Glossary / Verification & identity
Payment Identity Verification (PIV)
Payment Identity Verification (PIV) is the practice of verifying the identity and account ownership of the people and businesses involved in a payment before the money moves.
What does Payment Identity Verification cover?
Payment Identity Verification (PIV) ties identity to the payment itself. Rather than checking an identity once at onboarding and trusting it forever, PIV verifies the people and businesses involved, and confirms account ownership, at the point money is about to move. It combines identity checks with account ownership so both the who and the where are confirmed together.
For example, before a large supplier payment, PIV confirms the individual authorising it, the supplier’s registered business, and that the destination account belongs to that supplier. If any of those change later, the check is repeated.
Why it matters for Australian finance teams
Fraud exploits the gap between “we verified them once” and “we are paying them now”. Details drift, accounts change, and impersonators step into trusted relationships. Australian businesses report tens of millions in annual losses to business email compromise and payment redirection through Scamwatch. Verifying identity at payment time, not just at signup, closes that gap for accounts payable and finance teams.
How ezyshield helps
ezyshield is built around this idea: it confirms the person, the business via ABN and ASIC records, and bank account ownership before money moves, and re-verifies on any change. Each verification is stored in an append-only audit trail that is logged and never edited or deleted, giving finance teams evidence for audits and disputes. See how it works and how to choose a payment verification platform.
Also known as: PIV, Payment Identity Verification
Last updated: 7 July 2026
Related terms
- Payment Verification Payment verification is the process of confirming that a payee's identity and bank account details are genuine before a payment is sent, so money reaches the intended recipient and not a fraudster.
- Identity Verification (IDV) Identity verification (IDV) is the process of confirming that a person is who they claim to be, using identity documents, biometrics, or trusted data sources.
- Bank Account Ownership Verification Bank account ownership verification confirms that a person or business actually owns the bank account they have nominated, before you pay it, so funds are not sent to an account controlled by a fraudster.
See also: How ezyshield works , Payment fraud prevention in Australia , How to choose a payment verification platform
Stop payment fraud before money moves
Verify the person, business, and bank account before any payment leaves your account.