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
Currently Under Review
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 the Fraud Operations Team has successfully reviewed and verified 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
For non-U.S. entities, the Bank Verification Status reflects the results of PaymentWorks Fraud Operations’ risk assessment.
These statuses are informational and help provide visibility into the level of review completed.
If your organization uses Payment Instruction Files (PIF) to transmit payments through PaymentWorks, we recommend referring to the Payments & Indemnification Best Practices Guide for additional guidance.
Bank Verification Reason - Non- U.S. Entity only
For non-U.S. entities, the Bank Verification Reason is visible during the vendor registration process.
This reason will only appear if the bank account is assessed as Low Risk or Elevated Risk by PaymentWorks. If the account is Verified, the verification reason will simply display as “Verified.”
If you have questions or need any more help, feel free to reach out to PaymentWorks Support