Internet Banking Policy question

Question

Hi,

Am looking for clarification on the following wording on Internet Banking Policies that I have been looking as I am drafting one for my Parish Council

'a programme of regular checks of standing data with suppliers will be followed'

What does it actually mean ??

Answer 1

That sounds a bit vague so should probably be clarified in the actual policy but I would interpret that to mean that there needs to be checks to ensure that data such as bank account details are confirmed.  You should ensure checks are made whenever an apparent change of account is received to confirm that the supplier has actually changed their account details and those received are the correct ones, from the right person/supplier.