Bank Account Number Validation For Confident Transactions
Verify Accounts & Ownership
Before you can transact with users, you have to ensure their account info is authentic and their accounts are set up for payment. Our account number validation service covers 100% of deposit accounts, with multiple verification paths that include instant account and challenge deposit. So you can fight fraud and manage risk, for every transaction.
Why Account Validation Is Important
Account validation or Instant Bank Verification is the process of verifying that the bank account number and account details are valid before a transaction is processed. Every year, financial institutions experience fraud loss. Verifying bank accounts when processing a check or ACH payment is crucial for businesses to minimize risk and fraud.
NACHA Account Validation
Envestnet | Yodlee’s bank account verification solutions meet Nacha’s Web Debit Account Validation Rule. and even exceed it. Nacha’s new rule took effect on March 19, 2021, as a way to address fraud trends on ACH entries. The rule requires Originators of WEB debit entries to use a “commercially reasonable fraudulent transaction detection system” to detect fraud in web debit transactions. Read more details about the new standards here.
Instant Account Number Validation
Account validation takes only seconds to confirm that an account – including the bank details, account number, routing number or equivalent, balance, and holder name, are valid.
Our account verification solution meets new Nacha rules for web debit account validation.
Reduced Drop Offs
User conversion is increased and abandonment reduced in the account validation process.
Reduced Risk and Fraud
Verifying users’ account info can help you evaluate the risk for application-processing decisions and minimize fraud loss.
Avoid initiating an ACH to reduce costs. Cut failed payments by keeping bad account numbers from being entered.
Plug-and-play API enables you to get started quickly and seamlessly and add additional use cases as your business grows.
Seamless User Experience
Pre-validating accounts in real time vastly increases the chances of a successful, seamless transaction flow.
Cover 100% of Deposit Accounts
Global Coverage. Multiple Authentication Paths.
Account Validation Offerings by Country
- US - Confirm account access for ACH Payment account setup by retrieving full account number, routing number and holder name(s),along with onboarding simplification.
- Canada - Confirm account access for EFT payments by retrieving full account number, transit number, and holder name(s).
- UK - Verify account ownership and enable faster payments by retrieving full account number, sort code and holder name(s).
- Australia - Verify account ownership and enable faster payments by retrieving full account number, BSB numbers and holder name(s).
- India - Verify account ownership by retrieving full account number, IFSC code, and holder name(s).
- Document Download
- Account Validation
- Identity Verification
- Balance Verification
- Transaction Verification