Bank Account
Verification

FCA Authorised

FCA Authorised, ICO Registered

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The Problem

All businesses want to ensure that the people, merchants or companies that they are paying are the correct ones.

Payment of monies to illicit bank accounts is a common tactic of fraudsters and all companies need to be able to ensure that the account details that they have on record match the details that the bank owns.

The Solution

With bank account verification, it is possible to verify that the bank you are paying money to is owned by the person you are talking to. Meaning that you never have to worry about fraud of this type taking place.

Verify the bank account details of your customers and suppliers

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.

Personal Loan Services

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.

"The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect The Benefits of DirectID Connect "

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James Varga, CEO, DirectID

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