Overview of Ok2Pay

OK2Pay help to verify bank accounts belong to an ABN.  We do then by validating the BSB, Bank Account Number and the Bank Account Name.  We try to match the Bank Account to the Name associated with the ABN.  This is then a unique identifier ABN+BSB+Bank Account Number.

This avoid some of the issues associated with names such as abbreviations, mis-spellings, trading names.

We have a strict process to help use verfify that a bank account belongs to ABN (company) and also to verify the information provided.

In addition, OK2Pay will verify 2 other possible control breakdown areas :

1. ABA files prior to loading into the bank still match the master file.  Changes can be made to ABA files or the master payee so this checks to ensure they are still in sync
2. Employee Data - we check to see if any employee bank details match those of payees (where they are not employee accounts)
3. Finally, you can check that the ABA file that is loaded into the bank (eg: CBA or Westpac) still matches to the Payee Master file.  This is done as the ABA file could have been modified, or an update has occured on the master file and as time has elapsed, the ABA is out of sync.Its a final check before payment happens.