Supplier Information

Why did I receive an email from my customer?

This is because EFTsure has been authorised to perform supplier verification on behalf of your Customer.

This process reaches out to all of your Customer’s suppliers, is a procedural request and is not related to a specific invoice or payment. Should you wish to further validate legitimacy of this request, you may contact the accounts department of your customer directly.

The process only takes a couple of minutes, is very simple to complete and helps ensure that payments intended for you arrive in your account.

Please contact support@eftsure.com.au for further information or if you have any queries or concerns.

Start the process now Supplier Verification>
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Schedule a demo with Ian Mirels

EFTsure’s CEO & Co-Founder

Ian is a Chartered Accountant (CA) and has had extensive exposure to the implementation of financial software applications, payment processes and internal controls in the life cycle of the payment process.

Schedule a demo with Ed Elliff

EFTsure General Manager

Ed's IT career spans 35 years and 4 continents, from start-ups to regional carriers managing software development, presales, consulting, managed services and marketing teams. Ed's focus since 2000 has been on sales management, business development strategy and execution across Asia Pacific.

Schedule a demo with Bill Willcocks

EFTsure Business Manager Queensland & Northern Territory

Bill is based in Brisbane and has a background in Financial Services and Procurement. Having worked extensively with Corporate Clients, Local Government, Government Agencies, Not-for-Profit and Indigenous Organisations, Bill has a clear understanding of the risks associated with the payments process.

Schedule a demo with Calvin Woo

EFTsure Business Development Manager

Calvin has over 14 years of business development and consulting experience from large organisations including American Express and Equifax to running successful businesses within the IT and hospitality sector. He has provided extensive consultations around financial risk mitigation strategies to a large number of ASX 200 and SME’s. He prides himself in solving the best possible solution for his clients.

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FAQ

How does EFTsure work?

EFTsure works through a crowd sourced, cloud based, independently verified database of payee information that is constantly kept up to date and growing. We hold the information the banks don’t hold and do the hard and important work in maintaining the details of payees.

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?

It is extremely difficult – if not impossible – for banks to resolve this problem. Before the internet and electronic banking, the bank teller, on receiving the cheque at the counter, would review the payee name and would only deposit the cheque if the payee name and bank account details matched. Electronic funds transfer has eliminated this review process.

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?

All supplier information is kept strictly confidential in terms of our confidentiality agreement and only used for the specified purpose of minimising fraud and error for the benefit of both your organisation and your payees.

Confidentiality Agreement
I trust my accounts payable staff, do I need EFTsure?

Trust is not a barrier to fraud or error. This is not about trust but more about a better system for solving a real problem.

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?

As many organisations are now realising, the digital age is making legacy systems out of date and inefficient. EFTsure works in unison with your existing system as an additional step to protect your organisation and ensure that it is compliant. If you believe your systems are good enough, try EFTsure for a short time and see if there is any benefit. You can always go back to your legacy system.

BOOK YOUR VENDOR MASTER FILE HEALTH CHECK
Are banks going to do anything about not matching names with BSB and account numbers?

As many organisations are now realising, the digital age is making legacy systems out of date and inefficient. EFTsure works in unison with your existing system as an additional step to protect your organisation and ensure that it is compliant. If you believe your systems are good enough, try EFTsure for a short time and see if there is any benefit. You can always go back to your legacy system.

I’m too proud to see if there are any mistakes in our files & that our systems don’t work. Will EFTsure show me up?

Unfortunately, this is something we hear all too often. One of the major barriers to progress is pride and a fixation in the existing way of working. EFTsure is progress and solves a problems you might not even know you have. If you’re a CEO or a CFO and you really want to know how clean your Vendor Master File is, book a Vendor Master File Health Check and see.

BOOK YOUR VENDOR MASTER FILE HEALTH CHECK

EFTsure is not going to make you look bad to a financial stakeholder or CEO, it will demonstrate that your company is leveraging new digital tools to solve old problems.

It won’t happen to me, and I don’t have a problem with my payees, do I really need EFTsure?

EFTsure addresses problems that organisation do not yet know about. Not only that, it augments your existing processes to better meet the needs of the digital age. If you would like to see how this happens just book a demo or a Vendor Master File Health Check.

BOOK YOUR VENDOR MASTER FILE HEALTH CHECK
Is this going to create more work for us?

No, EFTsure saves time and money. It is simple to implement and use and aligns with your existing system. The best way of understanding it is by seeing a demo.

Schedule Demo
We’re ok with the risk and error, do we really need EFTsure?

Unfortunately this is something we hear occasionally and we’re sure a CFO or a CEO of an organisation wouldn’t agree. There is no need to live with risk and error on your payments. We find that most companies don’t even know the level of risk and error that they currently live with. If you would like to know how healthy your Vendor Master File is right now, request a Vendor Master File Health Check.

BOOK YOUR VENDOR MASTER FILE HEALTH CHECK