Account Name Check

What does an account name check do?

Before a payment leaves your accounts payable system, an account name check compares the payee name you hold against the name actually registered on the destination bank account. If a supplier emails new BSB and account numbers, the check answers a simple question: does that account really belong to the business named on the invoice, or to someone else? A common example: a construction firm receives an updated remittance from a subcontractor. The invoice reads “Northline Plumbing Pty Ltd”, but the nominated account is registered to an unrelated individual. That mismatch is the warning that stops the payment.

Why it matters for Australian finance teams

Australian businesses lose large sums to payment redirection and business email compromise every year, and Scamwatch (run by the ACCC) consistently ranks these among the most costly scams reported by organisations. For an accounts payable team paying dozens or hundreds of suppliers a week, a single unnoticed name mismatch can send five or six figures to a fraudster. Manual checks, a phone call to a number on the invoice, are slow and easy to spoof, so many payments go out on trust alone.

How ezyshield helps

ezyshield confirms the person, the business via ABN and ASIC records, and bank account ownership before money moves, so the name on the account is verified against who you actually intend to pay. If those details change later, any change triggers re-verification rather than a silent update. Every check is written to an append-only audit trail, logged and never edited or deleted. See how it works and our guide to Confirmation of Payee.