Your customers want to make and receive bank payments without complications. They don’t need the hassle of sorting out errors, or the worry of falling victim to fraudsters. But get their bank account details wrong, and that’s exactly what could happen. Our bank validation and payment processing services help you avoid these problems. We help you get your customers’ bank account details right every time, and make sure that payments are made to and from the right customers. That way, you’ll save time, money and worry. And you’ll also reduce the risks of losses from fraud, a problem highlighted by the UK Audit Office.
Our solutions help you validate and verify customer bank account details to make sure that an account not only exists but also belongs to the right customer. This way, your customers can successfully receive and make payments every time.
Validate bank account details and sort codes
Reduce the risk of losses from bank transfer fraud
Verify bank account ownership
Enjoy a reputation for getting payment processing right
Fulfil BACS Paperless Direct Debit requirements
Combine our solutions seamlessly into your business systems
Successfully make and receive payments every time. Make sure you have the correct bank details for the account your customer owns, so you can make and receive payments smoothly, without complications. Adapt your processes as economic circumstances change.
Validate and verify bank account details and bank account ownership so customers can make and receive payments without complications. Comply with the BACS Direct Debit scheme rules- requiring the identity and address of the payer be confirmed, and the account details provided relate to the payer.
Check bank account ownership to make sure you’re paying the right person every time. Safeguard your customers from bank transfer fraud and errors. Protect your business against financial loss and reputational damage.
Adapt your business strategies to keep pace with volatile economic circumstances and customers’ changing financial circumstances. Take a fresh and detailed look at your customers’ credit history to better manage pricing, credit strategies and more.
It is possible to verify the owner of a bank account through a reputable data agency. This involves confirming ownership of an account by comparing the actual account holder’s name and address with the person claiming to own the account or making and receiving payments to or from it. This is done by inputting customer details into a verification system. They are then compared to the data held by the agency, which includes current account information provided by banks. In some systems, confidence scores are then generated to show how closely the details you have inputted into the system match the bank details the agency holds. This confidence score is then returned and forms the basis of the decision about whether to proceed with the payment or setting up of a direct debit or amend the details to correct errors. It is crucial for bank account details to be verified in this way. It can identify closed accounts or those marked as ‘account holder deceased’. Most importantly, it helps to ensure that people who are owed money receive their payments as quickly as possible and that the payment is going to the right person.
These checks can also reduce the risk of falling victim to fake invoice fraud. For example, this can happen when invoices are submitted from someone claiming to be a supplier when in fact, they’re from a fraudster and the invoice contains the fraudster’s own bank account details. The verification and validation checks help make sure the real suppliers who are due money receive the funds.
A bank account number can be verified by checking that the bank account numbers and codes provided satisfy the bank and branch rules, and therefore can exist. Verification also confirms that the numbers and codes are in the correct format for the payments to be processed.
It is possible to verify that the owner of a bank account matches the details of someone who claims to be the owner of the account. However, it is not possible to generate the name of an account holder simply by providing their bank details, address or any other personal details.
Bank Wizard Absolute
Get customer bank details right
Banks Scheme Access
Deliver large volumes of payments, fast
BACS Direct Debit
Comply with Paperless Direct Debit Rules