IBAN Check enables you to quickly and reliably verify whether the bank details of your suppliers and customers truly correspond to the correct company. This helps you avoid incorrect transfers, protects your cash flow and reduces fraud risks before payment is made.
Verify bank details before making a transfer
No more uncertainty about suppliers’ and customers’ bank details
Fraudsters are becoming increasingly sophisticated. They impersonate suppliers, customers or even internal employees and manage to subtly alter bank details on invoices or in email correspondence.
Without verification, these changes often go unnoticed until the money has already left your organisation.
IBAN Check helps you to stay in control of every payment and allows you to:
-
prevent bank fraud and invoice fraud
-
detect transfer fraud at an early stage
-
avoid payments to incorrect or personal accounts
Fast verification of IBAN and associated company
IBAN Check performs an immediate verification of the link between:
- the IBAN number
- and the associated company
You instantly receive clear insights to:
- the validity of the IBAN
- whether the account is a legitimate business account
- the potential fraud risks related to transfers
The check is available for companies in more than 39 countries and supports both domestic and international payments.
- Real-time verification
- Immediate results
- Support for secure transfers
International coverage, ideal for Belgian companies
Many Belgian companies work with international suppliers or customers. This is precisely where the risk of bank fraud and transfer fraud is higher.
IBAN Check provides:
- verification in 39 countries
- coverage of more than 89 banking zones
- reliable insights for international transfers
This allows you to remain in control of fraud risks, even for cross-border payments.
Integrate IBAN Check into your IT environment
IBAN verification does not have to create additional administrative work.
IBAN Check is available:
-
via Accelerator
-
via API Connect, enabling seamless integration into your ERP, CRM or accounting software
This allows you to automate bank detail verification within your existing payment and invoicing processes and significantly reduce the risk of human error.
Fewer errors, lower costs, more secure payments
By systematically verifying bank details before making a transfer, you ensure:
- incorrect payments are prevented
- recovery costs after fraud are reduced
- more payments are processed correctly the first time
The result: more efficient processes, less administrative effort and improved financial security.
Transfer fraud: a growing risk for businesses
Transfer fraud is a global cyber threat affecting organisations of all sizes.
57% of businesses have already been victims of confirmed fraud
Source: Allianz Trade & DFCG – Fraud Barometer
-
Fraud is detected on average 229 days after the first fraudulent payment
-
Financial and operational recovery takes an average of 9 weeks
-
The average direct loss from supplier fraud amounts to €50,000
* Excluding indirect impact on operations, sales and staff.
Fraud risks at every stage of your payment process
Every stage of the Purchase-to-Pay and Order-to-Cash process poses potential risks:
-
when creating or modifying supplier data
-
during invoice processing
-
when approving transfers
Without IBAN verification, fraudulent account changes can remain undetected, with serious financial consequences.
Typical use cases for IBAN Check
IBAN Check supports a wide range of use cases across finance, procurement and compliance:
-
Know Your Customer (KYC)
Verifying bank details during onboarding or prior to an initial payment.
-
Ongoing checks
Ensuring invoices are paid to legitimate business accounts rather than personal accounts.
-
Transfers and direct debits
Verifying that the recipient of a payment or direct debit is the actual account holder.
-
Compliance and regulation
Supporting anti-money laundering efforts and avoiding payments to high-risk parties.
-
Onboarding new suppliers
Correctly capturing and verifying bank details when onboarding new suppliers.
-
Fraud detection and prevention
Preventing bank, invoice and transfer fraud before funds leave the organisation.
A reliable solution focused on security
Developed in collaboration with SIS id, IBAN Check is built on:
- specialised international data sources
- high security standards
- a robust infrastructure focused on data protection
This provides a professional solution that meets the needs of procurement, finance and accounting teams.
Get started with IBAN Check today
Request a quote now to prevent bank fraud, invoice fraud and transfer fraud.
Contact us for more information and schedule a demo of IBAN Check right away.