"Confirmation of Payee" checks

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A bit of a long shot but there always seem to be a lot of knowledgeable people on PH.

We've been defrauded a couple of times over the last 2 years where fraudsters have hijacked Supplier email accounts and provided us with false bank details. These were internal frauds at the Supplier's side of things and (fortunately) we've recovered most of the money. However this wouldn't have happened if we had been able to do a CoP check on the BACS payment file

Basically what I'm looking for is something that lets us run Name and bank account details through an online checker to confirm that if we think we are paying Joe Bloggs Ltd the bank account is actually in the name of "Joe Bloggs Ltd"

We can do this for single payments but I am looking for something that allows us to do this in bulk (we normally have 3 to 400 payments on a BACS run).

Does anybody know of any software or system that allows this?

Thanks as always

[AndyTR]

Pay.uk Confirmation of Payee service is what you need to look at. There are 3rd parties offering a similar service but as far as I know they all go via pay.uk's service.

[Greshamst]

AndyTR said:

Pay.uk Confirmation of Payee service is what you need to look at. There are 3rd parties offering a similar service but as far as I know they all go via pay.uk's service.

This.

In addition, I would create an internal process for when known suppliers change bank details, which would require a callback to a known phone number of that business to confirm the change.

I don’t know your business, but most suppliers shouldn’t change their bank details very often, so it shouldn’t be too much additional work.

[phil-sti]

Greshamst said:

AndyTR said:

Pay.uk Confirmation of Payee service is what you need to look at. There are 3rd parties offering a similar service but as far as I know they all go via pay.uk's service.

This.

In addition, I would create an internal process for when known suppliers change bank details, which would require a callback to a known phone number of that business to confirm the change.

I don’t know your business, but most suppliers shouldn’t change their bank details very often, so it shouldn’t be too much additional work.

This is what we do, every single account change is followed up with the customer.

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phil-sti said:

Greshamst said:

AndyTR said:

Pay.uk Confirmation of Payee service is what you need to look at. There are 3rd parties offering a similar service but as far as I know they all go via pay.uk's service.

This.

In addition, I would create an internal process for when known suppliers change bank details, which would require a callback to a known phone number of that business to confirm the change.

I don’t know your business, but most suppliers shouldn’t change their bank details very often, so it shouldn’t be too much additional work.

This is what we do, every single account change is followed up with the customer.

Thanks both

We also do the callback thing but only when it's a CHANGE of bank account details. When a supplier is first set up they enter the details personally into a portal. In the latest case the supplier themselves entered a fraudulent bank account into the portal (dodgy member of staff and sharing passwords)

[MustangGT]

phil-sti said:

Greshamst said:

AndyTR said:

Pay.uk Confirmation of Payee service is what you need to look at. There are 3rd parties offering a similar service but as far as I know they all go via pay.uk's service.

This.

In addition, I would create an internal process for when known suppliers change bank details, which would require a callback to a known phone number of that business to confirm the change.

I don’t know your business, but most suppliers shouldn’t change their bank details very often, so it shouldn’t be too much additional work.

This is what we do, every single account change is followed up with the customer.

We go further, any change in bank details must be in writing on the company's headed paper, then followed up by a callback.

[the cueball]

Who do you bank with?

I know ABN has a check on all payments made... links the bank details and the company name entered and lets you know if they agree or if there is an issue..

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NatWest