Bank Account Validation Service

Bank account validation service is a paid service provided by partner banks to ensure that supplier bank account details are correct and valid.

The Bank Account Validation checks the following:

• Bank account validity to ensure it exists and is valid.
• Bank account owner authentication to confirm that the bank account belongs to the supplier being registered.

The verification status includes the verification outcome of both the bank account validity and the bank account owner authentication. Based on the outcome of both checks, a final status and supporting message is displayed to the approvers. These are the possible statuses for bank account verification.

Status	Meaning
Verified	Bank account is open, valid, and the supplier is the account owner.
Failed	Bank account is invalid or currently closed for payment transactions, and the account owner couldn't be validated. Bank account is open and valid, but the supplier isn't the account owner.
Inconclusive	Bank account details couldn't be validated because the account couldn't be found and the account owner couldn't be validated.

Note:

The status of the bank account verification is informational only, and doesn't prevent further processing in the system.