Bank Verification Status
PaymentWorks offers verification statuses directly within the platform. When banking information is submitted—either through a new vendor registration or an update—PaymentWorks performs a Bank Account Verification. This security feature helps mitigate the risk of ACH payment fraud. The Bank Verification Status is accessible in both new vendor registrations and updates.
Once the Fraud Operations team receives new banking information, they will begin their review. During the review process, the Bank Verification status field will be updated to reflect the various stages of their evaluation, prior to reaching a final determination.
Bank Verification Status (During Fraud Operations Review)
While the team is conducting their review, the following statuses will be displayed. Customers should anticipate changes to these statuses throughout the process until the review is complete and a final determination is made.
Bank Verification Statuses & Reasons (Post Fraud Operations Review)
Once the Fraud Operations Team has completed their review, they will update the Bank Verification Status. This final determination will provide customers with visibility into the team's assessment of risk. The Bank Verification Status may also include a Bank Verification Reason, which is displayed only for bank accounts assessed as Low or Elevated Risk.
Bank Verification Reasons
If you have questions or need any more help, feel free to reach out to PaymentWorks Support