eftsure started from humble beginnings down under in Australia when Ian Mirels, the founder of eftsure, experienced a stressful event of authorising a payment that did not arrive at its intended recipient while occupying the CFO role in a medium sized business. Despite all the systems, controls, checks, segregation of duties and procedures Ian implemented from his years of prior audit experience at one of the big 4 audit firms, as well as years of CFO experience in software and other large companies, this payment had gone through undetected.
Ian started to investigate why the bank did not pick up that the account name he entered did not get flagged in the online internet banking and established that when the banks processed electronic payments they ignored the Payee Name and relied on the account number only due to legacy system constraints.
The vision was that as more and more people found out about this risk in electronic payments it would be exploited to defraud businesses which we are seeing today with the explosion of cybercrime and in particular Business Email Comprise.
Ian then set out to try and find an existing solution to deal with this problem and the archaic, manual and inefficient corporate payment workflows; however, no such solution was evident.
eftsure was born and the concept evolved. A comprehensive, system agnostic solution, designed from the bottom up to give businesses the ability to manage, control and secure the full lifecycle of a payee from onboarding through to the actual point of payment. Not only does eftsure’s secure payee management portal allow companies to onboard and verify payees with more efficiency, accuracy and certainty, but it also automates 100% of the payment checking process, in real time, at the point of payment, prior to any payment release.