Company of the Week - EFTsureJuly 11 2019
Make sure your business pays the right account and the right amount. EFTsure is a service for CEOs and CFOs that protects organisations against fraud and error when payments are made.
Banks don't match Payee Names with BSB and Account Numbers. This means your organisation could be living with a high level of fraud and error risk from incorrect payment details. For example, if you authorise payment of 5500 to ABC Traders PTY LTD but the BSB and Account Number is for an account that does not belong to ABC Traders the funds will go to the wrong account even though the name displayed on your online banking is correct.
With EFTsure you don’t have to live with that risk. In the new digital world EFTsure assists forward-thinking companies in maintaining watertight payment systems.
Their aim is to provide all Australian organisations with access to correct, verified and up-to-date information on their payees through our 'Know Your Payee™' (KYP) technology. We are dedicated to protecting companies against fraud and error made through incorrted, fraudulently changed or maliciously altered payee information.
This allows them to aim to ensure that every Vendor Master File of every company is error free and organisations better meet their compliance requirements and streamline their on-boarding of supplier information.