Lyons logo

 

Account Verification & Compliance for Banks & Credit Unions

In an increasingly digital world, the banking and credit union industry faces the challenge of ensuring secure and efficient account verification, bank account ownership verification, and routing number verification. Lyons Commercial Data, a leading provider of data verification tools since 1989, offers integrated solutions to address these challenges, enhancing financial institutions’ due diligence and risk mitigation processes.

 

How Lyons Commercial Data Helps Streamline Account Verification & Compliance for Banks & Credit Unions

 

Lyons Commercial Data’s services are designed to help banks, credit unions, and other financial institutions mitigate risk, ensure compliance, and streamline operations. Our tools are particularly beneficial for organizations seeking to comply with the U.S. Patriot Act, Customer Identification Program (CIP), the Office of Foreign Assets Control (OFAC), and Know Your Customer (KYC) requirements.

One of the primary services offered by Lyons Commercial Data is routing number verifications. This service allows financial institutions to quickly verify current and previously used ABA routing numbers, thereby reducing the number of administrative returns entered into the ACH Network. This is crucial for NACHA compliance.

In addition to routing number verification, Lyons Commercial Data provides account verification services. Using real-time account verification search tools, these services can significantly decrease returns by 50% or more. This improves the efficiency of transactions and enhances the security of financial operations, protecting the institution and its customers from potential fraud.

Lyons Commercial Data also offers sanction list screening services. Our advanced algorithm provides flexible and reliable results, helping financial institutions avoid conducting business with blocked or prohibited parties.

Moreover, Lyons Commercial Data supports payment processing by providing up-to-date data on U.S. and Canadian financial institutions. This service includes accurate domestic financial institution data such as current and historical ABA, ACH, Wire routing number information, and much more.  Data is provided via a Web API, file-based download, or a browser-based search tool.

The Importance Of Account Verification & Compliance 

 

By using real-time account verification tools, a business can significantly reduce operational costs, improve customer experience, and enhance the ability to detect and prevent fraudulent activities. Solutions like those offered by Lyons Commercial Data are beneficial and essential for the modern banking and credit union industry.

Lyons Commercial Data offers a comprehensive suite of services that can significantly enhance account verification, bank account ownership verification, and routing number verification processes for banks and credit unions. By leveraging these tools, financial institutions can ensure compliance with various regulatory requirements and enhance their risk mitigation processes, which help protect their business from potential financial loss.

If you’re interested in learning more about account verification and compliance for banks and credit unions, please contact our sales department at sales@lyonslive.com.