Supplier Bank Account Verification

Bank Account Verification Defined

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What Is Bank Account Verification? Bank account verification is the process of confirming the authenticity of bank account information. That includes ownership as well as account and bank routing numbers. The primary purpose of bank account verification is to prevent fraudulent activities such as identity theft, money laundering, and unauthorized access to funds. By verifying … Bank Account Verification Defined

Two Controls to Protect Vendor Bank Account Information

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With the pandemic-driven shift to remote work, many organizations moved more check payments to electronic formats, primarily ACH. That has necessitated vendors providing organizations with bank account information. Criminals, of course, go where the money is. And in the hasty shift to more electronic payments and, therefore, more vendors sharing bank account information, many organizations … Two Controls to Protect Vendor Bank Account Information