The agreement will allow PwC to use EFTsure's technology to help its clients reduce the risk of fraud or errors related to electronic payments.

EFTsure chief executive and co-founder Ian Mirels said, "Joining forces with a market leading, global accounting firm will help us reach more Australian businesses and provide PwC clients with best practice and innovative solutions for the digital age we now live in.

"Banks ignore account names when processing electronic payments – they make payment by reference to BSB and account number only. Therefore there is no certainty that the payee name an authorising officer sees on the payment screen or payment report is the actual recipient of the funds."

PwC partner Matthew Lunn said, "PwC is focused on digital transformation, operations transformation and cyber risk management.  

"Signing the collaboration agreement with EFTsure enables us to introduce this innovative technology company to our clients. EFTsure’s products may help them identify errors or potentially fraudulent payments on a more real-time basis."

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