VETT Match

The problem – A percentage of payments from consumers that are deposited to the bank accounts of vendors are presented with incorrect or a lack of payment reference information. This issue can prevent and/or inhibit reconciliation of receipts, and

§         Creates additional administrative cost

§         Increases commercial risk

§         Damages consumer relations

A solution must cause consumers to include the correct and complete payment reference information when submitting a manual payment, and

§         Facilitate counter measures to prevent bank systems from adding to or truncating payment reference data,

§         Deployed without requiring banks and payment processors to modify their systems,

§         Not require consumers to do anything different.

For further information, please contact us