What this check does
Payment due diligence is the broader workflow around validating account details before money moves.
What is payment due diligence?
Payment due diligence is the set of checks and approvals used before funds are released, especially for new suppliers or changed bank details.
What the result means
A good workflow records what was checked and what manual controls were completed.
What the result does not prove
It does not eliminate fraud risk or guarantee recovery if funds are sent to the wrong account.
When businesses should use it
- Supplier onboarding policy
- Finance approval playbooks
- Payment-change fraud prevention
Example workflow
- Validate account format.
- Check company identity.
- Use independent callback and approval evidence.
Data sources
IBAN, BIC, company and internal evidence records.
Limitations
Human process quality matters as much as identifier validation.