Bank Account Verification

Prevent erroneous or fraudulent payments to the bank accounts of your suppliers or employees.

How confident are you that your supplier and employee payments are landing in the correct accounts?

Business Email Compromise cost organisations over $15 billion USD in 2023. The increased reliance on payment automation leaves many vulnerable to fraudsters manipulating bank accounts to siphon funds for their own nefarious ends.

It is critical that organisations introduce additional controls to check that new or changed bank accounts for suppliers and employees are verified and correct before processing payments to them.

Nothing Slips By

Automate the verification of supplier and employee bank accounts by checking BSB/Bank Account details against Australia’s largest repository of verified accounts and payments.

This way, you can ensure that the bank details are correct and authentic before making any payments.

The Satori Solution

Satori comes pre-integrated into Australia’s largest repository of bank accounts and payments. This means that any new or changed bank accounts for suppliers and employees are picked up by Satori’s continuous monitoring service and verified.

Combined with Satori’s Vendor Risk Management solution, Satori’s Bank Account Verification notifies customers of any exceptions or suspicious activity and helps them manage and rectify errors using Satori’s workflow capabilities.

Satori Bank Account Verification

Automated Bank Account Verification

  • Applies to both new and changed bank accounts
  • Applies to both supplier and employees
  • Verified against leading external bank account checking provider
  • Results fed back to Satori workflow
  • Can be used with or without Satori’s onboarding system
  • Runs checks before every payment is made

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Yuliya Gultekin - Manager Audit and Assurance, Risk and Assurance TeamWaka Kotahi New Zealand Transport Agency

“Satori takes our data, puts it through their magical system, and presents it back to us in an actionable format.”

Principal Fraud and Corruption ControlGovernment Utilities

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