REDUCE FRAUD WITH ACCOUNT OWNERSHIP AUTHENTICATION
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.
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.
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.