VendorInfo, a division of Financial Operations Networks (FON), is well-known for its specialized self-service vendor portals that offer precise and timely tools, focusing on security, controls, compliance, efficiency, and scalability.
In response to the increasing threat of payment fraud, VendorInfo has introduced its Automated Bank Account Verification service. As an integral part of FON, VendorInfo has been empowering financial professionals with risk management tools, efficiency improvements, and cost reduction solutions since 2001. Born from the creators of PayTECH and The Accounts Payable Network, VendorInfo’s portals address the need for enhanced security and compliance measures, both internally and externally.
The Automated Bank Account Verification service by VendorInfo assists businesses by instantly validating bank account ownership and status before initiating payments. This ensures that funds are directed to the legitimate recipient and not to fraudulent entities. Besides reducing payment fraud risks, this service also significantly cuts operational costs.
Key features of the Bank Account Verification service include confirming active bank accounts, pre-verifying transactions through Automated Clearing House (ACH), Real-Time Payment (RTP), or wire transfers, and providing real-time account ownership verification. The tool can also cross-check account ownership details using account name, address, account number, routing number, and Tax Identification Number (TIN). There’s an added option for suppliers to securely input their banking information through VendorInfo’s online portal, eliminating the need to email sensitive data that could potentially be compromised.
By FCCT Editorial Team
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