Vendorly Oversight Platform Helps Clients Mitigate Risk of Wire Fraud
September 03 2020 - 9:00AM
Vendorly®, an innovative SaaS-based vendor oversight platform for
financial institutions, announced today it signed a reseller
agreement with risk management company Secure Insight to help
protect Vendorly clients against wire fraud, a key risk to the
lending and banking industries. This alliance furthers Vendorly’s
offering of a cradle-to-grave solution for the lending and banking
industries that helps mitigate ongoing risks associated with vendor
management.
The Vendorly platform is a third-party risk management (TPRM)
solution designed to help streamline vendor due diligence, maintain
vendor documentation, and maintain, monitor and audit vendors.
Vendorly has provided oversight of over 60,000 vendors in the
lending and banking industries. Because a one-size-fits-all
approach to recurring due diligence questionnaires is not always
applicable, Vendorly offers customized levels of questionnaires and
research specific to nearly every vendor type in the lending and
banking industries. Vendorly provides the tools and expertise its
clients need to help efficiently manage their TPRM obligations.
Now, by working with Secure Insight, Vendorly also helps safeguard
against wire fraud.
Integrating seamlessly with the Vendorly platform, the Secure
Insight tool provides a better user experience and significantly
increases the scope and due diligence capabilities of the Vendorly
platform. It helps protect Vendorly clients against wire fraud by
validating settlement and closing agent wire instructions against
its database of 80,000 vetted vendors. The tool also provides an
easy-to-read, downloadable report that confirms the wire
instructions match the account and it provides a risk assessment on
the third-party closing agent.
By combining Secure Insight’s automated solution and its
database of third-party closing agents’ wire information, Vendorly
can provide its customers with protection against wire fraud risk
in a more efficient manner. The Secure Insight tool also helps
financial institutions adopt and align to TPRM best practices
prescribed by federal regulators, including the Office of the
Comptroller of the Currency and the Consumer Financial Protection
Bureau.
“Aligning with Secure Insight creates a single source of truth
on closing agent wire details at the transactional level and
complements Vendorly’s broader vendor management oversight
offerings,” said Steve Greenfield, CMB, Vendorly’s Director of
Operations. “Bringing the two solutions together strengthens
Vendorly’s value proposition and helps its clients better manage
vendor risk in a single platform.”
“We are excited about our new reseller relationship with
Vendorly as it continues our efforts to make our high-quality
closing agent risk data available to lenders in different formats
and through various technology integrations,” said Andrew Liput,
President and CEO of Secure Insight. “Vendorly has a highly
regarded solution addressing all types of vendor risk, and we are
honored that they recognized the value of adding our data reports
to their platform.”
About Secure Insight
Secure Insight was founded in 2009 as the first company to
address wire and closing fraud by offering a lender tool to manage
risk. Their online database now contains more than 80,000
professional risk profiles providing lenders information on
licensing, insurance, litigation history, verified wire
instructions and more. Secure Insight has supervised more than
eight million closing transactions in the past 10 years without a
lender loss. Today, the company continues to monitor thousands of
title, settlement and real estate legal firms and professionals
nationwide through proprietary technology offering up-to-date
information and risk assessments. The unique database is accessed
daily as a fraud prevention tool by state and federal banks,
mortgage lenders and credit unions through direct integration and
integrations with valued data reseller partners. For more
information, please visit secureinsightsales.com.
About Vendorly®
Vendorly is an innovative vendor oversight platform designed to
help financial institutions manage their vendors and meet their
evolving vendor oversight obligations. The Vendorly platform can
help streamline vendor due diligence, document maintenance,
monitoring and audits. Vendorly is part of the Altisource
Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses. To
learn more, go to vendorly.com.
About Altisource®
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an
integrated service provider and marketplace for the real estate and
mortgage industries. Combining operational excellence with a suite
of innovative services and technologies, Altisource helps solve the
demands of the ever-changing markets we serve. Additional
information is available at altisource.com.
Source: Altisource Portfolio Solutions S.A.
Investor Contact:Michelle D. EstermanChief
Financial Officer770-612-7007Michelle.Esterman@altisource.com |
Press Contact:Kevin Hosey Senior Manager,
Marketing770-612-7007 Kevin.Hosey@altisource.com |
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