Banks don’t match Payee Names with BSB and Account Numbers.
This means your organisation could be living with a high level of fraud and error risk from incorrect payment details. For example, if you authorise a payment of $5500 to ABC Traders PTY LTD but the BSB and Account Number is for an account that does not belong to ABC Traders, the funds will go to the wrong account, even though the name displayed on your online banking is correct.WATCH Bank Payee Name Issue
With EFTsure you don’t have to live with that risk. In the new digital world EFTsure assists forward-thinking companies in maintaining watertight payment systems.