account verification

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.  iBankRegistry™ is a powerful ACH account validation tool that can be easily integrated into your system. Due diligence starts with having the right compliance tools that can also reduce time and streamline account validation.

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.

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.