IBAN Validation

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Automated account validation in Trustpair

Automate IBAN Validation Globally, with Trustpair

IBAN validator tools and account validations performed manually by financial teams are insufficient against vendor fraud. They’re time-consuming and prone to errors. With Trustpair, validate vendor legitimacy across 200 countries and boost team efficiency through automation. Take action against vendor fraud, now.

Automate Safely

We automate account validation, reducing time-consuming and manual taks. Teams gain time and peace of mind.

Gain Efficiency

We offer flexible integrations and easily connect to existing systems, designing a solution suited to your business.

Control Globally

Validate vendor bank legitimacy in 200+ countries thanks to the largest banking data sources network.

Your fortress against vendor fraud

Experience Seamless Security in Action. Request Your Demo Today !

FAQ

Frequently asked questions

Browse through our different sections and find the answer to your question.

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.

For more information, feel free to contact us!

The following countries are having country specific validations: Australia, Austria, Belgium, Brazil, Denmark, Colombia, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom, and United States. Our platform can validate bank account numbers from all of them.
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.

IBAN validators only check the format of IBANs, not their validity. They don’t check:

  • That the bank account actually exists or
  • Who the recipient is.

Even using the best-in-class tool might validate a null IBAN, resulting in a return of funds.

This process also leaves a huge security gap in your account validation process. If you use free IBAN validators to check your supplier’s credentials, it exposes you to wire transfer scams.

Wire transfer fraud takes various forms:

  • Vendor fraud: fraudsters impersonate your suppliers to get you to send them unauthorized funds.
  • CEO fraud: scammers pretend to be your CEO to ask you to wire funds.
  • Internal fraud: employees approve payments for fake or illegitimate invoices.

None of these frauds can be prevented by checking IBAN.

An anti-fraud solution like Trustpair protects you against financial fraud by doing 3-way matching. When checking IBAN, we check:

  • The bank account digits are correct and the account is valid.
  • The account belongs to someone.
  • Both pieces of information match.

IBAN validators also aren’t efficient. If you want to check several bank numbers internationally, you’ll have to do it manually one by one. It’s OK if it’s an occasional task, but not if you’re a company that deals with various international suppliers.

In this case, it’s more efficient — and secure — to use a first class solution like Trustpair. Our solution detects IBAN mistakes but also fraudulent attempts, supporting your anti-fraud strategy.

IBAN mistakes are quite common: default IBAN numbers are a long string of singleton and grouped digits. It’s common to make a typing mistake that result in a null IBAN.

In the best scenarios, your funds will simply bounce back, which is pretty harmless even though your banks might charge you for it.

In the worst-case scenarios, however, you’ll never be able to get your funds back — wire transfers are almost impossible to reverse.

Here are the common mistakes that make IBANs wrong:

  • Typos: manually inputting your recipient’s IBAN number leads to mistakes. A finger slips, or you get confused because default IBANs are a succession of singleton digits that aren’t easily read.
  • Format: a few characters are missing — or there are extra ones! There can be some confusion with the BIC number too. Note that different countries have different IBAN classes.
  • Owner details: sometimes financial institutions ask for your recipient’s details, like their complete name and address. If you don’t have them, or they’re not the ones the bank has on record, the funds will return to you.

Ultimately, even using the best-in-class validator means resorting to a manual process, which is time consuming and inefficient for companies (and tend to nullify their anti-fraud efforts).

When it comes to validating your IBAN and securing your supplier’s credentials, an anti-fraud tool like Trustpair is what provides real support.

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.