Moneyhub, the UK-based knowledge and funds platform, has launched its new account verification service, powered by open banking, to allow higher fee safety utilising bank-level safety controls (together with PSD2 SCA) and biometrics.
Moneyhub Account Verification leverages Moneyhub’s AIS API to boost the safety and integrity of on-line monetary transactions. It gives a strong technique for guaranteeing that fee particulars and account names correspond exactly to registered account data.
The verification know-how permits monetary establishments to scale back the danger of economic fraud by guaranteeing all transactions are despatched to, or obtained from, the right and verified recipient. As well as, it helps streamline the method of organising new accounts through the use of corroborated banking particulars as an extra id verify, making the fee journey less complicated for each the sender and the shopper.
Mark Munson, MD of funds at Moneyhub, stated: “With fraud costing the UK a file £2.3billion in 2023 – the launch of Moneyhub Account Verification is a well timed reminder of the ability of open banking to offer glorious options to modern-day issues.
“With Affirmation of Payee remaining a service solely out there to account holding monetary establishments, many organisations battle to make sure that the account from which a fee is being obtained, or to which a refund or fee is destined, belongs to their buyer.
“Our account verification service makes use of consent-based open banking to confirm that the shopper is the true proprietor of an account by utilising the financial institution’s personal authentication providers to corroborate if the shopper is accessing an authorised checking account.
“Whereas enhancing the safety of day-to-day transactions, Moneyhub Account Verification goes a step additional and streamlines processes for each monetary establishments and their prospects. This uptick in comfort goes an extended approach to growing belief with prospects and companions.”
Enhancing safety and streamlining processes
By leveraging Moneyhub Account Verification, monetary establishments can scale back the quantity of kind filling required for brand new account openings and mortgage functions for purchasers.
When mixed with Moneyhub’s decisioning and categorisation options it will possibly obtain larger accuracy for affordability.
For subscription providers, the Moneyhub Account Verification service can be utilized to confirm possession of the financial institution particulars submitted through the signup course of, even for Direct Debit funds. This additionally removes the necessity to manually sort in account numbers and kind codes and, by extension, reduces the possibility of human error and acts as a fraud discount mechanism for Direct Debit creation.
When making funds to prospects, Moneyhub Account Verification, supported by cell banking authentication, ensures that the shopper owns the account to which funds are being made, once more performing as a deterrent for fraudulent payout requests by guaranteeing that the account particulars offered belong to the shopper.