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EFT Verification of Payment Details before
Releasing Funds Payment Checking
Before Making Supplier Payments


EFT VERIFICATION


DETECT FRAUD AND SPAM ATTEMPTS
BEFORE RELEASING FUNDS. EFT VERIFICATION SERVICE

Over 270m lost to payment redirection scams in 2021

Identity theft is increasing

Increasing of business emails being compromised

 * Show fraud and error alerts before releasing funds, not after. EFT
   verification service to check and verify suppliers before releasing funds.
 * Extension to our supplier onboarding that matches account name,
   bank details and ABN.
 * Everytime there's a new payment run Transaction Trust will cross check the
   transactions


WHAT IS AN EFT VERIFICATION SERVICE AND WHY IS IT IMPORTANT TO CHECK PAYMENTS?

An EFT verification service plays a vital role in the world of electronic
transactions by providing businesses with a secure way to validate payment
details and prevent fraudulent activities. As digital payments continue to gain
popularity, the need for robust EFT verification services will only grow. So if
you're running or working for a business that deals with electronic fund
transfers, it's definitely worth exploring how an EFT verification service could
benefit your operations.

When a business uses an EFT verification service, they're able to confirm that
the payment details provided by their customers are legitimate and accurate.
This can help prevent unauthorized transactions and ensure that payments are
processed securely and efficiently. With cybercrime on the rise, having a
reliable EFT verification service in place is crucial for businesses looking to
protect themselves and their customers from potential financial risks.

Checking supplier payments before releasing funds gives you the opportunity to
catch any errors or discrepancies. It's important to ensure that all invoices
match up with the agreed-upon terms and pricing. This simple step can prevent
unintentional overpayments and keep your finances on track.

By verifying supplier payments, you're holding both parties accountable for
their financial agreements. It sets a standard of transparency and trust between
your company and its suppliers. Plus, it reinforces the importance of accurate
record-keeping and establishes clear expectations for future transactions.

Another reason to check supplier payments before releasing funds is security.
With the rise of online transactions and digital communication, there's always a
risk of fraudulent activity. Taking the time to review payment details can help
safeguard against unauthorized changes or fake invoices. It's like adding an
extra lock on your virtual vault!

Let's not forget about reputation. Your company's integrity is priceless, and
maintaining a solid reputation in the business world is crucial. By diligently
reviewing supplier payments, you're demonstrating a commitment to ethical
business practices and financial responsibility. This level of diligence can
enhance your professional image and build trust with clients and partners alike.

Depending on your industry or location, there may be specific regulations or
standards regarding payment processing and record-keeping. By thoroughly
checking supplier payments before releasing funds, you're ensuring that your
company remains compliant with all relevant laws and guidelines.




RECENT ARTICLES


Benefits of EFT Verification

Be aware of the dangers of screenscraping

Cyber crime and its impact on payment misdirection for companies

How EFT verification helps prevent payment misdirection

EFT Verification Software: Guide, Tips and Setup

Vendor Onboarding

Supplier Payment Verification




TRUST RATING SYSTEM





TRANSACTION TRUST EXTENSION
TO SUPPLIER ONBOARDING


SUPPLIER VERIFICATION AND
PAYMENT CHECKING




DISADVANTAGE WITH OTHER
APPROACHES




THE NEW VERIFICATION SOLUTION




THE TRUST TRANSACTION
VERIFICATION WORKFLOW


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