Bank account verification makes the link between your customers and their bank account details
Incorrect bank account data can lead to payments failing and fraud. W2’s Bank Account Verification service 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.
Linking a bank account to your customer provides a number of key benefits:
Additional element of Knowing Your Customer (KYC) checks
Avoid errors when setting up direct debit
Reduce the risk of fraud
How does it work?
Bank account verification will confirm:
Account Name & Address
Sort Code & Account Number
If the account is live & active
Age of the account
Our service makes a definitive link between individuals or organisations and the current accounts they hold. It compares the customer information entered with 98% of UK bank accounts. The validity and ownership of the current account is provided in real-time ensuring instant decisioning.
Want to know more?
To find out more about how W2 could help you to reduce risk and meet regulatory compliance.