Following this announcement, customers and businesses that leverage the Automated Bank Account Verification product will be given the possibility to instantly verify the ownership and the standing of a bank account. This will improve the manner in which clients ensure that the payments go to the intended party and not to a fraudster.
In addition to the process of mitigating the risk of payment fraud and other online threats, the new VendorInfo service will also focus on reducing the overall operational cost.
Currently, many fraudulent activities are tied to the Business Email Compromise (BEC) attacks, as well as other schemes where the fraudsters aim to steal funds by submitting phony bank details. The Automated Bank Account Verification solution was designed to recognise and mitigate these types of risks by optimising the way in which bank account ownership is verified.
The product will authenticate that a bank account is open and it will start the process of pre-verification of Automated Clearing House (ACH), Real-Time Payment (RTP), as well as wire transactions. Following this procedure, the service will receive a real-time verification of bank account ownership. The Automated Bank Account Verification was designed to check bank account ownership by address, bank account number, account name, and routing number, as well as the Tax Identification Number (TIN).
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