Why your institution needs automated Vendor Management Software
The current pandemic and the ongoing geopolitical challenges that are being experienced worldwide have put pressure on educational institutions to ensure they have a sound vendor management and know your client (KYC) process in place to protect them from accepting or doing business with sanctioned individuals, groups, and countries globally.
On top of these real-time events that institutions need to respond to internationally, institutions current AML and KYC processes leave them exposed to risk due their archaic approach of identity verification that relies solely on hardcopy documentation. Institutions need to be concerned with these traditional methods as they leave them exposed to risk on a second-by-second basis as this method cannot confirm the legitimacy of a vendor accurately. With the majority of vendor payments processed through electronic bank mediums, institutions really do not have a clear view on who they are sending large-sum payment transfers to on a global scale.
Institutions need to find an alternative to address these gaps to protect themselves against financial criminals and from accepting payments from sanctioned countries as geopolitical concerns rise. Without these sound process and KYC checks in place, institutions are left liable to money laundering risk, fraudster attacks on large-sum transfers, regulator fines and a high impact on their reputational risk.
Thankfully with the latest advancements in payments technology from fintech’s entering the space, institutions now have innovative alternatives to making payments to their international vendor partners in a safe a secure way.
Automated ongoing KYC verification technology is the solution to AML risk exposure
PayMyTuition’s automated KYC verification solution for higher education, by way of their integrated partnership with Datasoft Global Technologies, a multinational software engineering firm delivering enterprise software solutions to the financial services sector with over fifteen years of ERP systems knowledge, traces each payment from start to finish ensuring strict measures on AML compliance, fraud protection, and transaction security are in place.
With this fully integrated solution from Datasoft Global Technologies within the PayMyTuition higher education solution set, this vendor management software will not only protect the reputation and security measures of the institution limiting access to bad actors and restricted countries, but it will streamline their total vendor payments process.
This innovative solution provides schools with many advanced features including:
1. Always on real-time account verification and account owner verification checks
2. KYC, AML, PEP, and adverse media list screening
3. Ensuring institutions remain compliant with AML, KYC regulations and industry standards within their jurisdiction
4. Providing a completely personalize client onboarding and KYC process with a secure link sent to vendors to enter banking details eliminating hardcopy documentation requests
5. Mitigation of fraud risks by leveraging identity verification, ID document verification and business verification
6. Reduction of manual error risk with the removal of human intervention
Work with a third-party processor that will protect your institution from fraud and AML risk
At PayMyTuition we solve and eliminate the complex challenges that educational institutions experience within higher education. This innovative compliance solution from Datasoft Global Technologies is part of PayMyTuition’s overall higher education offering for colleges and universities across North America. Contact a member of our team to find out how we can remove the friction within your international and domestic vendor payments business while saving staff resources, eliminating costs, and protecting your institution from AML risk.