Payment fraud cost merchants an estimated US$48b in 2023 – and is set to balloon further in 2024. Pre-transaction bank account verification can help prevent fraud and mitigate losses across the customer lifecycle.
Verification is not always straightforward – it involves checking bank account numbers, balances, ensuring that accounts are valid and ACH capable, noting the type of bank account used, confirming transactional authority, identifying potential risk, and much more.
To help you overcome these challenges, we offer unique dual-method bank account verification that empowers you to implement a dynamic verification workflow. This in turn triggers the most appropriate bank account verification method for your needs and, importantly, protects the customer experience.
With our integrated bank database solution and open banking solution, you can verify bank accounts and ownership, safeguard payments and reduce ACH returns – all in real time and via a single API:
- Verify vendor and client bank account information for both individuals and businesses
- Ensure accounts are valid and in good standing, and that the individual is authorised to act on the account
- Access network insights to flag accounts with high velocity usage which may be at particularly high risk of fraud
- Drive improved customer experiences by implementing a configurable waterfall approach, making the most of our two interoperable solutions
