With bank account verification, it is possible to verify the bank that you are paying money to ensure that the account details that you hold on record match the account details held by the bank. The solution takes seconds to come back with either a positive or negative response, saving time and effort.
Verify the bank account details of any individual.
DirectID’s bank account verification solution can match account details can make a positive or negative match in seconds.
Bank account verification is an important part of the ID process and AML / KYC checks.
Remove risk of fraud or falling foul of regulatory checks.
Use DirectID’s bank account verification solution to detect shell accounts.
The solution is quicker and cheaper than having a human make the checks, saving time and money.
A top 5 lender in online lending services uses Open Banking data to provide a frictionless application and fast funding process. During the application phase, applicants are prompted to securely share their transaction data through the DirectID consent widget. A detailed view of the individual’s financial profile is then visible to underwriters in as little as 30 seconds, providing verification of account ownership, income and expenditure, and a magnitude of other affordability indicators.
Using Open Banking data to gather this information eliminated fraudulent applications, removed the guesswork associated with manual underwriting, and reduced the application to acceptance turnaround time, all without impacting the individuals credit score.
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