Sysynkt is bringing real-time Confirmation of Payee (CoP), otherwise known as Payee Verification (VoP), directly to Infor SunSystems® customers, helping finance teams verify who they are paying before money moves. Available for SunSystems 6 and SunSystems Cloud, Sysynkt embeds payee verification into financial processes where errors and fraud are most likely to occur.
Sysynkt will again be world leader, the first to deliver integrated Confirmation of Payee for SunSystems.
Sysynkt's tools enables business to protect their payments from unauthorised transfers with real-time ID fraud checks and bank account verification, prevent misdirected funds and helps combat rising scams.
Confirmation of Payee (CoP)
Verification throughout the supplier lifecycle
Confirmation of Payee should not be limited to the final seconds before a payment is sent. Sysynkt will support verification at multiple points, creating a stronger control environment from supplier onboarding through to payment.
At payment run time
Validate supplier and beneficiary details before releasing a payment run. Exceptions can be identified and reviewed while there is still time to stop the payment.
Supplier validation
Confirm that bank details belong to the supplier when a new supplier is created or when existing payment information is changed.
Scheduled compliance checks
Periodically revalidate supplier bank details to maintain confidence in master data and support ongoing compliance controls.
Ad-hoc validation
Run an immediate check whenever a finance user needs additional assurance, for example, following an unexpected bank-detail amendment or a request received outside the normal process.
During invoice processing
Check supplier and payment information while invoices are being captured and approved. This helps identify invoice-redirection fraud and suspicious changes before they reach the payment stage.
Global Payee Validation
Payment fraud does not stop at national borders, and verification should not either.Through Sysynkt’s global validation capability, organisations will be able to verify payees across a growing international network spanning Europe, the Americas, Asia-Pacific, Africa and IBAN markets.
Europe
United Kingdom, France, Belgium, Italy, the Netherlands, Poland, Turkey and the wider Eurozone.
Americas
United States, Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Uruguay.
Asia-Pacific and the Middle East
Australia, Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, the Philippines, Saudi Arabia, South Korea, Thailand, the United Arab Emirates and Vietnam.
Africa
Ghana, Nigeria, South Africa and Uganda.
Different validation methods may be used according to the banking infrastructure available in each market, including name-and-account matching, account-existence checks, logic-based validation and local payment-verification schemes. The underlying global network connects to more than 6,500 financial institutions and four billion accounts, with real-time validation designed to reduce fraud, failed payments and operational friction.
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