Sorry, no results to display.
PaymentWorks Supplier Onboarding Project
Project Overview
The Finance Division continues to evaluate and re-envision the procure to pay process at the university.
The PaymentWorks project is a multi-phase project encompassing people, processes and technology that will create efficiency and optimization in the procure to pay process. The phases of the project include:
- Phase 1: Implement PaymentWorks technology
- Phase 2: Implement integration between PaymentWorks and Oracle
This project is an important initiative to address the current supplier onboarding process, mitigate risk and optimize the technology of a new solution. In the current environment, there is an increasing and continuous risk of fraud across the higher education and/or procure to pay environment regarding risk and cyber fraud.
Carnegie Mellon University recognizes that the vendor onboarding process would benefit greatly from automated process enhancements. The university’s current process includes compliance checks and manual verification of vendor and banking information that not only consumes significant time and effort, but also drives up operational costs, exposes the university to potential fraud and operational efficiencies, as well as delays customer response time.
In order to enhance its process, the university requires a comprehensive solution that streamlines and automates the vendor onboarding process while ensuring robust fraud prevention measures and data security. PaymentWorks, a trusted cloud-based Digital Vendor Onboarding & Business Identity Platform, offers the ideal solution for the university.
Project Objectives, Deliverables and Outcomes
The PaymentWorks Supplier Onboarding Project is a multi-phase project encompassing people, processes and technology of a new supplier onboarding solution. This project plans to address the current supplier onboarding process and optimize the technology of a new solution by implementing PaymentWorks, which provides comprehensive cloud-based digital supplier onboarding for secure, compliant, and optimized business payments.
Key outcomes and expected benefits include (but are not limited to):
- Streamlines and automates vendor onboarding process
- Systematically verifies information, documentation, workflows, and approvals
- Enhances compliance and eliminates manual efforts/processes
- Mitigates fraud through robust prevention techniques, data security, and identity validation
- Provides efficient supplier updates, including business classifications
- Improves management of time sensitive documents
- Mitigates risk and provides insurance coverage
By leveraging PaymentWorks, the university can automate and secure collection of vendor information, ensuring accurate data entry into Oracle. The platform utilizes advanced identity validation techniques to prevent fraud attempts and provides insurance coverage for all domestic ACH transactions, up to $2 million per occurrence. By adopting PaymentWorks, CMU can enhance its processes, increase efficiencies, and eliminate risks associated with fraud, identity validations, vendor onboarding, and payment optimization. By streamlining vendor onboarding, changes, and identity validations, the university can expect improved efficiency, accuracy, and compliance in the university vendor management processes.
Timeline
Phase I: PaymentWorks Implemetation
Phase I Project Timeline:
Phase II: Beginning January 2024; go-live in August/September 2024
- Building and implementing integration between PaymentWortks and Oracle
- Elimination of manual efforts by Accounts Payable team regarding supplier entry and updates