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
- 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'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.