Payees
Changing bank details before a payment
Most costly payment mistakes are not a clever new invoice. They are the same invoice, pointed at a new account.
What should happen
If bank details change after someone has already approved a payment, the earlier yes should stay on the record, and the unused permission to pay should be withdrawn. The next attempt waits until a different person has checked the new details.
What the team still does
- Confirm the new account out of band, the way you already do for supplier changes.
- Do not let the person who requested the change approve it.
- Match the amount and destination that actually left the bank to what was authorised.
ValarIQ can record the stop and the later check. It does not call the bank, and it cannot reverse a payment that has already gone.