FAQs for Customers
What is Ok2Pay?
Ok2Pay is an independent verification platform that helps businesses confirm that the bank account details they receive belong to the correct company or individual (payees) they intend to pay.
The greatest risk of fraud occurs when onboarding new payees or updating existing payee banking details. Cybercriminals often target these moments to intercept or alter payment information. Ok2Pay helps mitigate this risk by independently verifying banking details, reducing the chance of irreversible payments being sent to fraudulent accounts.
Our platform seamlessly integrates with your payment processes to:
- Validate banking details in real time,
- Cleanse and maintain your payee’s records, and
- Support secure onboarding and updates of payee information.
Ok2Pay uses Australian banking data, including data from the leading bank, to verify bank accounts and help prevent fraud tactics such as phishing, invoice fraud, social engineering, and malware attacks. As digital fraud grows, Ok2Pay provides the assurance your business needs to operate securely.
Why Do We Need Ok2Pay?
The rise in digital payments has brought significant benefits — but also new risks, particularly in processing Electronic Funds Transfers (EFTs).
Australian banks do not verify if the account name matches the BSB and account number when a payment occurs. This gap creates a major vulnerability that cybercriminals exploit using tactics like:
- Business Email Compromise (BEC),
- Payee Email Compromise (VEC),
- Hacking ERP systems or modifying payment files.
Accounts Payable teams often lack the tools or expertise to detect these complex frauds, and standard accounting software does not validate payee data against external sources. Ok2Pay fills this critical gap.
Why Can’t I Rely on My Bank to Protect My Business?
Banks are not equipped to check whether a payee’s account name matches the BSB and account number across all banks. While they have some data on their own customers, they lack access to verified records from other banks due to privacy and technology limitations.
Ultimately, the responsibility rests with your business. Once you approve a payment, the bank simply processes it — whether the account name is correct or not.
How Does Ok2Pay Protect Against Digital Fraud?
Ok2Pay safeguards your payments by:
- Independently verifying payee banking details,
- Detecting inconsistencies and fraudulent activity,
- Providing clear real-time alerts (Green: Safe to Pay, Red: Do Not Pay),
- Protecting your business from social engineering, fake invoices, and compromised email accounts.
Why Isn’t My Internal Process Enough?
Relying solely on internal processes and trusted staff is risky. Manual checks are prone to human error, and over-reliance on specific individuals is not sustainable.
Ok2Pay strengthens your process by:
- Automating verification throughout the payment lifecycle,
- Running health checks and cleansing your vendor master data,
- Issuing real-time alerts during payment processing.
This ensures payments are only made to verified accounts, minimising fraud risks and human error.
Why is it Important to Clean My Existing Payee Data?
Ok2Pay begins by cleansing your existing payee records, comparing your data against our verified databases, including data from the banks, ABR and ASIC. This ensures:
- Accurate supplier records,
- Correct ABN and GST status, and
Will Our IT Team Be Burdened by the Setup?
No. Ok2Pay is simple to implement:
- Standalone platform: No IT involvement required.
- Browser plugin: Easy installation for real-time verification during online banking.
- ABA file uploads: Export from your ERP system and upload to Ok2Pay.
- Optional API integration: Our team can assist if deeper integration is preferred.
Is Our Data Secure?
Yes. Ok2Pay prioritises security and privacy:
- Fully compliant with the Australian Privacy Act (APA),
- Data treated as Personally Identifiable Information (PII),
- Securely hosted a leading cloud provider in Sydney — no offshore storage,
- Encrypted and access-controlled at all times.
What is Included in My Subscription?
Your subscription provides:
- Full access to the Ok2Pay platform,
- Unlimited user accounts with customised access controls,
- Continuous onboarding and ongoing support.