With the launch of the VerifyBiz pilot, an early area of interest is emerging. Businesses are looking to understand whether earlier verification can help prevent payment headaches that often surface later.
Where early testing is focused
Across the VerifyBiz pilot, organisations are concentrating on verifying accounts at the time of onboarding, including:
- Customer onboarding
- Supplier onboarding
- Employee onboarding
These are the points where new bank account details enter systems for the first time. When issues occur here, the impact is often felt later as delayed or failed payments, which can affect trust, result in unnecessary admin, and, in some cases, create real financial pressure for the person waiting to be paid.
Paperless Direct Debits as an early use case
Some pilot customers are also testing VerifyBiz when customers set up paperless Direct Debits. Often accidental (or purposeful) account errors at set-up only become visible once a payment fails. Verifying details early is being explored to reduce the impact of these types of errors for both customers and organisations.
Account verification early and often
Whilst it’s early days, many of our pilot customers are looking to put in place policies where their account records are checked on a regular basis. This is seen as good data hygiene to catch changes since initial onboarding checks.
What customers are aiming to prove
At this stage, pilot customers are testing whether early account verification can help:
- Reduce the likelihood of payment delays or failures
- Reduce the likelihood of fraud and scams
- Reduce the admin burden of double-handling and manual processing
As testing continues, these insights will help shape the VerifyBiz product and our service – ensuring it’s fit for purpose and ready for wider adoption early next year.
VerifyBiz will be available to organisations via a managed onboarding process from early 2026. Get in touch to find out more
