Verified Supplier Bank Details: A Safer Source of Truth for Business Payments

Every business that pays suppliers needs to know two things:

• What do we owe them?
• Where should we send the money?

Accounting software is designed to answer the first question. Paylist is designed to help answer the second.

What is Paylist?

Paylist is a verified directory of UK business bank details.

It gives businesses a trusted source for supplier payment information, reducing the need to rely on bank details contained in invoices, emails or spreadsheets.

Businesses are verified before their details go live, and they maintain their own payment information in Paylist.

Why verified supplier bank details matter

Supplier bank details are often surprisingly difficult to manage. They may be stored in accounting software, copied from invoices, exchanged by email or kept in spreadsheets.

When a supplier changes its bank account, somebody has to update the relevant records. This creates opportunities for:

• invoice redirection fraud;
• bank-detail fraud;
• manual data-entry errors;
• outdated supplier information;
• unnecessary administration.

Paylist creates an independent source of truth.

Paylist isn't invoice-reading software

There are many excellent invoice-processing and accounts-payable platforms, including Dext, Lightyear, AutoEntry, ApprovalMax and Telleroo. These systems automate invoice capture, data extraction, approval and payment processes.

Paylist solves a different problem.

Invoice software reads the invoice. Paylist provides verified supplier bank details.

The two can work together.

Paylist isn't payment software

Payment platforms are designed to help businesses approve, control and execute payments.

Paylist is concerned with the information behind the payment: is this the verified bank account for this supplier?

That means Paylist can sit alongside your existing accounting and payment technology.

Paylist accounting integrations

Paylist currently integrates with:

• Xero
• QuickBooks
• Sage
• FreeAgent

Verified supplier bank details can be synchronised with connected accounting systems, with automatic updates when supplier information changes.

For Xero users, Paylist also supports employee bank-detail and payroll synchronisation.

Why integration is important

Integration isn't just about convenience.

It can improve security by reducing manual re-keying and the number of places sensitive bank information is copied. It can improve efficiency by eliminating repetitive data entry. It can improve accuracy by transferring verified information electronically. And it can improve control by creating a clear relationship between the supplier's verified record and the information held in the accounting system.

From supplier onboarding to payment

A modern supplier-payment process can look like this:

• Supplier is verified.
• Supplier maintains its bank details in Paylist.
• Verified details synchronise with accounting software.
• Invoice is received and approved.
• Payment is made.
• Transaction is reconciled.

The invoice remains the source of information about the transaction. Paylist becomes the source of truth for the supplier's bank details.

Paylist: verified supplier bank details, connected to the accounting software you already use.