New B2Bpay Security Feature: Bank Account Verification
In recent years, there has been a rise in digital hacks, scams, and fraud. The widespread adoption of digital technology and the rise of online financial transactions have provided cybercriminals with more opportunities to exploit individuals and businesses. From data hacks to sophisticated fraud, digital security has never become more important.
To help combat the rise of digital crimes, we’ve recently added a new layer of protection to B2Bpay called Bank Account Verification. This new security feature will help us verify that a business has access to the bank account they have nominated in the platform protecting both us and our customers.
When a new bank account is added to B2Bpay (at set up or subsequently), we will make a 1-cent deposit into the bank account with a unique verification code. The account owner needs to enter this unique code into the B2Bpay portal to verify the bank account, which will then be available to make payments.
No action is required to activate this new B2Bpay Security Feature for businesses. This new function is in place for every new bank account added to B2Bpay going forward.
- Reduced Fraud Risk – By ensuring customers have access to the bank accounts they have nominated to finalise payments.
- Increased Accuracy – Removes the risks of typos, errors and incorrect bank account details.
- Fewer Failures – Verifying bank account details before transactions take place reduces the incidence of failures.
- Easy and Fast – The verification transaction is processed using real-time payments so it appears almost instantaneously. The unique code is included in the reference of the transaction, so the user can easily enter it online. And if they don’t, we remind them to do so after 48 hours.
- Increased Trust – Adds an extra layer of trust and confidence that you, as a business, are serious about security and fraud.
