Satori’s OK2Pay has partnered with Zepto, a payments infrastructure company, to provide enhanced Confirmation of Payee (COP) in real-time.

The integration of the Zepto Validate software into OK2Pay will speed up the payee verification process for OK2Pay customers, and increase certainty that incorrect payee details or fraudulent payments are identified, before payment is made.

“The addition of Zepto gives OK2Pay CoP capabilities that go further than what was previously possible,” said Satori CEO Gavin Steinberg.

“Given the increase in business email compromise and fraudulent attacks on organisations, that increased confidence for clients and accounts payable teams is essential, particularly when they can confirm payee details even faster.

“By identifying issues before payment is made through OK2Pay, we also help organisations save on remediation costs, which can be as much as 12 times the invoice amount to fix an incorrect payment," he said.

Other new OK2Pay features

As well as the Zepto partnership, Satori has also released further upgrades to the OK2Pay software.

These include enhanced verifications for individuals, and integration with open banking.

“We’re continuously looking for ways to improve the capabilities of OK2Pay’s verification features.

“While OK2Pay’s use of Australian banking data for validation purposes means it runs the most comprehensive checks on market. We want to keep making it even easier for organisations to use automation and AI to stay ahead of fraud and errors,” said Steinberg.

Payee confirmation that closes the loopholes

As well as automated CoP checking, OK2Pay validates payee banking details through additional 3^rd party sources such as GST and ABN status.

It also confirms payee identities, business status and solvency, closing further loopholes for errors and fraud for organisations and individuals when making payments. 

While used by companies in Australia and New Zealand, Steinberg said OK2Pay can be used globally.

“For organisations with local offices around the world, OK2Pay can provide the same automated checks for when they pay local suppliers, ensuring an organisation has the same financial controls for payment verification across all their offices,” said Steinberg.

“With OK2Pay, we’re going global to help stop fraud and errors.”

OK2Pay can be up and running in minutes. Get a demo and see how it can help automate your payee confirmation processes, and provide a return on investment.