Before you pay a supplier in another country, check three things. Is this the real supplier? Is the invoice approved? Do the payment details really belong to that supplier? Check all three before any money leaves your account.
In short
- Check the supplier, the invoice and the payment details as three separate steps.
- If a supplier sends new payment details, confirm them with a contact you already know. Don’t use the phone number or email that came with the change.
- For a stablecoin payment, check the token, the network and the full address before you approve it.
- A small test payment checks the route. It does not prove who the supplier is.
- Keep the invoice, the check and the payment record together.
How do you verify supplier details for an international payment?
Use these five steps every time. A correct account number or wallet address does not prove the supplier asked for the payment.
- Identify the supplier. Match the legal business name to your supplier record and your purchase documents.
- Check the invoice. Confirm what you bought, the invoice number, the currency and who approved it in your business.
- Confirm the payment details. Contact a person at the supplier you already know. Use contact details that are already in your records.
- Check where the money goes. For a bank payment, check the bank details. For a stablecoin payment, check the token, the network and the address.
- Approve and keep records. Keep the proof, the approval and the payment reference together so you can match the payment later.
The FBI gives the same advice about business email fraud. If payment details change, check the change with a contact you already have on file. Don’t rely on the email that asked for it.
Why this matters
A payment can go through even when the details are wrong. The payment system checks that the details look right. It can’t tell whether you really owe that person money.
An invoice, an email, bank details and a wallet address are four separate things. Check each one on its own. One good piece does not prove the others.
You want a clear trail from an approved purchase to checked payment details. If any part doesn’t match, hold the payment until you sort it out.
Check the supplier before the payment details
Start with the business, not the account number. Your supplier record should hold the details you have already checked:
- The supplier’s legal name and trading name
- The business address and country
- The person you deal with and how you reach them
- How the supplier wants to be paid and in which currency
- Who in your business approved the supplier
If the invoice shows a new legal name, a new country, a new bank account or a new contact, find out why before you pay. A business registry in the supplier’s country can help you confirm the name and address.
Bancoli’s Know Your Vendor verifications can help here, and fees may apply. They check a supplier’s company documents and government databases. That helps you avoid paying a fraudster whose name sounds like one of your real suppliers. Our post on why it matters to know your vendor explains more.
Check the business first, then its payment details. That way a payment that goes through is never your only proof that the supplier was checked.
What details should you check for each way of paying?
| Way of paying | Good fit when | Check before you approve | What it can’t tell you |
|---|---|---|---|
| Bank payout | The supplier wants money in its bank account | Account name, account number, bank codes, currency and reference | A valid account number does not prove the account is your supplier’s |
| Stablecoin payment | The supplier agreed to a set token on a set network | The address, the network, the token and any memo or tag | An address alone does not show who owns it or whether the network is right |
For a bank payment, check the account name exactly as the supplier’s bank gives it. The fields you need depend on the country. Some countries use an IBAN. Others use an account number and a bank code. Check every field your payment screen asks for.
Banking services are provided by regulated providers, including Bancoli’s affiliated chartered bank. With a Smart USD Wallet, you can send and receive USD by ACH, RTP and wire, to and from a US bank account. You can also pay a supplier abroad in its local currency. Your USD is converted when the payout is sent, with free FX in 25+ currencies. Check that a route is open for that supplier and currency in your account.
International wires over SWIFT can take 1 to 5 days, and Bancoli does not encourage them. Paying in the supplier’s local currency, or in a stablecoin it accepts, is usually simpler.
For a stablecoin payment, the token and the network are part of the payment details. A supplier who asks for USDC has not given you full details until it also tells you the network and the address.
Bank payments and stablecoin payments follow different rules, even when you see them on one screen. Smart USD is your eligible USDC, USDi and USDT shown as one dollar balance. It is not a deposit and is not FDIC-insured.
How should you handle changed supplier payment details?
Treat any change as a new approval. Old invoices from that supplier being real doesn’t make the new details real.
- Pause the payment. Hold it while you check the change.
- Use your own records. Find the supplier contact you already checked. Don’t use the phone number in the change request.
- Confirm the change. Ask that contact to confirm the new details and why they changed.
- Compare. Check the confirmed details against the invoice, your supplier record and the payment you plan to make.
- Record it. Save the proof and update the supplier record before you pay.
Decide who can change supplier records and who can approve payments. When those are different people, it is harder for someone to slip in fake details.
A rush is not a reason to skip the check. If the contact you know can’t confirm the change, keep the payment on hold. A brand new contact can’t be the proof for its own request.
Check stablecoin details carefully
Ask the supplier to confirm the token, the network and the full address through the contact you trust. Some recipients also need a memo or tag. Check that too.
Compare the whole address with your record. Don’t just check the first and last few characters. If you use saved addresses, make sure the saved one still matches the latest approved details.
A record of the payment shows money moving to an address. It does not prove which supplier owns that address or that your invoice is real.
In a Smart USD Wallet, only people with wallet access can approve a payment. Wallet access uses at least two social logins from Google, Apple, X or Telegram, chosen when you set up the wallet. Each approval uses MFA or a passkey. That protects who can send money. It does not tell you whether the supplier is real.
You control your funds. Bancoli does not own or control them. So checking suppliers stays your team’s job. Never share your login codes with anyone. A real supplier never needs them to get paid.
Why the checks change from one payment to the next
The standard stays the same. The proof you need changes with the payment. Build your checklist around these points:
- How you pay. Bank payments need bank details. Stablecoin payments need the right token, network and address.
- New or known supplier. A new supplier needs a first approved record. A known supplier gets checked against the record you have.
- Changed details. New details need a fresh check, even when nothing else changed.
- Currency. Confirm the currency the supplier wants and whether you convert before the payout.
- Where the money goes. Check that a payout route is open for that supplier and country in your account.
- Who owns the account. If the account belongs to a parent company, an agent or another business, get it explained in writing and approved.
Before you promise a payout date, check the route and the quote for that supplier in your dashboard.
Should you send a test payment first?
A test payment checks the route. It does not prove the supplier is real. Confirm the details with your trusted contact first. Then send a small amount, and ask the same contact to confirm it arrived.
Decide what counts as a good test. A payment that shows as sent is not the same as the supplier telling you it was credited.
A good test also doesn’t approve later changes. If the supplier changes its details again, check again.
What should you save after you check?
Save enough to show why you owed the money and why you trusted the payment details. Your record should link the invoice, the supplier’s confirmation, your internal approval, the payment reference and the final match in your books.
For a bank payout, keep the payment reference and the bank details you used. For a stablecoin payment, keep the payment reference with the token, the network, the address and the invoice.
A payment reference does not prove the goods arrived. If your process needs that, record the supplier’s confirmation separately.
What if the details look wrong after you send?
Act fast. Contact Bancoli support, or the bank you paid from, right away and follow their steps. Keep the invoice, the messages, the approved details, the payment reference and a note of what looked wrong.
Don’t promise anyone that the money can come back. A US domestic wire is very hard to pull back once it is sent. A stablecoin payment can’t be reversed by the sender. What happens next depends on the type of payment, its status and whether the recipient helps.
Tell the supplier through a contact you know, and stop related payments while you look into it. Keep the incident record apart from normal supplier updates, so the wrong details never become the new default. The FBI also asks businesses to report this kind of fraud at ic3.gov.
FAQ
How do I verify a supplier before an international payment?
Confirm the supplier’s identity, the approved invoice and the payment details as separate steps. Check any new or changed details with a contact you already know before you pay.
Is an IBAN enough to verify an overseas supplier?
No. An IBAN identifies a bank account. It does not show that your supplier asked you to pay into it. Confirm the account with a contact you already know.
What should I check before paying a supplier in USDC?
Confirm the network, the full address and any memo or tag with the contact you trust. Match them to your approved record before you approve the payment.
Should I trust new bank details sent from my supplier’s usual email?
Not on their own. Email accounts can be taken over or faked. Confirm the change by calling a contact you already have on file.
Does a small test payment prove a supplier is real?
No. It shows that the route works for that amount. You still need to check the supplier and the invoice.
Is Smart USD a bank deposit?
No. Smart USD is your eligible USDC, USDi and USDT shown as one dollar balance. It is not a deposit and is not FDIC-insured. You control your funds, and Bancoli does not own or control them.
What should our supplier payment policy include?
Write down your trusted contacts, how changes get approved, the bank and wallet checks, who has access and which records you keep. Also name who fixes a mismatch before money goes out.
One last thing
A checked payment detail is not checked forever. At your next supplier review, look at who can edit payment details. Check whether an edit sets off a fresh approval. Make the last check before every payment a match against the approved supplier record. That way the check happens at the moment money leaves.
Ready to see how it works? Take a look at the Smart USD Wallet.