For PaymentWorks customers using our payments offering, we’ve streamlined the Bank Verification Statuses to make things simpler and clearer. You’ll now see just two statuses:
- Currently Under Review
- Review Complete
These statuses provide a clearer view of the vendor’s bank verification stage without changing the underlying due diligence process conducted by PaymentWorks.
Note: These enhanced statuses apply only to U.S.-based entities. Non-U.S. entities will continue to display one of the following statuses:
- Verified
- Low Risk
- Elevated Risk
If a payee is a non-U.S. entity, an indicator will appear below their Legal Name in the New Vendor Requests view. This indicator provides a clear visual cue that the vendor is a non-U.S. entity, enabling quick and easy identification.
Currently Under Review
This status appears when a vendor registers or updates their bank account information.
This status appears when a vendor registers or updates their bank account information. It means that our Fraud Operations Team has received the new details and is actively reviewing them to ensure the accuracy and security of future payments.
- No action is needed from customers at this stage.
- The status will remain in place until the verification process is complete.
Review Complete
This status means that our Fraud Operations Team has successfully reviewed the vendor’s bank account.
- Payments sent to this account are now eligible for indemnification, which provides protection against financial loss.
- You can view the specific indemnification status of each payment on the Payment Details screen after the payment is sent and reviewed.
Bank Verification Status For Non- U.S. Entities Only
Determination statuses for non-U.S. entities provide customers with visibility into Fraud Operations’ assessment of risk. For customers that send Payment Instruction Files (PIF) to PaymentWorks, refer to the Payments & Indemnification Best Practices Guide for additional
information.
Bank Verification Reason - Non- U.S. Entity only
Bank Verification Reason for non-U.S entities only is viewable within new vendor registrations
The below reasons are only displayed for bank accounts that result in Low or Elevated Risk. If an account is Verified, the Verification Reason will be “Verified”.
If you have questions or need any more help, feel free to reach out to PaymentWorks Support