VendorInfo releases Automated Bank Account Verification
ATLANTA, Sept. 21, 2023 /PRNewswire-PRWeb/ -- VendorInfo today announced Automated Bank Account Verification, a fraud prevention service for its vendor onboarding and information management portal.
Prior to making payments, a business using VendorInfo's Automated Bank Account Verification can instantly verify the ownership and standing of a bank account to help ensure thatndor payments go to the intended party, and not to a fraudster. In addition to mitigating the risk of payment fraud, Bank Account Verification reduces operational cost.
"The risk of payment fraud is rising," said VendorInfo CEO Phil Binkow. "Businesses lose millions of dollars each year to payment fraud. Many of those losses are tied to Business Email Compromise (BEC) attacks and other schemes where fraudsters submit phony bank details. Automated Bank Account Verification mitigates the risk of fraud by making it easier and timelier to verify bank account ownership."
Bank Account Verification can authenticate that a bank account is open, pre-verify Automated Clearing House (ACH), Real-Time Payment (RTP), or wire transactions, and receive a real-time verification of bank account ownership. The solution also can verify bank account ownership by account name, address, bank account number, routing number, and Tax Identification Number (TIN).
An option allows suppliers to enter their bank account details in a customer-specific instance of VendorInfo's secure online portal, eliminating the risk of emailing sensitive data that can be intercepted by bad actors. The solution authenticates bank account ownership for new suppliers as well as suppliers whose bank account details have changed.
To learn more about automated Bank Account Verification and VendorInfo visit www.vendorinfo.com.
About VendorInfo
VendorInfo, part of Financial Operations Networks (FON), provides specialized self-service vendor portals that bring focused, comprehensive and timely tools and support to meet changing internal and external requirements for security, controls, compliance, efficiency and scalability. FON was founded by the leadership team behind PayTECH and The Accounts Payable Network and has been instrumental in helping thousands of senior financial professionals keep their operations ahead of the risk, efficiency and cost-avoidance curves since 2001. Learn more at www.vendorinfo.com.
Media Contact
Patti Wysocki, VendorInfo, 1 757-564-1930, [email protected], www.vendorinfo.com
SOURCE VendorInfo
Share this article