WHY
The Problem
Every Australian business, regardless of size, location or industry, can be impacted
by payment redirection, internal fraud and cybercrime.
$77 million
IN LOSSES IN 2022 BY EMAIL
SCAMS
> $3 billion
LOST BY AUSTRALIAN’S IN 2022
FROM REPORTED SCAMS
3rd
LARGEST REPORTED FRAUD IS
FROM FALSE BILLING
Human Error
Not all payment errors are a result of fraud. Keying errors can result in mistaken payments that can be costly and are typically not refunded by your bank.
Social Engineering
Avoid the result of employees being manipulated and exploited via the rise of social engineering by cyber criminals.
Phishing Attacks
Cyber criminals can gain access to your system and manipulate data such as master vendor files to alter the recipient bank account details.
BEC
Fraudsters hack and take control of supplier emails in order to change invoices or bank details and redirect payments to their own account.
Employee Fraud
An employee changes a supplier’s bank account details within a pay run to either their own or another’s bank account to receive funds.
FEATURES
The OK2Pay Solution
OK2Pay offers a range of solutions to combat payment fraud, securely onboard suppliers
and meet audit and compliance requirements.
Verification
Consistency is Key; our Basic or Express verification options
ensure that you follow the same process to verify vendor bank
accounts every time regardless of volume.
Vendor Onboarding
Digitise, customise, and automate your vendor application
process. Ensure that once an application form is received all
the required vendor information has been gathered, the ABN
is validated, and their bank account credentials are verified.
Vendor Management
OK2Pay reduces supply chain risk by keeping you up to date
with ASIC, ABR and GST statuses. Managing payments against
accurate vendor ABN’s is crucial for compliance to ATO
Taxable Payments Reporting System. (TPRS)
Payment Processes
Our Chrome plugin and ABA pre-check tool ensures that
every payment is checked against the verified Master Vendor
File before disbursement, including a check against employee
bank account details.
Audit and Compliance
OK2Pay has an automated audit trail of every verification,
including user details, and IP address. We also provide an
audit trail of every bank account payment when ABA files are
uploaded.
Data Security
OK2Pay utilises bank grade encryption with AES-256 and SHA-512 means your data is safe from end to end. We leverage two-factor authentication and single sign on (SSO) to keep data secure.
HOW
See how it works
Discover the power of OK2Pay and how it can help your business improve
supplier onboarding and reduce payment risk
OUR PARTNERS
Better together
We know that data and security matters, that’s why we bring together
comprehensive information presented in our easy to use platform
WHAT OUR CUSTOMERS SAY
Using OK2Pay‘s easy to use platform saves my team a significant amount of time and has strengthened controls in my procure-to-pay process, whilst helping to eliminate payment fraud.
Orora
WHAT OUR CUSTOMERS SAY
OK2Pay’s custom digital vendor application tool has been well accepted by our vendors, it has streamlined our processes, and significantly reduced the time required for onboarding and verifications.
Wyndham City Council
WHAT OUR CUSTOMERS SAY
With the significant increase in reported cybercrimes, we decided to use OK2Pay’s online banking chrome plug-in. Using OK2Pay is seamless and provides our organisation with confidence and peace of mind that funds are only being paid to verified bank accounts.
Zoom2U