400+ customers targeted by 0 successful fraud events
The largest coverage of international bank accounts on the market
No more manual callbacks, vendor controls are automated
Calls, counter-calls, emails: manual vendor account validations performed by financial teams are vulnerable to fraudulent transactions. Manual, time-consuming, and highly fallible, a single control takes over 30 minutes on average. With Trustpair’s services:
Verifying account ownership internationally is not a simple task for Finance teams. Many tools only allow domestic validations. With Trustpair, access automated instant account validations worldwide and guarantee international vendor data quality and legitimacy.
Verifying account ownership isn’t just about payment fraud prevention. It helps businesses meet domestic and international standards, avoid penalties, and secure transactions. Account validation enables organizations to comply with key regulations, including:
Browse through our different sections and find the answer to your question.
Comply with regulations
Regulatory authorities are here for a reason. Nacha account validation requirements ensure that you have the correct bank details to charge your clients for example. They also provide resources and documentation for doing account validation the correct way.
The same goes for the KYC (Know Your Customer) and AML (Anti-Money Laundering) frameworks, which apply to certain high-risk industries like insurance.
Regulatory compliance makes sure standards are met across industries.
Abiding by them means protecting your business from a potential security breach, money laundering, or terrorism funding. It also protects your consumers’ sensitive information, which in turn leads to a more trusting relationship between you.
Standardize your processes
Standardizing your account validation is key for consistency across your company. Account validation is a business process like any other – it needs to be streamlined in order to be efficient. The way you go about this exactly depends on your organization.
Have a look at where you’re at now, and think about how you could make your actual process more effective. You might need to involve more people in it, simplify it, officialize one process for the whole company, communicate more regularly, and so on.
One thing is sure, however: you need to systematically check the financial information of your third parties – especially for overseas suppliers! Checking a merchant when you create its’ record in your database is a first step but it’s not enough: you need to ensure controls are done systematically during the supplier lifecycle.
That’s why it’s important that account validation be part of your regular internal controls, and as such is communicated consistently in your company. It all leads to increased cybersecurity, as well as leaves an audit trail in case of external control.
Do your due diligence
Account validation is about more than meeting the standards of regulatory bodies. At its heart, it’s about ensuring that your company isn’t sending funds to scammers, hackers, terrorists, or any malicious person. It’s an essential addition to your current anti-fraud measures.
Strong account validation needs to be an integral part of your customer due diligence process. This means going beyond standard background checks and incorporating robust business process controls. You need to be sure you won’t be defrauded and fund illegal activities unknowingly.
Enhanced due diligence is possible thanks to Trustpair, which carries out systematic and automated checks. Our vendor data management system means you can trust that your account validation covers all the authentication details that you might otherwise miss with manual verification.
It’s a good first step, but it’s not enough to prevent fraud. They only confirm the bank and the bank branch – not the account or its owner. To truly protect against payment fraud, businesses must also assess account ownership by crossing company details and account information – a service provided by Trustpair. This ensures payments are going to the intended recipients. Full account validation is essential for secure, compliant payments and effective fraud prevention.
Automated account validation is crucial for preventing errors, mitigating fraud risks, and ensuring compliance with financial regulations.
Legal Risks:
Failing to verify accounts can lead to non-compliance with US laws such as Nacha, KYC, AML, and SOX. This may result in corporate fines and legal issues during audits, especially for publicly traded companies.
Operational Risks:
Without account verification, businesses face increased chances of errors in banking details and transactions. These mistakes can damage supplier relationships and often result in irreversible fund transfers.
Fraud Risks:
Lack of account validation exposes businesses to various fraud schemes. Common techniques include vendor fraud, phishing attacks, and CEO impersonation. Scammers may use spoofing, false invoices, or network hacking to commit fraud.
By implementing robust fraud prevention measures early on, organizations can significantly reduce the risk of falling victim to sophisticated scams and fraudulent activities. The vendor onboarding stage is the opportunity to verify the legitimacy of suppliers and their financial information before any transactions occur. This proactive approach helps prevent fraud, including vendor fraud and invoice scams.
Trustpair offers an ultimate solution to secure the vendor onboarding process through its automated account validation system. By leveraging Trustpair’s comprehensive banking data sources and smart algorithms, companies can instantly verify vendor bank account details across 200+ countries. This automated validation not only saves time but also eliminates human error, ensuring that every new vendor is thoroughly vetted before being added to the system.
With Trustpair, organizations can confidently establish secure vendor relationships from the start, minimizing the risk of fraudulent activities throughout the entire business relationship.
Explore how our solutions have empowered businesses like yours to fortify against fraud and build a resilient financial ecosystem.
"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."
"With Trustpair’s verification methodology, it's no longer just a consistency check but an exact confirmation of the validity of the third party: there is no longer any risk."
"With Trustpair, we are able to automatically and quickly monitor our third parties and ensure the security of that very data over the long term."
“I would definitely recommend Trustpair to finance departments. It makes adding and modifying beneficiaries more reliable, without resorting to manual processes that are cumbersome, time-consuming and fallible.”
“The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier's bank details.”
"Trustpair adapts very well to the specifics of our market and our way of working. Several features are developed as we work together. That's a real plus."
"Trustpair has become more than a reflex; it has become an obligation. The team no longer validates an IBAN unless Trustpair has confirmed it to us."
Thanks to Trustpair, we’ve made a significant shift in our security processes and filled the gaps we needed to fill. Trustpair has proved to be a committed and trustful partner and we’ve appreciated the support and transparency.
We’ve gone from manual and time-consuming fraud controls to automated bank account validation done directly in SAP. The workload has been drastically reduced and payment security is now guaranteed.
