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Moving from checks to ACH payments
October 13, 2022
Q. Our company is going through a big push to move away from checks and to ACH payments. I notice a large population of our vendors put banking information on their invoices. I am curious if anyone has used this information to set up ACH? If so how did you verify the information was correct and not fraudulent?
A.
(Answered by the IOFM Advisory Panel)
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We do not use that information, it could easily be mocked up. We require a form be completed that we then do a verification process against.…
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