Bank Verification is a specialist approval step for the purpose of confirming the supplier’s bank details have been independently verified. This is an important fraud prevention activity, and should be performed by an authorised person.
In this article you will learn:
When Bank Verification is triggered
Responsibility of Bank Verifiers
What happens once Bank Verification is complete
What is Bank Verification
Bank Verification is a specialist approval for the verification of banking information provided by the supplier. It is an important step in fraud prevention, whereby you seek independent confirmation that the bank details provided in the Supplier Profile are indeed the bank details of the supplier.
In Canopy, the Bank Verification approval step provides a means for the designated Bank Verifier to complete their review of the bank details, and record confirmation that bank verification has been completed.
Who are the Bank Verifiers
Bank Verifiers are a dedicated User Group in Canopy. Assigning someone to this User Group will grant them permission to act as a Bank Verifier.
When Bank Verification is triggered
Bank Verification takes place at the same time as Section Approval. This means the Bank Verifier will be informed they have a Supplier Profile to review at the same time as the Section Approvers.
Bank Verification is triggered in two scenarios:
- New suppliers who submit their bank details for the first time. The Bank Verifier will immediately be informed that have a new set of banking information to verify.
- Existing suppliers who update the bank details on their profile and resubmit. Anytime the supplier changes their bank details, they will need to be re-verified. The Bank Verifier will be informed they have updated banking information to verify.
Responsibility of Bank Verifiers
The Bank Verifier is responsible for confirming that the supplier's bank details are correct. Once verified, these bank details will flow to your downstream systems, including ERP, and be used to make payment to the supplier. It is the responsibility of the Bank Verifier to spot when fraudulent or incorrect banking information is provided.
Click here for a step-by-step guide on how to complete Bank Verification
What happens once Bank Verification is complete
Bank Verification runs in parallel with the Section Approval process. Once Bank Verification is complete, the profile will wait until all Section Approvals are complete before moving the supplier to the next step in the workflow.