RISK INTELLIGENCE – ACCOUNT VERIFICATION
Tap into leading vendor management tools, spanning identity verification and onboarding, change management and payments and disbursements to quickly identity potential risk and validate vendors.
Corporates typically engage with large numbers of suppliers and vendors, and while these relationships are essential, they can introduce payments and identity-related risks. Failure to adequately manage and mitigate these risks can lead to financial losses, reputational damage and more.
Robust authentication and validation of your vendors is therefore an essential part of a holistic risk management programme. This involves ensuring that there is no known fraud in your supplier ecosystem.
Implementing proactive fraud prevention measures – across vendor onboarding, change management and disbursements – is crucial, but it may also be necessary to conduct a scrub of existing vendors and suppliers to pinpoint any existing fraud risk.
Use Case
Suppliers and vendors are a key element of any supply chain, but companies must ensure that these crucial relationships do not inadvertently introduce payments and identity risk. Not only do many companies often have large existing supply networks, but the ongoing onboarding of new suppliers as well as change requests (for example, updates to vendor addresses, bank details, or more) can introduce new risk.
Proactively managing your suppliers means taking steps to:
Ensure that no known fraud risks in your existing supply networks.
Identify potential risks before entering any new supplier or vendor relationship.
Take steps to ensure that no new risk is introduced during change events.
Our solutions
Our suite of complementary solutions deliver the tools you need to identify and mitigate potential risk in your supplier and vendor networks.
Our consortium bank database solution and our open banking solution let you verify bank accounts, safeguard payments and reduce unauthorised returns – all in real-time and via a single API:
Verify vendor account information for both individuals and businesses.
Ensure that accounts are in good standing.
Our data-first identity verification capabilities draw on 200+ authoritative, in-country data sources across 55+ countries and triangulate alongside our account verification:
Verify the identities of your vendors in real-time.
Value-added insights – including additional information about specific transactions, such as aggregated histories and account activity – help you flag potentially high-risk accounts.
Multi factor authentication tools are available to help you ensure you are dealing with the true bank account owner, and to assist with identifying and preventing account takeover attempts in real-time.
Features & Benefits
Authoritative account and identity verification allow you to safeguard payments and identify potential fraud within your supplier ecosystem – quickly and efficiently.
Our holistic approach to fraud management means you can access a range of complementary solutions and value-added insights that can be tailored to your exact needs.
Backed by a trusted industry leader, our world-class tools and data offer peace of mind and allow you to reduce fraud and onboard suppliers and vendors with confidence.
Our frictionless, real-time process ensures a positive customer experience, while delivering the peace of mind that account information has not changed during the payment transaction.
Scalable technology means that you can quickly deploy KYC and KYB capabilities and multi factor authentication services as and when needed for a complete and holistic approach to fraud management.
Find out more
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