Existing payee data health check

A company’s ERP Vendor Master File (VMF) and online banking beneficiary address book holds all the information of an organisations numerous payees.

This is the source of information for all electronic fund transfers, which holds thousands of details including names, account and branch numbers, vat status, entity registration details and more.

With human error, fraud, malicious cyber-attacks and payee changes, there is usually a 20-25% anomaly rate in any given organisations existing payee data.

That means that nearly one quarter of this essential information held by your organisation on your payees, is in need of review. Given this data is what your organisation uses to make correct payments, this is a level of error that would make most people feel uncomfortable.

With eftsure you can now perform a verification on this existing payee data in a few easy steps to ensure it is cleansed and free from risk and error.