Bank account verification makes the link between your customers and their bank account details
Bank account verification
Your customers want to pay you and receive payments with minimum fuss, ensuring you have the correct bank account details for the account they own is key to making this happen. Incorrect bank account data can lead to payments failing and fraud. Bank Wizard Absolute makes sure the account details provided are correct and that the account belongs to your customer, so you can provide a better experience for your customers and reduce the risk of fraud and error.
Who's it for?
Organisations that initiate payments or direct debits to or from individuals or businesses.
- Reduces errors in payment details to ensure the best possible experience for your customers
- Ensures you understand account ownership so payments are made to and from the right customers
- Supports a secure environment for making payments to individuals and businesses
How it works
Bank Wizard Absolute makes a definitive link between individuals or organisations and the current accounts they hold. It compares the customer information entered with the records held by Experian. A decision on the validity and ownership of the current account is provided in real-time with an easy to interpret scoring system.
View this webinar to hear from Bacs and Experian who discuss the risks of failing to verify bank account details, the impact on your customers and how you can meet the Direct Debit scheme requirements.
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If you have any queries, please don't hesitate to contact us and a member of our team will be happy to help.
Call us on 0844 4815 888 | Outside the UK +44 844 4815 888