Eftsure extends payment verification to individuals, helping verify the people you pay
Finance teams have long had tools to verify the businesses they pay. But when it comes to paying individuals, the same level of assurance hasn't always been available.
Whether you're processing employee salaries, reimbursing expenses or paying an insurance claim, how can you be sure the bank account provided actually belongs to the person you're intending to pay? It's a gap we've been working to close.
We're extending our payment verification capabilities beyond business-to-business payments with the introduction of individual verification, helping organisations confirm that an individual's identity matches their bank account before money moves.
The new capability brings an additional layer of payment assurance to payroll, claims, refunds and other payments made directly to individuals.
Closing a gap in payment controls
For many finance teams, verifying an individual's bank details remains a manual process.
When a new employee joins, a claimant submits their details or a customer requests a refund, bank account information is often collected through a form, email or phone call before being entered into a payment system.
And the risk goes beyond simple data entry errors.
According to the National Anti-Scam Centre, Australians reported A$166.8 million in losses to payment redirection scams in 2025, a 9.3% increase from 2024. Identity fraud was also the most reported type of cybercrime in Australia during the 2024-25 financial year.
These risks highlight why organisations need stronger controls around the bank details they collect, particularly when those details are new or have recently changed.
Introducing individual verification
We've developed individual verification to help organisations confirm they're paying the right person, not just sending money to a valid bank account.
When an individual's payment details are entered or changed, our platform checks the information against connected banking and identity reference sources to verify the link between the intended recipient and the account they've provided.
The organisation then receives a clear verification result before releasing the payment.
There's an important distinction here. Checking whether an account name and bank details match can help establish that the information is consistent. But it doesn't necessarily confirm that the account belongs to the person you're intending to pay.
Our individual verification capability is designed to provide that additional assurance.
We've also built it to fit within existing payment workflows, so finance teams can strengthen their controls without introducing another manual verification step for every payment.
Verification evidence is retained to support audit and control requirements, reducing the need to piece together records across payroll, HR and finance systems.
Supporting payments beyond accounts payable
We're initially focusing on payroll and employee payments, where organisations regularly process payments to individuals and manage changes to sensitive bank account information.
This includes:
Salaries and bonuses
Employee expense reimbursements
Commissions
Termination payments
But the applications extend well beyond payroll.
We're also bringing individual verification to payment processes across insurance, lending, automotive, property, community services and gaming, where organisations need to pay claimants, customers and other individual recipients.
In each case, the underlying question is the same: Does this bank account belong to the person we're intending to pay?
Bringing greater assurance to every payment
As Andy Thiss, our Vice President and General Manager, APAC, explains:
"Finance teams have been able to verify the businesses they pay for years, but they've had almost nothing equivalent for the people they pay. We're closing that gap inside the payment flow, where the risk actually sits. Whether it's an employee, claimant or customer, organisations should be able to confirm they're paying the intended person before the money leaves."
For us, individual verification is a natural extension of the payment controls we've already built for organisations.
Our goal is to help finance teams make payments with greater confidence, whether the recipient is a business or an individual.
"Verifying an individual isn't just about checking whether a name and account number appear to match," says Ramesh Menon, our Chief Product Officer. "It's about giving organisations stronger evidence that the account belongs to the person they actually intend to pay.
"We've designed individual verification to fit into the systems and processes organisations already use, so teams can add that check without creating another manual step every time someone needs to be paid."
By extending verification to individuals, we're helping organisations apply stronger controls to more of the payments they make, before the money leaves their account.
Want to learn more about individual verification?Get in touch with our team to see how Eftsure can help strengthen your payment controls.
