There are many reasons why you might be paying other companies, particularly if you are a bank, financial services or insurance company. The kinds of payments you might make to your customers can include business loans, insurance claim settlements and even rebates.
By verifying the link between your customer or supplier and their bank account you can be sure that you are only making payments to legitimate beneficiaries. This will reduce your risk of fraud and ensure that only genuine customers or suppliers receive the payments expected.
It’s now possible to check the ownership of business bank accounts through Creditsafe, therefore, we have put together these three reasons why you should be checking the bank details of your customers and suppliers.