Validating vendor payment information

October 19, 2022
October 19, 2022


Q. What is best practice when verifying or authenticating a vendor’s banking details? Is the process the same for both domestic and foreign vendors? Has it been challenging for practitioners when dealing with foreign vendors and the time zone difference? If so, what process have you put in place? A. (Answered by the IOFM Advisory Panel) ----- We have a supplier business form to fill out and once returned we will contact the vendor for account verification. We are getting away from bank letters,…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today

Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500