IBAN Validation

Rather than relying on manual checks, prone to errors and time-consuming, opt for an automated solution to streamline your processes. Manual verification for a single supplier can take up to 30 minutes, especially if based in a country where IBAN format is specific like in US, Canada or Australia, while an anti-fraud software such as Trustpair reduces this to approximately 2 minutes, ensuring a more comprehensive examination.

Using an automated solution for your account validation also proactively eliminates fraud, by checking each and every transaction. Payments for unverified suppliers are automatically halted in real-time, avoiding common scams such as CEO fraud of vendor fraud. Moreover, automated solutions like Trustpair adhere to high-security standards, offering secure API connections and native connectors to protect customer financial details.

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Regulatory authorities serve a crucial purpose. The Nacha account validation requirements, for instance, ensure the accuracy of bank details when charging clients and offer valuable resources and documentation for proper implementation of account validation procedures.

Similarly, the KYC (Know Your Customer) and AML (Anti-Money Laundering) frameworks play a significant role.

Trustpair goes beyond standard background checks and ensures that your company isn’t sending funds to scammers or any malicious person. It’s an essential addition to your current anti-fraud measures. As a consequence, the platform is 100% compliant with regulations.

B2B Payment fraud encompasses various tactics, each with the potential to cause significant financial losses. Some common types of B2B payment fraud include:

• CEO Scam: Fraudsters impersonate high-level executives to request urgent payments. They usually resort to intimidation and target individuals from the treasury department.Trustpair’s solutions help verify such requests and prevent unauthorized transactions by identifying any fraudulent account.
• Supplier Scam (Bank Detail Replacement): Criminals manipulate merchant bank details to divert payments to their accounts. Trustpair’s validation process ensures that bank account details match legitimate vendors.
• Fake Invoice: Fraudsters send bogus invoices to deceive businesses into making payments for services or products that were never provided. To stop fraud from occurring, Trustpair’s solution helps verify invoice authenticity.
• Email Hacking (Impersonation of Suppliers): Hackers gain control of supplier email accounts to send payment requests from seemingly legitimate sources. To safeguard businesses from this type of fraudulent activity, Trustpair’s real-time monitoring detects anomalies before payments are executed.
• Internal Frauds: Dishonest employees manipulate internal systems to facilitate unauthorized transactions. Fraud happens when they enter their own bank details instead of merchants’ details and receive transfers. Trustpair’s comprehensive approach helps prevent such insider threats.

Trustpair can protect your entire P2P chain with agile integrations into your existing software – procurement, ERP, and TMS. We offer several technical options to connect with your existing tools such as SAP, Ariba, Sage. You can also embed our automatic international account validation tool in your systems with our API, and so boost your financial teams poductivity by avoiding switching between platforms.