Bank account and address verification for invoice payment
To reduce the risk of fraud, and to secure both timely and accurate payments to our vendors, we ask you to verify bank account ownership and proof of address.
BW Offshore partners with DIRO, the leading provider of bank and address verification solutions trusted by Tier 1 global banks.
Frequently asked questions
To reduce the risk of fraud and to secure both timely and accurate payments to our vendors we have partnered with DIRO, the leading provider of bank account and address verification solutions in vendor onboarding. DIRO's solution eliminates the possibility of document fraud, email spoofing, and impersonation issues. On-screen instructions will guide you through the process inside each verification session.
- Your bank statement will not be shared with BW Offshore. Only selected fields.
- Your utility bill will be shared with BW Offshore.
- Only selected fields from your bank statement will be shared like: company name, account number, address, and date. All other data will be purged.
- Any sensitive information such as balance and transactional data from your bank statement will never be shared.
- The purpose is to eliminate fraud by verifying bank account ownership and address. We promise that no data will be shared unless we have your consent in each instance.
- The entire verification session provides an end-to-end encryption and remains private. In other words, you will not share your password or login credentials.
- Most banks use one time passwords (OTP) with multi-layer security.
- Most banks use two-factor authentication (2FA) or multi-factor authentication (MFA). The second factor is sometimes offline, or on a separate device, such as a smartphone for high security and to eliminate fraud.
- Since you will not do a transaction, only verify bank account ownership and address, your transaction password will never be asked for in the verification session.
- Visit DIRO to learn more about user privacy.
DIRO is trusted by Tier 1 global banks and Fortune 500 companies in vendor onboarding across 195 countries. Its solution is used to verify bank account ownership, proof of address, and other documents to eliminate fraud, email spoofing, and impersonation issues. Visit DIRO to learn more about vendor onboarding.
- DIRO's ephemeral architecture of each session does not permit, or make possible, any storage of passwords or other login credentials. This makes the solution particularly applicable to bank account verification in vendor onboarding to eliminate fraud.
- DIRO participated in the UK's Financial Conduct Authority sandbox for KYC in 2019 (cohort 5) with its bank account verification and proof of address solution.
- In addition to UK's FCA, DIRO is in conversation with a number of regulators around the world including FATF, FinCEN, Malta Gaming Authority, Central Bank of India, Central Bank of Bahrain, Central Bank of Malaysia, and Central Bank of Curacao. The reason for these conversations is to educate and help regulators to strengthen KYC/AML requirements based on advancing technology.
Learn more about DIRO's bank account verification and address verification solution.