Agile Payments Blog

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Verifying Bank Account Ownership: Understanding your Options

Jan 23, 2019 12:22:59 PM

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Advances in the online payments sphere have now made it possible for businesses to verify bank account ownership. This real-time checking account verification can confirm that a consumer or business owns the account, and is authorized to transact.

Verifying Bank Account Ownership via an online application provides businesses with comprehensive, instantaneous insight into the person/business whose check payment the business wants to accept or enroll in a recurring billing plan.

Verifying bank account ownership is pivotal for any business that wants to lower their risk of enrolling a new customer with bad check information, and allows businesses to reduce account take-over risks, unauthorized and administrative ACH and check returns, and unauthorized access to customer accounts. By the same token, the need for account-owner login credentials will be eliminated, and customer experience and reduce abandonment rates will be improved.

Important account owner and status information such as name, date of birth, social security number, driver’s license information, address, and other applicable info can help authenticate the consumer or business dda information.False positives can be reduced (and in some cases completely eliminated) by providing additional customer intelligence around business and consumer names (e.g. birth dates nicknames, maiden names, typos, or other data entry errors).

Verifying Bank Account Ownership will authenticate the consumer utilizing consumer data, matching profiles, and alternative data from multiple aggregation source. Businesses can significantly reduce the onboarding risk, added admin work time and improve customer experience, all for a small one-time fee.

 

 

 

Coleman Akey
Written by Coleman Akey

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