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.
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
Ownership
The results returned include a score from 600 to 1100. The higher the score, the less the risk of the person not being the owner of the bank account.
Balance
This service includes attributes for the current and available balance as reported by the bank. Additional attributes indicate the account's status of active, inactive, or not found.
Funds
Returns several codes indicating whether the amount requested is above, below, or matches the balance in the bank account.
Risk
A proprietary service that returns a risk level of low, medium, or high, as well as additional messages indicating the amount of negative data associated with the bank account.
ABA Lookup
Validates that a bank routing number belongs to a Financial Institution, the ability to credit or debit ACH or Wires, and the status of the routing number.
Bank Account Number Conformity
Determines whether the bank account number is ACH and Wire capable, the account type (checking, savings, money market, etc.), and validates that the account number matches the structure issued by the financial institution.
Risk Plus
Provides an overall score ranging from 1 to 1000. The higher the score, the less the risk. Additional attributes are available that indicate the recency, frequency, and velocity for hundreds of different indicators.
Key Benefits
Non-Credentialed Data Service
Zero Friction to Consumers
Create New Risk Segments
Ensure NACHA Compliance
Reduce Overdrafts and Return Fees
Non-Credentialed Data Service
Zero Friction to Consumers
Create New Risk Segments
Ensure NACHA Compliance
Reduce Overdrafts and Return Fees
Data Attributes
Ownership
The results provide a score from 600 to 1100. The higher the score indicates less risk of the person not being the owner of the bank account.
Balance
Provides the current and available balance, as reported by the bank. Additional attributes include the account's status, with codes that include active, inactive, and not found.
Funds
Returns several codes to indicate whether the amount requested is above, below, or matches the balance in the bank account.
Risk
This service returns a risk level of low, medium, or high, as well as additional messages indicating the amount of negative data associated with the bank account.
Risk Plus
Provides an overall score from 1 to 1000. The higher the score the less the risk. Additional attributes available that indicate recency, frequency, and velocity for hundreds of different indicators.
Case Study
Bank Account Validation Ownership Verification
A financial institution needed to find an alternative method to provide consumers and businesses with a secure, convenient capability to validate bank accounts during their enrollment process. Incorporating the Bank Account Ownership Validation service enabled the financial institution to reduce many manual, ad hoc processes of verifying ownership, and confidently mitigate administrative concerns with ownership of bank accounts supplied from their customers.
Case Study
Account Validation
A financial institution needed an alternative method to provide consumers and businesses with a secure, convenient ability to validate bank accounts during their application process. Incorporating the Bank Account Validation – Ownership service enabled the financial institution to reduce many manual, ad hoc processes of verifying ownership, and confidently mitigate administrative concerns with ownership of bank accounts supplied from their customers.