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      Understanding Validations vs. Verifications in PaymentWorks

      In PaymentWorks, the terms validation and verification describe different levels of checks performed during the onboarding and vendor management process. Here's a clear distinction to help you understand these concepts:

      Validation

      • Definition: Validation confirms that something is accurate or real.
        • Example: An address is "valid" if it exists as a real location.
      • Scope: Validation does not confirm ownership or association, only accuracy or existence.
      • Current Validations in PaymentWorks:
        • Addresses: Validated to confirm they exist and match known databases.
        • Phone Numbers: Checked for proper format and existence.
        • TIN/EIN/SSN Format: Ensures proper length and digit structure.
        • Sanctions: Checks entities against sanctioned or watch lists.

      Verification

      • Definition: Verification confirms ownership or association with the provided data.
        • Example: An address is "verified" if it can be confirmed that you or your organization reside there.
      • Scope: Verification is a stronger assertion than validation. For data to be verified, it must also be valid.
      • Current Verifications in PaymentWorks:
        • Banking Information: Verified to ensure ownership of the provided account.
        • TIN/EIN/SSN: Verified against the IRS to confirm legal ownership.
        • Sanctions: Verified against sanction lists to ensure compliance.

      Key Difference

      • Validation: Confirms something exists or is formatted correctly.
      • Verification: Confirms ownership or association with the data.
        • Note: Verification inherently includes validation; however, something can be valid without being verified.