AP teams lack a reliable way to verify vendor bank account changes received via email without a time-consuming manual investigation, risking fraud or delayed payments.
Existing AP automation tools handle the ACH payment process but don't provide a built-in method to securely verify and manage vendor bank account changes, especially when the request arrives via email. Manual verification requires calling vendors and checking email threads, which is time-consuming and error-prone.
Workarounds Described
- Stopping payment and manually calling vendor's number on file
- Keeping bank details in email threads
- Making vendors open another portal
Implied Software Gaps
- A secure portal for vendors to update bank details with verification steps
- Automated fraud detection for bank change requests
- Integrated approval workflow for AP teams
VendorBank Verify
VendorBank Verify is a secure vendor banking portal that streamlines bank account change requests, verification, and approval workflows. It eliminates risky email-based bank changes by providing a dedicated platform where vendors can submit updates, and AP teams can verify identity and get approvals in minutes, not hours.
- Secure vendor self-service portal for bank account updates
- Automated identity verification and fraud detection
- Multi-step approval workflows for AP teams
- Audit trail and integration with AP systems
Existing Solutions Mentioned
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