers and Payees exchange verified identity elements in a networked environment, eliminating business payments fraud, reducing cost and ensuring compliance. 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. 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.

To learn more about PaymentWorks, visit http://www.paymentworks.com/

Contact:
Thayer Stewart, President
617-500-8085
thayer.stewart@paymentworks.com
https://www.linkedin.com/in/thayer-stewart-4075482/

SOURCE: http://www.intelligence360.io
Copyright (c) 2022 SI360 Inc. All rights reserved