Vault Verify

For decades, HR teams have struggled with the obligatory HR labor burden posed by completing verifications of employment and income. Historically, the process adds up to hundreds of hours spent on verifications per month by HR and payroll professionals. The process is most challenging for larger employers with thousands of employees, multiple locations and complex compensation models. And while employers seek automated solutions, the most prominent players in the market offer aging platforms lacking configurability and the latest data security measures. Vault Verify has changed that narrative dramatically.

“What we do is automate verifications of employment and income with a goal of providing a better experience for all stakeholders,” begins Bill Roy, president of Vault Verify.

Having worked for over thirty years in the HR space, Roy and the Vault Verify team set out to build a new platform to automate verifications of employment and income that is configurable and utilizes the latest technology for data security. Vault Verify’s cloud-based platform has a better value proposition for all three stakeholders, be it the client directly, their employee base, and the verifier community as well. The platform can automate any verification from bank loans, mortgages to apartment complexes and governmental entities where they need verification of income or where a prospective employer needs to confirm the start date, end date and previous position of an employee they are looking to hire. “Our goal is to automate 99.9 percent of those verifications,” adds Roy.

Even today, many enterprise clients are processing these verification requests in-house, leading to a substantial amount ofHR labor burden. Vault Verify has removed all of the labor expense by automating the process and enabling clients to deploy resources more strategically for recruiting, onboarding, and payroll. Clients of other solutions often face issues with configurability of earnings, as the vendors could report only four categories of pay: regular pay, overtime, commission, and bonus, while all other types of payment would go in a category called ‘other.’ However, for most Fortune 500 clients that have hundreds or thousands of earning codes, the standard 4 categories don’t really work. With Vault Verify’s platform, earnings can be mapped to as many as 25 categories of pay such as stock compensation, taxable employee benefits, and severance pay, among others. The platform’s ability to report how a client compensates their employees helps the employer reduce follow-up questions from verifiers, but it also helps the verifier get the data they need to make the business decision. “We are helping all parties facilitate a better process,” adds Roy.

Data Security is one of the reasons why we continue to outperform the market

Another major point of emphasis for Vault has been data security. Historically, companies have had to send a complete file of data periodically to a vendor, which creates two significant problems related to data storage and security. Many questions arose, such as how they were storing data, how they were using it, and ensuring the vendor only used the data for the intended purpose. Clients were concerned that a vendor could be sharing it or selling it to other parties that weren’t necessarily contemplated or intended with their agreement.

Unfortunately, there have been many instances of data breaches with some prominent vendors. Today, Vault Verify has created numerous real-time API integrations with HCM platforms, eliminating file feeds for most of its clients where APIs are available. This way, when Vault Verify receives a valid verification request from a bank or a mortgage company, or from an employer, it can utilize its integrations to query the client’s system of record on-demand and pull one employee record at a time, which means it does not have to store all of that client’s data. “It reduces potential data exposure by over 99 percent versus the commonly held model,” states Roy.

Vault Verify also emphasizes visibility, as the platform allows the administrative users of its clients to view, in real-time, every single verification request that has been placed and processed by Vault Verify. And Vault’s value proposition for clients is among the best in the HR space. The company’s entire platform implementation, set up and ongoing service is free for its clients. The verifier community pays an administrative fee to get the record they need, and Vault Verify shares that monthly revenue with its clients, making their HR department a profit center. The company also provides all of the communication tools to ensure the program is a success with the verifier community and employees.

Recently, one Fortune 20 company was looking at every opportunity to lock down data and improve overall ROI for the business. Vault Verify delivered a configurable verification solution for its client, eliminating follow-up calls from verifiers to HR/payroll by providing verifiers with the proper income breakdown, to begin with. This change had a direct impact on the internal labor that was required by the client, immediately improving ROI. Vault Verify also delivered a real-time integration with the on-premise HRIS, thereby eliminating file feeds and protecting data from unintended access or distribution.

Forging ahead, Vault Verify plans to continue to invest in feature/functionality, data security and compliance in order to ensure 100% client satisfaction. The firm will also continue to invest in integrations with more and more HCM platforms so that clients have ease of access to its services. The investments have resonated with clients. Due to the pandemic, many HR teams realized how demanding this verification workload could be as they could not attend to calls or faxes in the office and sought ways to minimize non-strategic labor burden. Consequently, Vault Verify has brought on over ten fortune 500 companies and a large number of data security conscious companies last year, as it grew by 125 percent. “Data Security and value proposition are two of the reasons why we continue to outperform the market,” concludes Roy.