Frequently asked questions
How does eftsure work?
Through independent verification and constant monitoring of accredited payees, eftsure can keep all information up to date. We have the data for many hundreds of thousands of payees and it’s growing every day. If by any chance we are missing payees that you might have, we reach out to them on your behalf and ensure they are eftsure accredited, providing you with peace of mind that your Vendor Master File is clean and that you are fraud and error-free.
Are banks going to do anything about not matching names with BSB and account numbers?
The payment system we have was not originally designed to be accessed by end customers directly through internet banking (as it was simply bank to bank computer processes and implicitly assumed the name had been checked by the teller) and therefore could safely rely only on BSB and account numbers with the account name only used as a comment field.
The issue was created when online banking interfaces allowed users to make payments directly. The problem that banks now have is that the bank making the payment does not have access to the counter-party bank’s customer details. To do this would require collaboration between all the banks and sharing of their customer details which they are very guarded about due to competitive pressure.
A further complexity arises for businesses using different naming configurations of their suppliers in their Vendor Master File. As a result, no individual bank can verify the payee name of any payee that is not also their customer and instead relies only on the BSB and account number provided by the payer to process the transaction. eftsure resolves this blackspot in internal control as a completely independent entity engaging directly with the owners of the bank account and cross referencing them across customers in order to enable them to verify the details no matter which bank they are with.
Is my information kept confidential?
I trust my accounts payable staff, do I need eftsure?
In all likelihood your accounts payable staff are trustworthy, however circumstances can change forcing the most honest person to succumb to desperate actions.
Furthermore, your staff are human and thus can make mistakes in typing in an account number. You are ultimately responsible for your organisation and anything that its staff may do. Additionally external threats such as Business Email Compromise are real and relying on your staff to judge if every email they receive is legitimate places unrealistic expectations and pressure on your staff.
I believe our systems are good enough, do I need eftsure?
If eftsure finds mistakes in our files or processes, won’t it reflect badly on me and the controls I have set up?
eftsure is not going to make you look bad to a financial stakeholder or CEO, on the contrary, it will demonstrate that you are proactive and leveraging new digital tools to solve old problems.