Bank Account Verification for Financial Assessments

We understand that the time required for customers to collate documents and you to check them can be frustrating. It takes time, and in this time, there is risk that a customer may leave for a competitor. Is there a quicker way to do it whilst meeting compliance regulations and reducing risk to your business? We have the solution. 

With DirectID, from The ID Co., you can instantly verify a customer’s bank account, sort your affordability assessments, and offset risk with up-to-date information. All of this whilst providing a fast and frictionless onboarding experience which eliminates concern around customer absconsion. Sound too good to be true? Read on to learn more, or try our bank account verification tools for yourself today. 

 

Verification, Compliance and Risk = Solved

DirectID fits seamlessly into your current onboarding process, allowing customers to provide direct (read-only) access to their bank account, which decreases customer onboarding times, increases your efficiency, and provides critical solutions like: 

Instant Bank Verification

Banks know people better than anyone else; they have already done the checks and have the evidence and traceability to connect the digital identity to a real-world person. By having a customer connect to their bank through their online login, uses information that only they have to prove it is their account. 

Reduced Risk

By accessing accurate and up-to-date information, DirectID lowers the risk of both identity fraud and incorrect or incomplete information. You can also filter out customers at a high risk of non-payment, reducing your financial liability. 

Easy Compliance

We keep up-to-date with the latest regulations, adapting our platform accordingly and where necessary. By combining bank validation with bureau checks, we make it incredibly easy to stay on top of your AML and KYC compliance now and for years to come. 

 

Download our data sheet to learn more about what DirectID can do for your business.

Instant Bank Verification

Instantly check bank details and get insights into your potential customers’ financial histories, all without feeling invasive or draconian. Your customer connects to their online bank account and allows you read-only access. 

The DirectID bank account verification tools aren’t just for internal benefits – your customers will be happier too. 

  • Instant bank verificationBenefit to customers: Customers are usually burdened with having to present numerous documents during the onboarding process. These can include utility bills, bank statements, and proof of address. Besides causing delays, it often leads to significant drop-off. Carrying out instant bank verification through DirectID makes the process easier for both business and customers. 
  • Benefit to you: In addition to streamlining the process and bringing in new business, DirectID can help increase your overall conversions as well. Using a proven and established method of verification, we give customers the convenience they desire, making onboarding easy for both parties and increasing overall customer satisfaction – both of which remove friction to achieving conversions. 

 

Check Bank Details Of Customers

Trust is everything when it comes to onboarding customers and growing revenue. Through our bank account verification tools, you will confirm customers’ information, verify their addresses, and check bank account details against the most trustworthy sources of information – bank and bureau information. 

  • Trustworthy information: Not only will we validate bank details of incoming clients, but we will give you peace of mind (and financial security) in knowing that the information you receive is not only accurate and up-to-date but also beneficial to your business beyond security purposes. 
  • Reduced costs and time: From an internal perspective, bank detail validation and account holder verification can be incredibly costly if not carried out properly. Our service will reduce errors that slow processes down, saving you on administration costs and ensuring a reduction in dropout from offline processes. 

 

Reduced Risk

Strategic risk can be a healthy boon for businesses when intentional and controlled. However, other risks, including threats to security and fraud, should be tightly managed. The good news is that such risks are largely preventable when using the right bank account verification service for your business. Effective business risk management includes conducting background checks and carrying out a thorough credit risk analysis. But how do you ensure that your information is accurate and reliable enough to protect both you and your other customers? 

Our bank account verification tools make it simple for business and financial providers to carry out purely online business risk analysis in the most effective, efficient and secure way possible. 

Reduced risk with bank verification

    • Check bank details instantly and verify the identities of incoming customers from trusted sources to lessen the risk of fraudulent applications. 
    • Access bank account and credit card details and statements updated in real-time, ensuring accurate reporting. 
    • View vital information including National Insurance/Social Security Number, date of birth, email addresses, and phone numbers, all from secure, reliable sources. 

    If you check bank account details using DirectID bank verification at the point of onboarding, you lower your overall risk dramatically, protecting not only your assets but also your reputation. 

 

Easy Compliance

With a plethora of regulations and often yearly updates, staying on top of the latest compliance requirements can be overwhelming. For such a crucial part of your business, you can trust DirectID to provide accurate information from only the most trustworthy sources, ensuring that your business complies with all major regulations in a way that doesn’t put a strain on your day-to-day processes. 

  • Compliance with bank verificationAML: The requirements pertained within the Bank Secrecy Act and AML4 & AML5 help identify and report potentially money laundering and fraudulent activity. 
  • KYC: “Know Your Customer,” the bank regulations relating to the verification of customers’ identities. Such rules prevent identity theft, money laundering, and business fraud. 
  • SOX: the Sarbanes-Oxley Act of 2002, this act places responsibility on businesses themselves to mitigate fraud both internally and externally. A US law, SOX applies to any company trading in the US, impacting companies around the world. 

Read how DirectID helped eMoneyUnion become a champion of responsible lending »

Our account holder verification methods draw from the most reliable sources – bank and bureau information – ensuring you obtain accurate information to help stay in line with these kinds of regulations. As part of your due diligence, run every application for loan products and financial enquiries through DirectID, protecting yourself from not only risk but also hefty regulatory fines. 

 

Why DirectID?

As a business, you will inevitably encounter risk in your day-to-day operations. Having the best tools in your arsenal is the best way to protect your interests in the simplest manner. Our bank account verification tools will be there for you every step of the way without bogging you down in technical jargon or a complicated user interface. 

A plug-and-play cloud service, DirectID can be embedded directly into your processes for screening clients or set up as a fully branded hosted solution. With a user-intuitive system that provides an effective and easy-to-use experience, our software allows businesses to manage applications or customer finance in areas of payments, retail banking, lending, mortgages, and other industries where knowing your customer is essential. 

Don’t continue to rely on clunky systems or self-reported information. DirectID combines trusted bank verification and data to provide the reliable assessment you need in moving forward with customers. 

“Our underwriting process requires loan applicants to provide bank statements. We use DirectID to replace physical bank statements, making it easier for our clients to apply for loans.”

– Guillaume Foucaud, Head of Fair Personal Loans 

Interested in DirectID?

Fill out the form to arrange a demo today. Our helpful team can work with you to understand your business requirements, and how DirectID can help your assessment and onboarding processes. easy customer onboarding and tools

Organise a Demo today!

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