We are the original founders and staff of iPay Technologies. We sold iPay to JKHY in 2010 - at that time we had earned the trust of over 4,000 clients! The team then got back together with the vision and goal to solve the vendor risk management problems of banks and credit unions - and Venminder was born!
Venminder addresses the tactical challenges of vendor risk management tasks by improving efficiency and compliance. To do this, we provide the perfect suite of software and services to solve the problems of vendor risk management for financial institutions.
We offer services to handle workloads related to: collecting compliance documentation, analyzing a vendor’s financial health, deploying paralegals to assist with vendor contracts, reviewing a vendor’s SOC report, monitoring a vendor’s cybersecurity posture and much more.
We also have a software solution to organize, track and report findings to Senior Management, the Board of Directors and, ultimately, the examining bodies. It is a “must have” answer to meeting increasing regulatory requirements. The SaaS based software solution guides users through critical processes such as risk assessments, due diligence requirements and task management.
Remember, while your financial institution cannot outsource ownership of vendor risk, you can outsource the tactical work of assessing the risk.
Founded by Industry Experts
The founders of Venminder were also the founders of iPay Technologies, a successful electronic bill pay provider that was sold to Jack Henry for $300 million in 2010. At the time, iPay was the largest independent electronic bill pay provider in the United States.
At iPay, our team was renowned for their commitment to customer service having earned the trust of over 4,000 financial institution clients. Billions in payments were processed annually serving millions of consumers - a high risk operation that the firm led without incident or breach. iPay was also regularly examined by the FFIEC which has given our Venminder team unique understanding into the challenges that financial institutions face in addressing high risk operations.
Our board of directors, management team and staff at Venminder also represent many iPay team members.
Solving vendor risk management problems
The team got together with the vision and goal to come up with solutions to the vendor risk management problems that financial institutions were facing as they tried to meet increasing regulatory requirements.
We began helping financial institutions by collecting documents on their behalf from vendors, then, working closely with our clients on what they needed additional help with, we continued adding further outsourced services. We now have a full suite of outsourced services that address near all of the tactical challenges of vendor risk management tasks . Now, through outsourcing, hundreds of our clients are saving valuable time and resources which allows them instead to focus on the important strategic decisions in their vendor risk management.
In 2012, we also launched our cloud-based software platform so that our clients had a powerful tool to organize, track and report their findings to Senior Management, the Board of Directors, and ultimately the examining bodies.
Venminder has now established itself as a market leader in software and outsourced vendor risk management solutions serving banks, credit unions, mortgage companies and vendors.
Our values serve as a guide for our actions and describe how we interact with our clients.