What does it mean when the bank account validation status is "verified"?

When a bank account validation status is "verified," it means the bank account is open, valid, and confirms that the supplier is the verified account owner.

Bank account validation has the following possible statuses:

• Verified: The account is open, valid, and the supplier is the account owner.
• Failed: The account is either invalid or closed for payments, or the account is open and valid, but the supplier isn't the account owner.
• Inconclusive: The account couldn't be found and the account owner couldn't be validated.

These outcomes help supplier registration approvers in decision-making.

Note:

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