Payrailz® Receives “Exceptional” Rating in its Inaugural Integrated Vendor Risk and Due Diligence Assessment Sourced Independently by Rochdale Paragon Group
— Standardized methodology provides a holistic and risk-weighted evaluation of Smart Payments Provider —
Glastonbury, Conn., – March 31, 2020 – Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, is proud to announce the summary publication of findings based on its successful completion of Rochdale Paragon Group’s Integrated Vendor Risk Review and Assessment.
Rochdale Paragon is a leading provider of vendor management, enterprise risk management, compliance audits, strategic services and governance assessments for financial institutions. Their vendor assessment includes a standardized evaluation of major control domains and the risk and criticality evaluation for more streamlined comparison and consumption by credit unions engaged in vendor due diligence. This independent assessment includes an extensive review of policies and procedures to guide business operations in accordance with applicable best practices, rules, and regulations, and operations and controls testing to validate their ability to safely and securely deliver their product to the market.
“We have brought a new level of transparency and depth around the due diligence process never seen before, which is designed to bring fintech’s and credit unions together in an expedited and complementary manner”, said Tony Ferris, CEO of Rochdale Paragon. “Under our Integrated Vendor Risk Review and Assessment process, we have helped to enable Payrailz with the ability to proactively and outwardly show interested buyers they are ready and able to perform while giving potential buyers an extremely high level of buying confidence when selecting a new business partner”.
The complete independent risk assessment and due diligence report is available through Payrailz’ partner Constellation’s Marketplace, the leading cloud-based marketplace enabling credit unions and innovative app developers to provide safe, reliable, and next-generation digital financial services.
“We are thrilled to have excelled at our assessment,” said Fran Duggan, CEO of Payrailz. “Our entire team works very hard to be sure our solution is safe and compliant at all times, and it is our hope that this evaluation will give credit unions further peace of mind when partnering with Payrailz to provide our smarter payments experience to their members.”
About Rochdale Paragon Group’s Vendor Framework and Risk-based Scoring
Rochdale Paragon has a standardized methodology providing a holistic and risk-weighted evaluation of third parties using its Integrated Vendor Risk Review and Risk Assessment model. Rochdale Paragon’s Integrated Vendor Management program is built off the foundation of the leading third-party standards group, Shared Assessments® for which maintains a best practices approach called the Standard Information Gathering (SIG) questionnaire. Rochdale Paragon’s Integrated Vendor Risk Review and Risk Assessment program builds on these standards to develop a proprietary methodology incorporating criticality and risk evaluations to customize results specifically for financial institutions.
Rochdale Paragon’s Vendor evaluation includes a standardized evaluation of major control domains and the risk and criticality evaluation for more streamlined comparison and consumption by Credit Unions. Control domains include such categories as data security, business operations, management, and financial strength. Additionally, Rochdale Paragon has instituted a collaborative process in working with vendors to ensure a thorough understanding and potential remediation activities for all potential vendors but is especially effective for new and emerging fintechs. This does not influence final ratings but assists new vendors in the development of a formal due diligence package and offers an improved understanding of potential or planned remediation activities. This approach allows for a rigorous but standardized method and risk ranking for both the Credit Union and vendors to more effectively and efficiently focus on true business-critical issues that can be relied upon by all stakeholders. This does not provide a “good” or “bad” rating, but rather a full 360° risk-based view of the potential relationship contextualized by real business-critical information to allow for quicker business-focused decisioning. It is a comprehensive and reliable evaluation detailing criticality and specific business risks. It answers the question of, “What should I care about and why?” and provides for formal follow-up and ongoing monitoring for potential changes in the risk posture from RFP to ongoing performance and compliance monitoring.
Rochdale Paragon’s Vendor risk-based scoring includes a comprehensive set of due diligence materials, but more importantly, an executive summary which provides risk and criticality scoring for each of the control domains and overall scoring along with a specific write-up of the key areas of focus and what risk they may pose. This gives the vendor opportunity to improve critical controls over time and credit unions the ability to identify quickly any potential issues for their own understanding and evaluation, effectively providing a roadmap for making solid business decisions aligned with the Credit Union’s risk appetite and business needs.
To learn more about Rochdale Paragon visit https://www.rochdaleparagon.com/
Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.