Businesses lack a reliable, efficient way to verify that bank account information provided by vendors or customers actually belongs to the intended recipient before initiating payments, especially when account changes are requested.

Workarounds Described

• emails to confirm bank account changes
• phone calls to verify account details
• callbacks to the vendor using a previously known number
• spreadsheets to log and track verification status
• manual approvals in ERP systems

Implied Software Gaps

• Automated bank account ownership verification service using APIs or micro-deposits
• Digital workflow for bank account change requests with multi-factor authentication
• Centralized log with audit trail capturing all verification actions and evidence
• Integration with ERP systems to sync payment instructions and statuses

VerifyPay

VerifyPay is an automated bank account verification and payment instruction management platform that uses a combination of API-based validation, micro-deposits, and digital workflows to confirm account ownership in real time. It replaces manual callbacks and spreadsheet tracking with a secure, auditable system that flags changes and authenticates counterparty identity.