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VigilantPay sits between the Payroll and ERP systems of an organisation and their banking platform, analysing proposed payments prior to the bank being instructed to make payment. By being embedded in these payment and approval processes VigilantPay assists by automating robust checks and ensuring separation of duty. VigilantPay performs a range of cross checks within seconds that are not humanly possible to perform in real-time during the crucial approval stage. When erroneous payments are detected it also highlights that other controls and checks upstream are not working correctly. Vigilance does this by receiving payment batch files from the company's accounting/payroll system and then uses numerous algorithms and AI smarts to review and compare the BANK ACCOUNTS associated with each proposed payment. It then highlights these to the appropriate authorizer and/or owner so suspicious transactions can be further reviewed PRIOR to payment.
Provider
Vigilance Fintech Software
Located In
New Zealand
Foundation
2015
Open API
Yes
Deployment
Cloud, SaaS, Web-Based, On-Premise Windows
Training
Live Online, Webinars, Videos, Documentation
Support
Chat, 24/7 (Live rep), Knowledge Base, Phone Support, Email/Help Desk
Any company that has a finance team and wants separation of duties and increased control over existing procedures. We suit typical creditor & payroll spend of $15 Million up to billions per annum
Content Source: VigilantPay
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VigilantPay Reviews
"Fantastic product adds huge comfort "
Overall: Fantastic experience and I would want to use in any organisation
Pros: It identifies transactions access seperate teams, changes in bank accounts or employees in the creditors
Cons: Not much, the product is easy to use, good value and does a great job
Vendor Response
"Great tool to provide peace of mind for supplier payments and payroll "
Overall: This is a really good, focussed tool that does just what you want it to do without any distractions. The setup, support and troubleshooting has been fast and excellent.
Pros: That it provides peace of mind that I am not making erroneous or fraudulent payments by running numerous checks over our payment details independent of our accounting and banking systems.
Cons: It did seem to suffer from the developer focusing on their AML/CFT offering and neglecting ongoing development for a period of time, but this has changed over the last year or two.
Vendor Response
"Does what we need it to do"
Pros: Easy to set up and manage Quick response to any queries/issues Has helped detect incorrect payment details, especially when we moved to a new finance system
Cons: Is very slow especially when running the monthly audit risk report which will sometimes not run at all, but also when going into batches to process
Vendor Response
"VigilantPay - A governance godsend!"
Overall: The team understand where the risks of fraud sits and are very easy to deal with
Pros: This system gives visibility of standing data changes as a real time part of the payment approval cycle for both AP and payroll, allowing me to focus my time where the risk sits. It highlights new vendors and employees or those where payment details have changed allowing me to question the team and focus on compliance in process in the correct space, where our risk sits.
Cons: Nothing comes to mind, the systems delivers exactly what we need
Vendor Response
"Very Useful Product"
Pros: Keeps good track of historical AP and Bank numbers to make sure payments will be going to the correct party.
Cons: When there is a mistake, you cannot correct within vigilantpay itself to exclude to problem payment. You must go back into the batch file remove the line.
Vendor Response
