Calls, counter-calls, data searches:vendor account validations performed by financial teams do not provide sufficient protection against payment. Manual, time-consuming and highly fallible, a single vendor account validation takes over 30 minutes on average.
Verifying account ownership internationally is not a simple task for Finance teams. In addition to manual controls and the use of various data sources, specific tools only allow domestic validations. With Trustpair, access instant account validations worldwide.
Account validations performed by Finance teams are uncertain and based on trust. There is no way for teams to keep track of the account validations performed by AP teams. Trustpair allows you to streamline your control processes while complying with regulations:
Account validation is used to validate that the account you send funds to is the one you think it is. It verifies both the validity and ownership of bank accounts by checking the company or person’s information is valid, checking the bank account associated is real, and checking that both sets of information match.
In the US, NACHA oversees account validation processes and sets up the rules for the ACH network. Account validation should happen on at least two occasions: at the first use of the bank account and when the bank account information or supplier status changes throughout your relationship with the third party. But if you truly want a secure payment chain, you actually need to do it continuously and automatically.
Overall, Trustpair will help you address risk management topics efficiently and globally.
Our platform has been designed with the end consumer in mind and offers intuitive ergonomics as well as comprehensive dashboards, workflows, and task centers.
The dashboards will help you balance your decisions when it comes to risky situations, by giving you a complete overview of merchant information and risk level
Vendor evaluations are delivered almost instantaneously and can be triggered at any moment of the supplier lifecycle – not only when a new vendor is created. They are based on external banking data sources that provide all needed information – routing number, company status, account number, and so on.
On top of that, we send live warnings as an additional response to any unusual or suspicious transaction – including an unusual amount or date – and block it preventively.