ValidiFI, a leader in bank account and payment intelligence, is proud to announce the expansion of its vAccount+ suite to include new capabilities for authoritative bank account verification. This enhancement equips organizations with a comprehensive, multi-layered approach to account verification, significantly increasing coverage and accuracy.
Based on analysis, ValidiFI can frictionlessly validate up to 85% of accounts, confirming they are open and valid, based on authoritative data and known transaction history. Unlike basic verification systems, which may stop at a simple match/no-match result, ValidiFI utilizes AI and machine learning techniques to analyze bank account and routing number patterns and relationships. These techniques extend coverage to provide actionable insights on 96% of accounts.
In today’s fast-paced payments landscape, the need for robust data for fraud prevention and risk management has never been greater. Our extensive data network includes access to J.P. Morgan Payments’ validation services and Early Warning®, the Trusted Custodian® of the National Shared Database℠—which contains a rich set of deposit performance data contributed by more than 2,500 financial institutions including banks like: Bank of America, Capital One, Chase, PNC, Truist, Wells Fargo and US Bank.
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This provides our clients with frictionless, highly reliable validation to minimize false declines for legitimate customers, reduce payment returns, and lower the administrative burden of manual reviews. The result is a more efficient process that builds trust, enhances customer experience, and streamlines payment operations.
ValidiFI’s vAccount suite provides flexible, real-time verification tailored to your risk level and business needs. It starts by verifying the accuracy of the bank account and routing number as a foundational step to secure transactions. With the added option to authenticate bank account ownership by matching applicant details with the account owner’s information, such as name, SSN, and address, when available. This enables organizations to detect discrepancies and potential fraud, providing a critical safeguard against fraudulent activities.
Product suite enhancements:
- vAccount+ Verify—Verifies with authoritative sources for higher accuracy
- vAccount+ Coverage—Maximum verification using all available data, including authoritative sources
“Expanding the vAccount+ suite to include authoritative bank account verification empowers organizations in the B2B payments space to make informed decisions, optimize workflows, and improve risk management strategies,” said John Gordon, CEO of ValidiFI. “This addition reflects our commitment to delivering actionable insights that drive smarter, more efficient business operations.”
ValidiFI is the leading provider of predictive bank account and payment intelligence. Leveraging the Omni Platform, ValidiFI empowers organizations and financial institutions with actionable insights to help validate bank accounts, detect fraud, and assess credit risk. By analyzing the intricate connections between bank accounts, consumers, and payment performance, ValidiFI offers a more comprehensive view. ValidiFI serves as a trusted partner, unlocking the power of predictive bank account and payment intelligence through credentialled and non-credentialled solutions, enabling more confident transactions.
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