VendorInfo launches its Automated Bank Account Verification tool


US-based VendorInfo has announced the launch of its Automated Bank Account Verification tool, in order to prevent fraud for its management portal

US-based VendorInfo has announced the launch of its Automated Bank Account Verification tool, in order to prevent fraud for its management portal. Following this announcement, customers and businesses that leverage the Automated Bank Account Verification product will be given the possibility to instantly verify the ownership and the standing of a bank account.

This will improve the manner in which clients ensure that the payments go to the intended party and not to a fraudster. In addition to the process of mitigating the risk of payment fraud and other online threats, the new VendorInfo service will also focus on reducing the overall operational cost. More information on the Automated Bank Account Verification product VendorInfo is a part of the Financial Operations Networks (FON) and its aim is set on providing specialised and personalised self-service vendor portals to its customers, in order to deliver focused, comprehensive, and timely solutions and tools.

The new Automated Bank Account Verification service will prioritise the procedure of meeting the needs, preferences, and demands of its clients while remaining compliant with the requirements and laws of the industry. Currently, many fraudulent activities are tied to the Business Email Compromise (BEC) attacks, as well as other schemes where the fraudsters aim to steal funds by submitting phony bank details. The Automated Bank Account Verification solution was designed to recognise and mitigate these types of risks by optimising the way in which bank account ownership is verified.

The product will authenticate that a bank account is open and it will start the process of pre-verification of Automated Clearing House (ACH), Real-Time Payment (RTP), as well as wire transactions. Following this procedure, the service will receive a real-time verification of bank account ownership. The Automated Bank Account Verification was designed to check bank account ownership by address, bank account number, account name, and routing number, as well as the Tax Identification Number (TIN).

Included in the new product is the option that gives suppliers the possibility to enter their bank account details and information. This takes place in a client-specific instance of VendorInfo’s secure online portal, aiming to eliminate the risk of emailing sensitive data that can be intercepted by bad actors and fraudsters. The verification tool authenticates bank account ownership for new suppliers and merchants, as well as the suppliers and traders whose bank account details have changed over time.

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Sep 22, 2023 15:12
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