Ensuring the accuracy of banking details is now mission-critical for finance teams. Business email compromise and invoice fraud are costing companies billions globally — fraud losses are projected to exceed $362 billion by 2028.
That’s why banking validation services are becoming essential. These tools verify bank account ownership, flag mismatches, and reduce the risk of payments being diverted to fraudsters. For CFOs, AP managers, and treasury teams, the right platform can mean faster onboarding, safer payments, and cleaner vendor data.
When evaluating options, consider:
- Real-time account verification capabilities
- Integration with ERP or AP systems
- Fraud detection features
- Geographic coverage and compliance support
| Vendor | Key capabilities | Best for | Pricing model |
|---|
| Eftsure | Bank account verification, vendor validation, AP controls | Finance teams combating fraud | Contact Sales |
| Plaid | Account ownership validation, balance checks | Tech-forward AP automation | Usage-based |
| GIACT | Identity & account validation, OFAC screening | High-volume B2B payments | Subscription |
| Yodlee | Bank account verification, financial insights | Data-rich decision making | Custom |
| Trustpair | Continuous monitoring, fraud risk scoring | Global enterprise vendor management | Subscription |
| Early Warning | Real-time account status checks, Zelle/RTP integration | Financial institutions | Institution-level |
| PaymentWorks | Supplier onboarding, compliance, account validation | Higher ed, healthcare, public sector | Subscription |
| ValidiFI | Real-time account status and fraud checks | ACH-heavy B2B transactions (US) | Subscription |
| RelishIQ | Multi-network account validation, real-time results | Multi-bank enterprise validation | Subscription |
| Accelitas | Non-credentialed validation, identity analytics | US fintechs and lending platforms | Subscription |
| iDenfy | Bank account verification + identity/KYC | Risk-focused onboarding workflows | Tiered pricing |
| nsKnox | Bank account ownership & sanction screening | Global banks and multinationals | Enterprise/custom |
Eftsure helps finance teams verify vendor bank account ownership in real time, reducing the risk of business email compromise and payment fraud.
- Real-time banking data verification
- Automated vendor onboarding
- Transaction monitoring and alerts
- Know Your Payee™ (KYP) compliance
Best for: CFOs and AP managers seeking end-to-end payment protection.
Plaid connects directly with bank accounts to instantly verify account ownership, balances, and routing details.
- Instant account authentication
- Balance and identity checks
- Open banking integrations
Best for: Finance teams automating AP workflows.
Part of LSEG, GIACT offers account and identity validation tools that screen for fraud and regulatory risk.
- Identity and account verification
- Sanctions and watchlist screening
- Fraud prevention API
Best for: Enterprises processing high volumes of vendor payments.
Yodlee aggregates financial data and provides account verification insights to help finance teams make informed decisions.
- Account verification
- Bank account linking
- Financial behavior analysis
Best for: Organizations using enriched data for fraud prevention.
Trustpair provides global vendor risk monitoring and continuous validation of banking data.
- International bank verification
- Fraud risk scoring
- Real-time alerts and dashboards
Best for: Global businesses managing thousands of vendors.
Owned by major US banks, Early Warning validates accounts for ACH, direct deposit, and Zelle integrations.
- Account status checks
- Bank-owned data verification
- Integration with RTP and Zelle
Best for: Banks and fintechs managing large customer networks.
PaymentWorks streamlines supplier onboarding and reduces risk with secure data collection and validation.
- Self-service vendor portals
- Bank account verification
- Compliance and tax automation
Best for: Universities, hospitals, and the public sector.
ValidiFI specializes in real-time bank account status and identity validation, focusing on ACH and B2B transaction protection in the US.
- Real-time account and routing number validation
- Fraud analytics and identity scoring
- ACH risk mitigation tools
Best for: Finance teams handling frequent ACH payments and real-time fraud screening.
RelishIQ aggregates results across multiple validation networks to improve coverage and accuracy for enterprise-grade bank verification.
- Multi-network account validation
- Real-time status confirmation
- Rule-based configuration for fraud controls
Best for: Large organizations that manage payments across multiple banks.
Accelitas enables real-time bank account validation without requiring credentials, making it ideal for fast onboarding in regulated environments.
- Non-credentialed bank validation
- Identity graph and predictive analytics
- API-first architecture
Best for: Fintechs and lenders needing quick, compliant account verification.
iDenfy combines bank account validation with full KYC and identity verification to create a single onboarding and fraud prevention platform.
- IBAN and account holder matching
- Integrated KYC, AML, and identity checks
- Real-time fraud prevention alerts
Best for: Organizations prioritizing fraud detection at the onboarding stage.
nsKnox offers advanced bank account ownership validation, including real-time screening against sanctions and internal fraud databases.
- Account ownership confirmation
- Global bank validation coverage
- Sanctions and internal fraud screening
Best for: Multinationals and financial institutions needing high-assurance payment protection.
Buying considerations
When selecting a banking validation service, consider:
- Fraud risk exposure — prioritize tools with real-time alerts and fraud scoring for high-risk environments
- Integration complexity — ensure the platform supports your ERP, procurement, and AP stack
- Geographic coverage — look for global validation if working with international vendors
- Depth of verification — choose solutions that validate ownership, not just account format
- Compliance — ensure the service supports KYC, AML, and regional regulations
FAQs
What is a banking validation service?
A banking validation service verifies a vendor's bank account is active, valid, and matches the correct entity. This helps prevent fraud and payment errors.
Why is account validation important in accounts payable?
AP teams face increasing risks from invoice fraud and business email compromise. Validation ensures payments go to legitimate accounts.
Do banking validation tools integrate with ERP systems?
Yes. Most services integrate with systems like SAP, Oracle, NetSuite, and Microsoft Dynamics for seamless verification workflows.
Protect every payment with Eftsure
Eftsure’s Know Your Payee™ platform safeguards $216 billion in annual B2B payments by verifying vendors before money moves. Book a demo to see how.
