The startup offers a payment verification software that authenticates bank account details by confirming the identity and credentials of suppliers before transactions. This platform minimizes the risk of fraud by ensuring that payments are directed to verified accounts, allowing clients to update supplier information securely.
Funding
$2.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Australian consumers and businesses face significant financial losses due to payment redirection scams, fraud, and mistaken payments arising from human error in online banking transactions. The absence of dual account validation and Confirmation of Payee (CoP) mechanisms makes it easy for funds to be misdirected to unintended beneficiaries.
Solution
PayOK offers an API-driven Confirmation of Payee (CoP) solution that integrates directly into online banking portals to provide real-time dual account validation between Australian banks. When a payer enters the BSB and account number, PayOK's API verifies the account details, allowing customers to make informed decisions about proceeding with the payment. The solution enhances transparency and gives customers peace of mind by confirming the intended recipient before the transaction is finalized. PayOK's solution avoids the complexity of integrating into the BECS rail network, reducing system complexity and technology costs.
Target Audience
PayOK's primary customers are Australian banks and financial institutions seeking to reduce payment fraud and improve customer confidence in online banking transactions.
Features
- Real-time dual account validation via API integration with online banking platforms
- Sophisticated account name matching technology to identify business and trading names
- Customizable CoP result display options (e.g., "Correct match," partially hashed name, customized result)
- Advanced data security adhering to industry best practices and evolving threat landscape
- Low-latency performance (under 100ms) for real-time validation without payment delays
- Volume-based subscription pricing for affordable access for banks of all sizes
- Compliance with privacy and regulatory requirements