Socure Account Intelligence instantly verifies domestic bank account status and ownership, prior to ACH payment transactions or funds disbursement. The system can establish trust between accounts while ensuring regulatory compliance, and it only needs a consumer or business name as well as the bank account and routing numbers in order to perform a verification.
The solution stands out by delivering its results in real-time while requiring minimal data inputs, which can help minimise customer drop-off. Socure Account Intelligence is integrated into Socure’s ID+ platform, which allows access to the company’s full suite of identity verification and fraud prevention solutions via a single API.
The product was designed to be compliant with Nacha’s WEB Debit rule, which requires that originators of WEB Debit transactions validate that an account is open and accepts ACH entries, prior to payment execution.
Apart from complying with this rule, the solution also confirms that the consumer or business in question is the rightful owner of the bank account. This verification process minimises the risk of fraudulent activity by ensuring that the funds are delivered to the right individual.
The product can work for any client or industry in which an ACH payment is being made. This includes bank account funding, disbursement of government benefits, insurance payouts, bill payments, merchant and peer-to-peer payments. According to the official press release, Socure Account Intelligence can help users expedite disbursements of funds, guard against payment fraud, and adhere to ACH regulatory requirements.
Socure officials have highlighted in the company press release that organizations can no longer make assumptions about whether the person or entity on the other end of a payment is truthful about their identity. In this context, this new solution can improve customer trust in the onboarding process, from identity verification through account funding.
In July 2022, Socure has teamed with Middesk to offer a service that enables B2B companies to verify their customers.
This integration combines the capabilities of Socure’s real-time, predictive analytics identity verification and fraud prevention platform with Middesk’s solution for verifying business entities. The partnership enabled two companies in the Know Your Business (KYB) and Know Your Customer (KYC) segments to create an integrated solution for end-to-end business verification.
By adding Socure’s digital identity verification and fraud platform to its offering, Middesk enabled B2B customers to authenticate the associated beneficial owners of the businesses they onboarded while optimising and accelerating a traditionally labour-intensive process.
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