Stop scams and fraud with OK2Pay bank account verification

OK2Pay automates the bank account verification of individuals and businesses — before you pay.

Why you need OK2Pay

Scams and fraud, like payment redirection, is costing Australian businesses $150m every year. Your current processes, mostly manual processes, are not enough.

OK2Pay uses Confirmation of Payee which matches the bank account details entered with those held by the recipient’s bank.

OK2Pay extends the verification process to help eliminate fraud and errors while providing a fully auditable process for continued checks, especially on No Match and Error CoP returned match results.

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OK2Pay gives you:

Verification of individuals AND businesses bank details utilising real-time Confirmation of Payee checks when on-boarding a payee.

A resolution process when the banking information provided for the payment is not accurate or complete and further verification steps are required.

A full audit trail and log of all verification activity, making your auditors happy.

A complete check of payee details in real-time, including ABN and GST status.

A fully automated process, reducing errors and manual workload.

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No lock-in contracts

Start with a low–risk Month-to-Month Commitment and scale up volumes or workflows when you are ready.

How OK2Pay extends the bank's CoP capability:

	OK2Pay Platform	Bank Platform
Real time access to CoP data
Bank Account verification when onboarding Payee
Resolution process for a CoP non-match scenario
Process workflow for payee bank account changes
Extended functionality to confirm individual and company identity
Real-time monitoring of payee ABN and GST status
Audit trails and logs for every verification

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Choose your plan


STARTER PACK From $395/month	GROWTH PACK From $595/month	API ONLY From $195/month
CoP checks	everything in Starter +	CoP
Unlimited users	Outsourced due diligence option	SandBox
Security / SoD	ABA checks	-
Alerts	Data wash payee master file	-
Enhanced due diligence	Conflict of interest monitoring lists	-
Audit trails	Single Sign On	-
Reports and dashboards	API	-

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Customer Reviews

FAQ’s

Confirmation of Payee provides a layer of protection for payments to a BSB and account number by matching the account details entered with the account details held by the recipient’s bank and displaying a match outcome.

Confirmation of Payee is an industry-wide service and is an initiative of Australian Payments Plus (AP+).

Confirmation of Payee matches the bank account details entered by the Customer with the account details held by the recipient’s bank and displays the outcome. There are six possible match outcomes – Match, Close Match, No Match, Account Closed, No Account Found and Error.

The customer can then make an informed decision about what to do next – onboard the payee, follow up with more checks or choose not to proceed with the onboarding altogether.

What happens when a Confirmation of Payee check returns a Close Match/ No Match/ Account Closed/ No Account Found or Error result?

OK2Pay offers a platform to manage enhanced verification (further checks) of the company or individual and their related banking details supplied; in order to validate the details provided which may be inaccurate, incomplete or fraudulent. Banking details can be reviewed, resolved and recorded without slowing the onboarding process or losing audit evidence.

OK2Pay has the ability to verify business and individual bank accounts by using the results provided by a Confirmation of Payee check as well as additional checks. OK2Pay has functionality using SMS & One-time-password (OTP) technology to provide an extra option when verifying individuals.