VendorInfo, a segment of the Financial Operations Networks (FON), is renowned for offering specialised self-service vendor portals. These portals provide precise and timely tools, ensuring security, controls, compliance, efficiency, and scalability.
With the mounting threat of payment fraud, businesses are constantly searching for tools to safeguard their transactions. VendorInfo recognises this pressing issue and in response, has introduced its Automated Bank Account Verification service.
As an integral part of Financial Operations Networks (FON), VendorInfo has been equipping financial professionals with tools to stay ahead in terms of risk management, efficiency, and cost-avoidance since 2001. Born from the pioneering minds behind PayTECH and The Accounts Payable Network, VendorInfo’s portals address both internal and external demands for heightened security and compliance measures.
VendorInfo’s Automated Bank Account Verification service aids businesses by instantly validating bank account ownership and its standing before initiating payments. This ensures that the funds reach the rightful recipient and not a deceptive entity. Not only does the service alleviate payment fraud risks, but it also significantly slashes operational costs.
Bank Account Verification has the capability to confirm if a bank account is active, pre-verify transactions via Automated Clearing House (ACH), Real-Time Payment (RTP), or wire transfers, and provide real-time account ownership verification. The tool can also check account ownership details based on account name, address, account number, routing number, and Tax Identification Number (TIN). There’s an added option for suppliers to securely input their banking details through VendorInfo’s online portal, removing the need to email sensitive information that could potentially be compromised.
VendorInfo CEO Phil Binkow said, “The risk of payment fraud is rising. 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.”
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