Bank Verification Status for Customers on Payments

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.

Payer_legalfield_NonUSEntity


Screenshot 2025-04-09 at 12.47.19 PMCurrently 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.

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Screenshot 2025-04-09 at 1.52.35 PMReview 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.

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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.

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Screenshot 2025-06-24 at 10.36.55 AM

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”.


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If you have questions or need any more help, feel free to reach out to PaymentWorks Support