Overview
Ensure Account Ownership and Mitigate Fraud

Bank Account Ownership solutions can assist with increasing the speed of onboarding, mitigating fraud, as well as enhancing your KYC strategy. Within this suite, BAV-Ownership provides confidence that the bank account information collected from the customer, belongs to them. Whereas, ValidiFI’s Bank Aggregation service provides access to the customer’s full name, phone number, email address, and mailing address associated with their bank account.

Overview
The Bank Account Validation Suite

Bank Account Validation (BAV), a comprehensive suite of instant and near real-time data services, assists financial institutions with identity validation, fraud detection, compliance and risk. The suite offers the ability to establish account ownership, current balance, status and the funds availability of a consumers’ bank account. Financial institutions use the BAV suite in application, underwriting and ongoing customer management, to improve their payment processing KPI’s and ensure regulatory compliance.

Service Suite

BAV - Ownership

The results returned include a score from 600 to 1100. The higher the score, the lower the risk and more confidence the person is the owner of the bank account.

Bank Aggregation - Identity

The most authoritative method to verify account ownership. Can provide name, address, phone and email associated with a bank account.

Bank Aggregation - Account

Retrieve full routing and account numbers. Can be used to strengthen KYC data and streamline the application process with auto-populated identity data

Use Cases

Fraud Mitigation
Identify fraud by recognizing inconsistencies between the customer's information and the ownership information of the bank account provided.
Compliance
Ensure that funds are being credited and debited to authorized accounts, maintaining compliance with various government and organizational regulations.
Automated Onboarding
Streamline the onboarding of new customers by eliminating the need for manual verification and document requests.
Case Study
Increase Efficiency & Coverage, Decrease Losses

An online financial service provider was dealing with difficulty in mitigating fraud related to unauthorized payments and customers providing bank information that does not belong to them. This financial service provider reached out to ValidIFI for assistance with mitigating these risks, while still allowing a pleasant user experience. ValidiFI was able to identify two solutions that would be the best fit for this business, ValidiFI’s Bank Aggregation – Account and Identity, as well as Bank Account Validation – Ownership service. By incorporating both of these services into their workflow, this business was able to mitigate 80% of their unauthorized returns, as well as providing a modern streamlined customer onboarding process.

Case Study
Increase Efficiency & Coverage, Decrease Losses

An online financial service was dealing with difficulty in mitigating fraud related to unauthorized payments and customers providing bank information that does not belong to them. This financial service provider reached out to ValidIFI for assistance with mitigating these risks, while still allowing a pleasant user experience. ValidiFI was able to identify two solutions that would be the best fit for this business, ValidiFI’s Bank Aggregation – Account and Identity, as well as Bank Account Validation – Ownership service. By incorporating both of these services into their workflow, this business was able to mitigate 80% of their unauthorized returns, as well as providing a modern streamlined customer onboarding process.