Vendorly, a vendor oversight platform for financial institutions, recently announced the continued expansion of its platform through the addition of three new third-party oversight integrations available on the Vendorly platform.
The additions are intended to further enable the company’s customers to enhance their compliance management framework and help them maintain the high oversight standards required in today’s marketplace.
It’s important for mortgage and community bankers to have a multifaceted vendor oversight program, the company said in a press release, stating that it can help strengthen its customers’ vendor management framework and increase their operational efficiencies. In addition to offering customers a SaaS solution, the platform also offers vendor oversight services such as due diligence, document management, annual assessments, information security assessments, financial condition reviews and on-site audits.
To improve vendor oversight, in May, Vendorly announced its integration with Secure Insight, a provider of settlement agent verification. Continuing this momentum, the new vendor oversight additions to the Vendorly platform include:
Dun & Bradstreet, which specializes in commercial data, analytics and insights for business.
The ID Co., which provides a flexible online identity verification solution called DirectID, designed to give customers the ability to conduct bank verification for current and prospective vendors in their network, to reduce fraud and misrepresentation prior to payment.
TINCheck, which helps companies solve payee compliance issues, allowing customers to validate the tax ID of all organizations in their current and prospective vendor network.
“We are focused on expanding the value we provide to our customers by continually growing our vendor oversight providers and making it easier to order services from these providers,” Vendorly Vice President Jim Vaca said in the release. “Since the launch of Vendorly we have added over 10,000 vendors to our platform. These vendor oversight additions demonstrate our commitment to giving our customers the tools they need to efficiently manage their vendor management processes.”