Achilles partners with DIRO to launch real-time bank account verification for supply chain security

Achilles collaborates with AI-powered platform DIRO to introduce a new bank account verification service, aiming to combat payment fraud and enhance financial trust in global supply chains.

Achilles, a global authority in supply chain risk and performance management, has taken a significant step to bolster financial security within supply chains by partnering with DIRO, an AI-powered digital verification platform, to launch a new Bank Account Verification service. This ...

innovative solution allows businesses to authenticate supplier bank accounts in real time, aiming to prevent misdirected payments and reduce the growing threat of payment fraud.

Payment fraud, especially instances where funds are wrongly sent to fraudulent accounts, has emerged as a formidable challenge worldwide, causing financial loss and undermining trust. By integrating DIRO’s advanced verification technology directly into the Achilles platform, suppliers can now securely validate their bank details through reliable sources such as banks and government portals. This seamless integration not only ensures that buyers have confidence in the destination of their payments but also provides suppliers with the assurance of timely and secure transactions.

Mark Chamberlain, Chief Product Officer at Achilles, highlighted the strategic importance of this collaboration: “Working with DIRO allows us to tackle one of the most pressing risks in global supply chains today. By combining DIRO’s AI-powered verification with Achilles’ supply chain expertise, businesses can reduce the risk of payment fraud, strengthen trust, and keep commerce flowing efficiently.” He underscored Achilles’ commitment to raising standards across global supply chains by investing in trusted partnerships and innovative technologies to help customers operate securely and responsibly.

DIRO’s CEO, Per Jirstrand, emphasised the mission behind their technology: “At DIRO, our mission is to bring absolute trust into digital transactions. By partnering with Achilles, we’re extending our patented verification technology into global supply chains—where the cost of a single fraudulent payment can be devastating. Together, we’re giving businesses and suppliers a new level of confidence: that payments are directed to the right account, every time.” DIRO leverages AI to provide tamper-evident, cryptographically sealed verification documents sourced directly from an extensive network including over 44,000 banks, 9,000 utilities, and 700 government sources in 195 countries.

Smitha Shetty, Regional Director – APAC at Achilles, remarked on the significance of the partnership in the broader context of digital trade: “In today’s interconnected supply chains, trust and verification go hand in hand. Partnering with DIRO enables us to bring a new layer of financial integrity and assurance to supplier relationships. As global trade continues to digitise, ensuring that every transaction is verified and transparent will be central to how responsible businesses operate.”

This new service enhances payment security by verifying supplier bank details instantaneously, which helps to prevent the common issue of funds being misdirected. It also facilitates faster onboarding, encouraging suppliers to complete verification swiftly and thereby reducing delays in payments. Beyond fraud prevention, the service supports compliance efforts related to Know Your Business (KYB) and Anti-Money Laundering (AML) regulations, making it a comprehensive tool for financial integrity within supply chains.

The introduction of this bank account verification aligns with broader industry trends to strengthen financial transaction security. Other companies offering similar services include Dwolla, which provides instant bank verification through automated and manual micro-deposits to confirm account ownership, and GoCardless, which recently launched new ACH payer verification functionalities to authenticate payers’ bank details automatically and enhance transaction security. Similarly, collaborative initiatives like the partnership between Phixius by Nacha and ValidiFI aim to improve account validation coverage and enhance payment quality, reflecting a wider movement toward reducing payment fraud in digital commerce.

Achilles’ decision to embed DIRO’s AI-driven verification within its supply chain platform demonstrates its proactive approach to addressing financial risks while fostering trust and transparency in global trade relationships. As supply chains become increasingly digitised and complex, tools that ensure the accuracy and security of financial transactions will become indispensable for businesses aiming to safeguard their operations and maintain strong, ethical supplier partnerships.

Source: Noah Wire Services