Validating bank account ownership is a critical part of the vendor onboarding process.
After all, every organization wants to be sure that it is paying the right supplier or individual.
But most organizations still rely on manual processes for authenticating bank account ownership. Many organizations collect bank account details from suppliers through unsecure emails. Some organizations are putting themselves at even greater risk by not verifying bank account ownership.
But many organizations are putting themselves and their vendor relationships at risk by relying on manual processes for onboarding suppliers. Finance and procurement teams waste lots of time gathering documents, pushing around paper and emails, rekeying data, chasing down missing and incorrect details, fixing errors and responding to vendor inquiries about where things stand.
The problem with manual bank account authentication
Manually verifying bank account ownership is time-consuming.
Things also are more likely to slip through the cracks when an organization manually validates the ownership of a bank account.
- A bank account number may be invalid
- A bank account may not belong to a supplier
- A bank account maybe owned by a bad actor
- A bank account maybe closed
2021AFP Payments Fraud and Control Survey Report Key Highlights (jpmorgan.com)
How to Automate Bank Account Verification
Reduce your risks with automated bank account verification from VendorInfo.
- Authenticate the owner of an account
- Validate that the account is open
- Pre-verify ACH, Real-Time Payment (RTP) and wire payment transactions
- Receive areal-time verification of bank account ownership
Automation makes it easy to ensure that an organization is paying the right party, and not a fraudster.
How It Works
VendorInfo’s solution automatically verifies bank account ownership by:
- Account Name
- Street Address, City, State and Zip Code
- Bank Account Number
- Routing Number
- Tax Identification Number (TIN)
VendorInfo’s secure supplier portal enables suppliers to effortlessly enter their bank account details online – virtually eliminating the risk that sensitive information will be intercepted by fraudsters.
Automate Bank Account Verification
See for yourself how easy and secure it can be to verify bank account ownership. Click here to book your online demo of VendorInfo’s bank account verification solution today.