Elements of Bank Verification

Bank verification entails a person or business’s bank account details being validated by a financial institution or a business. Bank account verification ensures businesses can make or receive payments to the right person or firm, reducing the chances of payment fraud. Verification also ensures compliance by your business to financial regulations meant to curtail money laundering and other financial scams.

Faster Bank Verification Solutions

One way to verify a user’s bank details is by collecting information such as the account name used by the user, account number, and routing number. But this can be a long and time-consuming process.

On the other hand, several bank verification and authentication solutions offer faster tools to verify without losing time. Leading aggregation and analytics provider Envestnet | Yodlee Account offers FastLink, a real-time bank account verification and validation tool that does the job without needing you to lose precious time in trying to collect micro-deposits, routing numbers, or bank account numbers. FastLink enables users to quickly and securely connect their bank accounts to your business or platform, and successfully access your solution.

Benefits of Bank Verification Tools & Apps

Bank verifier tools and apps offer several benefits to businesses. Let’s take a look at some of the advantages of bank verification.

• Faster Services: With digital banking needs and services growing in demand, consumers have come to expect a quicker resolution to their banking and purchasing needs. You can opt for a bank verification tool or app that not only offers quick service but also integrates within your branding, offering the customer a seamless path to your product. 
• Avoid Mistakes: Traditional bank verification requires you to get a lot more information from the customer. Usually, the more steps involved in a process, the higher the chances of mistakes. Verification tools can help you to avoid these errors.
• Reduce Costs: A banking tool reduces costs by making the process much faster. It also helps you avoid overdraft charges.
• Increase Customer Satisfaction: Bank verification also ensures greater customer satisfaction by not needing customers to provide a lot of input, and by getting their needs met quickly.
• Compliance: A bank verification app helps your business deliver on NACHA compliance.
• Prevent Fraud: By verifying the banking details of users, you protect your business from fraud and scams such as money laundering.
• Secure Data: Bank verification solutions are built and held to a high standard of user privacy and security, ensuring your customers’ data is always secure.
• Multi-channel Interface: Most bank verification tools enable a multi-channel interface. You can access the app on your mobile phone as well as laptop or desktop.
• Multiple Accounts: You can choose to create multiple bank accounts for your business and connect them all in one place through the app, thus improving the ease and efficiency of transactions.

Keep the above aspects of bank verification in mind to keep fraudulent elements at bay and to comply with financial and accounting regulations. Bank verification is a key aspect of financial and payment security. Choose the right verification solution to protect your business.