When it comes to vendor banking information, customers tell us:
Due to increased cyber risk, verification of bank account ownership has become a best practice. But…procedures for verifying banking information are inefficient, including phoning the vendor, requiring confirmation letters from vendors’ banks, obtaining voided checks and confirming known information.
Vendor bank account information is usually received by email, but, also due to increased cyber-risk, collecting bank account information by email is less viable today than in the past.
Now, with VendorInfo’s bank account verification module, you can put a stop to tedious, time-consuming procedures, reduce risk and eliminate data entry:
Bank account ownership is automatically verified against:
Bank Account Number
Tax Identification Number
Vendors can complete and electronically sign bank account information online, eliminating email risk and data entry.
Financial Operations Networks Customers
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Phone: (678) 335-5735
Financial Operations Networks provides specialized software-as-a-service applications that automate vendor information verifications, onboarding, compliance and payment inquiries.
If you’d like to see how your processes can benefit, contact us today to learn how VendorInfo can securely verify bank account information before setting up new vendors or when vendors change bank account information.