account ownership authentication

Account Ownership Authentication

Ready to start reducing your returns and ensure compliance?

REDUCE FRAUD WITH ACCOUNT OWNERSHIP AUTHENTICATION

nacha preferred partner ownership verification

Instantly verify bank account ownership in real-time with the Account Ownership Authentication (AOA) tool from Lyons Commercial Data™. Identify invalid bank account numbers, closed accounts, risky customers, or mismatches between account holders. This new innovation in fraud prevention uses a secure Web services API to integrate bank account ownership verification within your system.

Reduce payment fraud by instantly identifying whether or not an individual or business is authorized to transact on an account.  This bank account owner verification tool instantly matches account owner, account numbers, and if an account is open and in good standing. By quickly verifying bank account ownership, businesses can reduce unauthorized payments, mistyped direct deposits, and help identify risky customers.

Faster Payments and Disbursements

As a financial aggregation tool, organizations can instantly validate customers and business bank accounts in one system. Eliminating the need for prenotes, this comprehensive tool matches the customer or business bank account owner info real-time. Bank account ownership can be instantly validated; expediting disbursements or payments. Using the most up-to-date data, your company gets the added security to ensure deposits and transfers are made to the correct bank accounts.

  • Validate checking or savings bank account ownership.
  • Verify bank accounts are in good standing.
  • Validate business or consumer bank accounts.
  • Faster alternative to prenotes.

Fraud Prevention

Every year companies and financial institutions lose million of dollars to fraud. Fraudulent activities can range from synthetic identities, stolen bank account information to direct deposit scams. Account Ownership Authentication is a cost effective tool that can reduce fraud with real-time results.

  • Benefits of Account Ownership Authentication

    Account Ownership Authentication is a fast tool that provides instant bank account ownership verification at a low cost. Bank account verification can reduce risk for any business and can prevent fraud. Using this bank account verification tool can quickly identify unauthorized users, validate disbursements, reduce unauthorized ACH returns, and verify account status.

    • Reduce fees associated with returned ACH and check payments
    • Validate accounts upfront and increase customer experience
    • Real-time bank account ownership verification
    • Eliminate miskeyed accounts
    • Ensure direct deposits are made to the correct bank accounts
    • Confirm outbound payments or disbursements are going to the right account
    • Identify bank accounts are in good standing
    • Validate ACH payments before they go into the network
  • Product Specs

    Account Ownership Authentication is available using Web Services/ API. The AOA tool works in your companies system using Web Services/ API. Checking or saving account and business or customer name are required to validate account ownership. Additional supporting information is added to return an exact match. Additional information that can be used in identifying AOA include SSN, address, and valid ID. Valid identification can include USA drivers license, passport, resident alien ID, or see list of supporting AOA ID types.

How AOA Works

1

Enter customer name or business name and checking or savings account number.

2

Enter identifying information such as DOB, address, and identification number (USA drivers license, passport, resident alien card, or other ID from list).

3

AOA is instantly validated or denied based on the information provided.