University and Health System Enhances Their VOIE Process

Client Background

A major university with a hospital system was managing verifications of employment and income
(VOEs and VOIs) for over 55,000 employees. The organization handled over 900 requests per month. Due to the complexities of their compensation structures and the fact that many employees held multiple roles within the institution, managing these requests in-house became a significant challenge.

Problem

The client faced difficulties in finding an outsourced vendor who could manage their verification requests accurately and efficiently. The scale of requests, the intricacies of their compensation models, and maintaining accuracy while protecting employee data were significant concerns. Many vendors they explored either lacked the ability to handle the complexity or raised security concerns, particularly because several major VOIE vendors were also data brokers who resell employee data (a common practice in the HR tech industry).

Solution

After extensive market research on verification vendors, the client selected Vault Verify. Vault Verify’s API solutions were uniquely positioned to address the client’s pain points. This client uses PeopleSoft, which is among the many major HCM platforms that Vault Verify can integrate with through an API. The API, called the Vault EDGe Gateway, provided the necessary accuracy and efficiency while prioritizing data security and integrity. Unlike many larger vendors, Vault Verify ensures that employee data is not sold, a critical factor in the client’s decision-making process.

In April of 2023, the client requested Vault Verify services to automate all VOIEs, including social services and government requests. The implementation began in December 2023 and the company went live with Vault Verify in March of 2024.

Results

Annualized operational figures for Vault Verify:

• 15,000 total verification volume for the client
• Saved the client approximately $225,000 in internal labor costs (based on $15 per verification)
• Staff was able to focus on other HR and payroll projects, due to the greatly reduced workload
• Prevented the third-party storage of employee data due to its ‘no-storage’ approach to VOIE reports

From these early results, the program delivered instant ROI!

The VOIE service continues to exceed the client’s expectations and the HR department has indicated that they would recommend Vault Verify services to friends and colleagues.


(Annualized figures based on results from go-live date of 3/27/2024 through 10/26/2024)