Payment Verification

What does payment verification involve?

Payment verification checks two things before funds leave your account: that the payee is who they claim to be, and that the bank account you are about to pay genuinely belongs to them. It sits at the point where a payment is set up or a supplier’s details are changed, rather than after the money has already gone.

A common example: an accounts payable clerk receives an email from a regular supplier asking to update their bank account for the next invoice run. Without verification, the clerk updates the record and pays. With verification, the new account is checked against the business and the person who owns it before a single dollar moves.

Why it matters for Australian finance teams

Australian businesses lose large sums to payment redirection and invoice scams every year, and Scamwatch data on business email compromise shows losses running into the tens of millions annually. Once an electronic funds transfer settles, recovery is difficult. For accounts payable and finance teams, verification is the control that catches a fraudulent account before payment, not a claim submitted afterwards.

How ezyshield helps

ezyshield verifies the person, the business via ABN and ASIC records, and bank account ownership before money moves, then re-verifies whenever those details change. Every check is written to an append-only audit trail that is logged and never edited or deleted, so you have evidence you verified correctly. See how it works and our guide to choosing a payment verification platform. ezyshield covers Australian direct debit and account payments; it does not handle card payments or international transfers.