Let's face it: Every fraudster would love to get their hands on your vendor data. With bank account information and identifying data, bad actors can impersonate vendors, intercept payments, and wreak havoc on your B2B payments.
That's why it's so important for your business to hold that data securely, or enable a trusted partner to do so. Bottomline works to protect your vendor data by:
1: Acquiring Data Securely
We can set up a seamless transfer of vendor data from your system to ours, but the most important step is vendor self-enrollment. By having vendors securely add bank account information via secure methods and then authenticating that information, we ensure only legitimate businesses enroll in our secure B2B payments network, Paymode, and lock that information behind multi-factor authentication.
2: Validate Vendor Data
In addition to validating bank account information, we run all enrollment data and business information against over 300 data points to determine whether a business is who they say they are.
3: Hold Data Securely
Once validated, that information is held in our secure platform, with all account changes and access protected by MFA, monitoring, and both automated and expert-driven vigilance.
4: Protect Payments
Even when vendor data is securely held, every payment needs to be kept safe, as well. By continuously monitoring the network and where payments are going, we ensure only legitimate payments are made to legitimate suppliers.
Want to learn more? Visit our Network Security page.
