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What is a verified bank account in Procore Pay?

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 Important
Author note: Log page changes in JIRA ILR board: https://procoretech.atlassian.net/browse/ILR-96
 General Availability in Select Markets (United States)
flag-us.png Procore Pay icon-external-link.png  is available in the United States. It is designed for General Contractors and Owner-Builders who act as their own General Contractors on a job. Procore Pay extends the Invoice Management icon-external-link.png functionality in the Procore web application to handle the payment process between general and specialty contractors.

Answer

A verified bank account is a bank account that has successfully completed the account verification process in Procore Pay. All bank accounts must be added and verified in order to use Procore Pay to send or receive invoice payments. Depending on your role in the payment process, bank accounts are referred to by different names.  To learn about the different bank account types in Procore Pay, see What are the different types of bank accounts in Procore Pay?

 Important
  • Account verification for Procore Pay is done using a commercially available database/registry of bank account information. Procore Pay stores only the account's Nickname, Bank ID, and Next Check Number entered by your Payments Admin. This provides Payments Disbursers with a method to identify the correct account for transmitting payments. Identifying bank account information is never entered nor stored in Procore Pay or any other Procore product.
  • Account verification is done by an embedded software platform that provides Procore Pay users with an integrated money movement solution.

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