VendorInfo, a leading provider of supplier onboarding and vendor information management solutions, announced the addition of international bank account verification to its self-service supplier portal.
VendorInfo, a leading provider of supplier onboarding and vendor information management solutions, announced the addition of international bank account verification to its self-service supplier portal. This new feature is designed to combat the growing threat of phony bank account change requests, a common type of fraud that targets accounts payable.
Phony bank account change requests occur when fraudsters pose as legitimate suppliers or senior managers, often via email, and submit false requests to update payment details with a buyer. Once the fraudulent information is processed, payments are diverted to the fraudster’s bank account, potentially resulting in significant financial losses. These schemes are becoming increasingly sophisticated and more prevalent, prompting organizations to seek stronger defenses.
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“International bank account verification is crucial for organizations operating globally,” said VendorInfo CEO Phil Binkow. “By providing a secure, automated verification process, we help organizations reduce the risk of fraud while ensuring payments are delivered to legitimate suppliers.”
VendorInfo’s new international bank account verification solution addresses this challenge by enabling accounts payable departments to ensure the authenticity of suppliers’ bank details before payments are processed. The verification process is simple and secure. Buyers send an invitation to suppliers. Suppliers register through the VendorInfo portal and input their bank account details after which bank account ownership is verified.
“International bank account verification is crucial for organizations operating globally,” said VendorInfo CEO Phil Binkow. “By providing a secure, automated verification process, we help organizations reduce the risk of fraud while ensuring payments are delivered to legitimate suppliers.”
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Ensuring that bank account details are accurate and legitimate protects businesses from falling victim to payment fraud, safeguarding financial assets. Secure and timely payments strengthen trust and supplier collaboration. Automating the verification process also reduces manual intervention, speeds up payment cycles, and frees up accounts payable staff to focus on fulfilling, higher-value tasks.
In some regions, compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations requires verifying the identity of beneficiaries, making account verification essential.
