Automated Bank Account Verification
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.
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Need Help? We’ve got you covered
Explore answers to common queries and get the information you need from the experts at Financial Operations Networks.
Financial Operations Networks (FON) is a financial operations company whose products help accounts payable teams prevent payment fraud: VendorInfo, a vendor portal; InvoiceInfo, a supplier portal; DisbursementControls.com, a membership resource for disbursement controls; and VIMCOE, which provides accounts payable certification. FON is a Nacha Preferred Partner.
FON strengthens front-line control points across vendor onboarding, supplier maintenance, and payments — verifying vendor information, validating bank account ownership, running compliance checks, and reducing exposure to business email compromise (BEC) before payments are made.
VendorInfo is a vendor portal for onboarding: it verifies tax IDs, screens OFAC and validates bank account ownership before a vendor is paid. InvoiceInfo is a supplier portal for after the invoice: suppliers look up invoice status, payment dates and remittance advice themselves instead of emailing AP. Both sit on top of the same ERP and are often used together.
Yes. FON offers specialized programs including the AP Payment Fraud Prevention Certification and the Accredited Vendor Information Professional (AVIP) Certification to help finance professionals strengthen expertise and advance their careers.
Request a demo and our team will walk you through how FON can strengthen your controls, reduce fraud exposure, and improve AP efficiency based on your organization’s goals.
Our team is happy to help. Reach out and we’ll get back to you quickly.
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