Definition: The process of verifying recipient bank information (account name, account number, routing/SWIFT) through a trusted, independent channel before initiating a transfer, in order to prevent fraud and errors.
Example: An example of wire detail verification is using a third-party verification service that authenticates account ownership in real time before a wire transfer is processed.
Explore IVP Accounts Payable Services
IVP Accounts Payable Services helps buy-side firms improve wire detail verification. This service streamlines vendor management, invoice processing, and expense allocations with advanced automation. Offered as a managed service in tandem with Expense Allocation System (EAS)™ by IntegriDATA, an Indus Valley Partners company, IVP AP Services help firms manage labor-intensive tasks like invoice processing and transaction handling while maintaining full control and oversight.
