account verification

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Instant Bank Account Verification Tools

Businesses within the financial industry understand the importance of always staying compliant within AML/ KYC and NACHA guidelines. Changing regulations with onboarding and processing ACH or check payments make it a necessity for organizations to have access to accurate customer data. Lyons Commercial Data™ offers iBankRegistry™ Account Verification to help your organization with compliance, risk, and fraud detection. Instantly verify bank accounts in the U.S. and Canada.

Risk assessments and due diligence procedures keep businesses safe from potential loss from fraud. Every year financial institutions lose money from fraudulent transactions or even inaccurate bank account information. Verifying  ACH payment accounts before a transaction is processed can reduce returns and associated fees. Due diligence starts with having the right compliance tools that can also reduce time and streamline account validation.

Nacha Compliance

NACHA compliance requires companies originating ACH transactions to verify routing numbers for WEB and TEL ACH transactions.

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Streamline Bank Account Validation

iBankRegistry™ Account Verification provides expeditious bank account validation on a secure and compliant platform. Our account validation tools can empower your employees to access accurate data for better informed decisions. iBankRegistry™ Account Verification can be matched to your  business needs with accessibility online or the option of Web Service API for integration within your system.

iBankRegistry™ Account Verification Options:

iBankRegistry™ Online Account Verification Tool
Get instant bank account verification online with easy to use browser-based access to quickly validate accounts.

iBankRegistry™ Account Verification Web Service/API
Integrate Account Verification into your application via SOAP web services/API.

Lyons Commercial Data™ is NACHA compliant and provides flexible options with easy to use compliance tools. We provide banks, credit unions, payment processors, and other financial institutions the tools to stay compliant. iBankRegistry™ Account Verification has upgraded options available to include routing number validation. Contact Lyons Commercial Data™ today to learn more about our compliance tools at (800) 684-0388.

Why verify a bank account?

One of the biggest benefits of accepting a paper check or processing an ACH payment is the cost. ACH transactions can be processed for a fixed rate cost while credit card interchange rates are based on a percentage of the total transaction amount. That lower cost is offset by the risk of accepting a transaction that may return unpaid.

  • Decrease returns by 50 percent or more
  • Identify risky clients
  • Accelerate funding
  • Maintain a better clearing house relationship

What is bank account verification?

When processing a check or ACH payment it is important for businesses to be able to verify that a bank account is valid. Bank account verification is the process of validating the bank account number to make sure the account is open and in good standing. Verifying a bank account before a transaction is processed can reduce returned ACH payments. Separately, account ownership authentication can provide additional verification by matching a specific name provided to the account number.

Account Verification Services

Online Account Verification

This cost effective solution can pay for itself by providing you with fresh actionable information on the majority of checking accounts in the United States. Most of the data is based on previous day account updates.

Account Verification Web Service

Using our web service, your application can tie directly into our databases in the form of our easy-to-use application programming interfaces (APIs), which are available in several programming languages.