For customers on payments the Bank Verification Statuses have been streamlined into three key statuses: Currently Under Review, Review Complete, and Invalid. These statuses will provide clarity and simplify the statuses of the bank verification review.
Currently Under Review
The Currently Under Review status appears when a vendor registers or updates their banking information. At this stage, the Fraud Operations team has received the bank details and is actively verifying the information. This process is essential to ensure the security and accuracy of payments. Customers should expect this status to remain in place until the Fraud Operations team completes its review.
Review Complete
Once the verification process is finalized, the status will update to Review Complete. This means the Fraud Operations team has successfully completed the review of the vendor’s bank account. Payments to this bank account are now eligible for indemnification, offering protection against financial loss. While this status confirms the verification process is complete, the specific indemnification status of each payment (whether indemnified or not) will be displayed on the Payment Details screen after payment review.
Invalid
A status of Invalid is assigned when the submitted banking details or token provided to PaymentWorks is incorrect or unrecognized. This indicates that the bank account information does not meet the required validation criteria.
For additional details regarding the statuses displayed on the Payments screen, please refer to the Payment Details Page Status article.
If you have questions or need any more help, feel free to reach out to PaymentWorks Support