Importance of bank account verification during customer onboarding

Verifying customer identities is crucial while onboarding new customers. The best bank account verification solutions can enhance the customer experience, and reduce fraud.

More details: https://diro.io/online-bank-account-verification/

Transcript

1. BANK ACCOUNT VERIFICATION H o w I m p o r t a n t i t i s f o r F i n a n c i a l I n s t i t u t i o n s ? 1
2. WHAT’S BANK ACCOUNT VERIFICATION? The threat of money laundering, money embezzlement, terrorism funding is prevalent in financial industry even after all the regulations. Verifying Bank Account before allowing any kind of transaction is the key to deter financial fraud. Bank account verification consists of verifying customer bank account, using customer documents including proof of address, Driver’s license, proof of income documents and so on. 2
3. NEED FOR BANK ACCOUNT VERIFICATION? ➢ Bank account verification helps banks, financial institutions, payment merchants and so on to verify the validity and ownership of a bank account. ➢ The benefits of bank account verification for businesses and customers boil down to enhanced security, compliance with AML regulations and improved positive customer experience for legitimate customers. ➢ Verifying account during onboarding eliminates future risk of money laundering, terrorist funding, loan fraud and several other financial fraud. 3
4. Micro-Deposit Verification • Micro deposit bank account verification is the oldest used method for verifying accounts. • Banks send 1 or 2 small amounts to the customer accounts to verify the ownership and validity of the account. • The process is slow, ineffective and creates unnecessary friction for legit customers. Instant Account Verification • Instant Account Verification (IAV) is used in the industry as a substitute for Micro-Deposit verification. • Requires both customers and an officer from bank to login using customer credentials to verify the ownership. • Only verifies the validity of the account, yet more effective method of verification than Micro-Deposit. 4
5. VERIFYING BANK ACCOUNTS WITH “DIRO” ➢ Traditional methods of verifying bank accounts are monotonous, inefficient, and a money black hole. ➢ DIRO Bank Account Verification Solutions facilitates a better bank account ownership verification by instantly verifying documents online. ➢ DIRO verifies customer documents by cross referencing them with original sources thus eliminating the use of fake and stolen documents for bank account verification. 5
6. STEPS FOR A SECURE BANK ACCOUNT VERIFICATION ➢ DIRO lets users login to any private website globally and authenticate bank accounts without the need to share credentials with anyone. ➢ DIRO captures underlying website SSL that makes it possible to distinguish between a fake and original website for cross-referencing documents. ➢ It combines original source with the webpage and forensic data and thus generates a completely tamper proof, immutable proof of authentication that’s even more secure than original doucments. 6
7. Add a Footer Instant Bank Account Verification with DIRO Try DIRO for free and see how it works. Verify online documents, proof of address, bank accounts and so on with DIRO’s innovative solution. 7
8. THANK YOU Website, LinkedIn, Twitter, Facebook 8