EFTsure chief executive and co-founder Ian Mirels says under the agreement with PwC, EFTsure’s platform can help validate the accuracy of payee information, protecting a business’s assets and its people through its “innovative, cross-verified proprietary database” combined with external data sources and independent EFTsure verification procedures.
“Joining forces with a market leading, global accounting firm will help us reach more Australian businesses and provide PwC clients with best practice and innovative solutions for the digital age we now live in.”
According to Mirels, banks ignore account names when processing electronic payments and, he says, “they make payment by reference to BSB and account number only. Therefore there is no certainty that the payee name an authorising officer sees on the payment screen or payment report is the actual recipient of the funds”.
PwC partner Matthew Lunn says, “PwC is focused on digital transformation, operations transformation, and cyber risk management.
“Signing the collaboration agreement with EFTsure enables us to introduce this innovative technology company to our clients. EFTsure’s products may help them identify errors or potentially fraudulent payments on a more real time basis.”
According to Mirels, EFTsure is being used by organisations of all sizes and industries, including ASX200 companies, local government, schools and small and medium sized businesses. “The solution does not require any integration into a customer’s financial systems which makes the installation process hassle free,” he says.
EFTsure recently announced that it has partnered with Australian venture capital firm, Our Innovation Fund, LP, having raised $2 million Series A funding.