The challenge: balancing speed with accuracy
FLC needed a more efficient and reliable way to:
- Verify supplier bank account details before payment
- Ensure payments were being made to the correct recipients
- Streamline onboarding while maintaining appropriate checks and controls
We spoke to Anna Payn, Chief Financial Officer at FLC about the two main pressures facing the team.
1. Accelerating supplier onboarding
The business regularly brings on new suppliers, but paperwork doesn’t always keep pace with payment deadlines, creating pressure on the team to make payments on time.
“Verifying bank account details took a lot of time. From requesting documents to the supply of documents, there was a lot of stopping and starting, and waiting for details.”
2. Preventing invoice fraud
With increasing rates of invoice fraud, supplier bank account changes were a key risk.
“Scammers can be so sophisticated. Everything can look legitimate. Each update had to be confirmed by phone, often involving another team member to verify the details.”
Weighing up the options and finding the right solution
FLC assessed several options before selecting a solution that aligned with how they operate.
“Some providers rely on databases built from their other customer’s bank account data. For us, that didn’t make sense. It’s unlikely their customers would have the same fishers and suppliers we’re looking to verify.”
The team preferred the ability to check account details directly withthe source bank in real-time, offered by GetVerified.
“The ability to check details directly at the source, rather than relying on stored data gave us the confidence we were looking for.”
Results: the right details at the righttime
Results are returned in seconds, allowing the FLC team to buildprocesses and make decisions at the point of payment:
If it’s a Match🟩: proceed with payment
If it’s Partial Match🟨or Not a Match 🟥: pause and source the exact details.
This approach has helped streamline the onboarding process while maintaining appropriate caution.
“It’s so simple to use, in a few seconds you’ve got a result,” said FLC's Accounts Payable Administrator.
Looking ahead: full adoption and shareholder payments
The onboarding experience was simple and practical.
“It was really straightforward. My team had everything up and running straight away without needing additional support.”
FLC will also use account verification for annual shareholder payments,where changed account details can lead to payment bounce-backs.
“People change banks, but they don’t always remember to tell us.”
By introducing account verification into its payment processes, FLC has eliminated time spent verifying account details and strengthened confidence before payments are made.
Find out more about our Account Verification capability here.
