Skip to main content
Bank Validation is an optional add-on that helps you verify a vendor’s bank account details before approving a submission. It checks whether the account name supplied by the vendor matches the bank’s records for the provided BSB and account number, helping reduce the risk of payment fraud, misdirected payments, and data entry errors.

​
How Bank Validation works

If you wish to verify a vendor’s bank details, an Admin can run the check from within the submission review screen under the bank details section. To run the check:
  1. Open the submission
  2. Navigate to the Bank Details section
  3. Click Validate Bank Account
TradesField uses Confirmation of Payee to validate the account directly with the vendor’s bank. The result is then displayed on the submission so your team can review it before approving.

​
When to run a bank validation

We recommend running Bank Validation when:
  • A vendor is being approved for the first time
  • A vendor updates their bank details through a change request
  • You notice anything unusual (new account, unexpected entity name, changed payment details)
Even with a positive result, you should still follow your internal payment controls, especially for high-value payments.

​
Confirmation of Payee results

When you run a bank validation, one of the following results will be returned.

​
✅ Match

The account name matches the bank’s records.
Recommendation:
You can proceed with the submission review as normal.

​
⚠️ Close match

The account name is a close match, but not an exact match. This commonly happens due to abbreviations, punctuation, or trading names. Example:
The vendor submits “Able Building Inspections Pty Ltd”, but the bank returns “ABLE BLDG INSPECTIONS PTY LTD”.
Recommendation:
Double-check the details with the vendor using trusted contact details (for example, the phone number already on file, not one supplied in the submission).

​
❌ No match

The account name does not match the bank’s records for the provided BSB and account number.

​
🛑 Account closed

The account is closed.

​
🔍 No account found

The account was not found. This can occur if the details are incorrect, incomplete, or the bank cannot locate the account.
Recommendation:
Request the vendor re-check and re-submit their BSB and account number. Verify using trusted contact details.

​
❓ Unable to confirm

We could not confirm the account name match. This may occur due to bank availability, unsupported account types, or other confirmation limitations.
Recommendation:
Use alternative verification steps (such as confirming details with the vendor via trusted contact details) before approving.

​
🚫 Error

An error occurred while validating the bank account.

​
Enabling Bank Validation

Bank Validation is an optional add-on and must be enabled for your organisation.
If you would like Bank Validation enabled, please contact your Account Representative or [email protected].