Created by: Emilian Siemsia | 25 March 2024

What is Account Check and why do you need it?

We live in the age of technology where manual account verification becomes more and more challenging, time-intensive, and expensive. Manual processes delay decision-making which often affects the business’s productivity and efficiency. But what if there is a quick and cost-effective tool for account verification? The Account Check solution is software that enables businesses to confirm the owner of a bank account by fetching real-time data from banks. 

Why automate bank account verification?

Manual account verification usually means scanning through the individual documents manually without any external support. Such operations demand a lot of time from the employees and may cause some security risks like data leakages. Finally, the process is expensive in the long run, especially when data is inaccurate which happens a lot. As human errors can be costly, more and more businesses from various industries have relied on automated bank account verification.

Automated bank account verification uses high-end tools to extract, verify, and validate sensitive bank data. The software allows businesses to analyze bank statements and evaluate their customers’ creditworthiness. It may be also useful for monitoring client spending behavior. If you want to:

  • Know your customers with confidence
  • Streamline customer onboarding
  • Simplify bank direct debits
  • Secure payments

The Account Check tools may be your way to go. It’s accessible from any device 24/7 and intuitive to use. Finally, it is significantly more secure than mailing or faxing copies of customer account statements. 

What to use the account verification tool for?

Account verification is a process that confirms the validity of a bank account. This can be done to:

  • Make sure that a certain bank account is active.
  • Confirm that the bank account belongs to the person who claims ownership.
  • Confirm key details of the account such as the account holder’s name, the account type, the account number, etc.
  • Check whether there are sufficient funds for transactions.
  • Reduce the risk of error or fraud in online payment processes.

For most online transactions, thorough account verification is nothing but a prerequisite! It is of the utmost importance in settings such as online marketplaces (fast onboarding, easy online payments), e-commerce platforms (one-time and recurring payments), finance applications (budgeting advice based on transaction history), as well as investment platforms.

Account Check – how does it work?

The Account Check tool uses API technology to allow customers to log in to their online bank via a third party. The verification process is instant, and the customer doesn’t have to share their username and password. The authentication is based on a token that safeguards sensitive data. Account details are available immediately and verification is quick as never before.

Account Check tool for easy and quick account verification

Account Check is the ultimate tool for customer onboarding and security verification. A fully automated software streamlines processes – you simply enter customer details, and the platform automatically performs all the checks that are necessary. The tool offers an API that supports the KYC (Know Your Customer) process in banking.

What’s in it for your business? Account Check:

  • Simplifies and automates customer onboarding processes.
  • Allows you to know your customer as it provides accurate information taken directly from the bank.
  • Simplifies bank direct debits that are verified and error-free.
  • Increases data accuracy which makes it more reliable for future business decisions and customer interactions.
  • Secures payouts through the account holder details verification and facilitates automated and digital payments as you can be certain that the account information is correct.
  • Helps avoid fraudulent transactions or deter deceptive behavior.
  • Enables to upholding regulatory compliance. Most countries have regulatory frameworks that mandate certain verification steps for financial institutions. If you don’t comply, you risk hefty fines and reputational damage.

Talk about the Account Check with an expert

Need more information about the importance of account verification? Or maybe you have questions regarding the Account Check tool? Talk to an expert! Schedule a free consultation to better understand how the platform works or just request a free demo to test the instant online account verification process yourself!

Account check Account verification