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Moving the needle in HR space by addressing such pain points is Vault Verify, an industry-leading technology platform that securely automates requests to verify employment and income. This cloud-based technology platform leverages modern integration capabilities, including APIs, to produce quick, easy implementation experiences that increase productivity, provide more accurate verifications, and decrease liability. “With an aim to automate 99.9 percent of the verification process, we reduce clients’ labor expenses and allow them to deploy spending more strategically for recruiting, onboarding, and other essential activities that are strategic to business." begins Bill Roy, President, and Chief Revenue Officer at Vault Verify.
In an interview with CIO Applications, Roy shares insights into the company’s platform and how it accurately conducts verifications and helps HR generate monthly revenue.
Please elaborate on how Vault Verify is leveraging the current market trends to address challenges pertaining to employee verification.
One of the pressing factors that most Fortune 500 companies are concerned about is data security. Our platform employs the latest innovative security protocols, including a SOC 2 Type II data environment and NIST policies and procedures that keep our clients' data safe 24/7. Another issue that clients face is with configurability as historically, the vendors could report only four categories of pay such as regular pay, overtime, commission, and bonus, while all other types of payment would go in a category called 'other.' But with Vault Verify’s platform, clients can report as many as 24 categories of pay such as stock compensation, taxable employee benefits, severance pay, among others. The platform’s configurability to report the way an employer compensates their employees helps the employer reduce follow- up questions from verifiers. In addition to this, it also helps the verifier get the data they need to make well-informed business decisions. We have a highly configurable output report that eliminates follow-up calls to HR, a free implementation using API integrations in most cases, and a monthly revenue share that turns HR into a profit center.
With an aim to automate 99.9 percent of the verification process, we reduce client labor expenses and allow them to deploy spending more strategically for recruiting, onboarding, and other essential activities that are strategic to business
Lastly, our platform provides visibility to our clients. It allows the administrative users of our clients to see every single verification request that has come in and been processed by Vault Verify. They can also see the process of requests in real, which helps them build trust in us and ensure accurate data production.
How do you make the implementationprocess more seamless and engaging for your clients?
We provide our clients with all the tools within the implementation phase to ensure that the program rollout is successful. We provide communication tools to help employees access the employee portal, the client admin team, and the verifier community to update their internal CRM to reflect the process flow. Instead of contacting the client, the verifiers come directly to Vault Verify to process any requests for that client. In addition to this, what further makes the onboarding seamless is the easy-to-use nature of our platform. In terms of process, our platform is very intuitive and proves to be cost-effective for all parties involved.
What makes our onboarding process stand out is our unique proposition for all three stakeholders: the client directly, their employee base, and the verifier. Our services and the entire implementation setup is free for our clients. While the verifier community pays an administrative fee to get the record they need, they end up with the proper data to make a valid business decision quickly and consistently.
Could you please share a customer success story with us?
In 2018, a Fortune 100 company approached us to secure their data, improve controls involving vendor access and increase the overall ROI for their business. Vault Verify delivered a configurable verification report for the client and eliminated follow-up calls from verifiers to HR/payroll by providing verifiers with the proper income breakdown. This change directly impacted the client's requirement for internal labor, leading to an immediate improvement in the ROI.
Another key area of concern for the client was data security and storage of employee data outside of their HRIS. Vault has always stored client data in segmented files instead of one large database, thereby protecting data from unintended access or distribution. However, for this client, we took data security one step further, by utilizing web services to create an on-demand verification model that would enable us to pull a single employee record, in real-time, and eliminate the need for us to store their data at all. With this new on-demand verification fulfillment approach, we successfully reduced our client’s data exposure over the previous file-based model by 99 percent each year.
How would you characterize the recent journey of Vault Verify, and how does it align with the company’s future roadmap?
The last 48 months have marked an interesting time for Vault Verify. While other companies across the globe were shutting down last year, we added 10 Fortune 500 companies to our portfolio of clients and witnessed a revenue growth of 125 percent. Some of the most data-security conscious companies in North America have chosen Vault Verify as their verification provider during the past several years.
As we continue to diversify our list of clients, we are also investing heavily in additional security measures and feature-functionality. Recently, we have added electronic I-9 and E-Verify to our portfolio of solutions. We continue to invest heavily in integrations with more HCM platforms that will provide clients with ease of access to our services. As more and more HR teams seek to offload the "obligatory labor burden" and understand the importance of utilizing secure platforms that minimize data exposure, we will continue to outperform in the space.