ACCOUNT VERIFICATION IN SECONDS THROUGH OPEN BANKING

 

Open Banking automates account verification for better consumer outcomes

LEVERAGING OPEN BANKING FOR REAL-TIME ACCOUNT VERIFICATION

Immediate

Account verification in seconds, not days

Accurate

Removal of risks from manual processing and checking

Secure

Automated checks through our Open Banking platform reduce fraud

CREATE A FAST AND SECURE EXPERIENCE FOR CUSTOMERS TO PROVE ACCOUNT OWNERSHIP

Through the Consumer Data Right, Data Recipients can receive consented account and financial data from existing banks and credit unions, enabling proof of ownership and account verification in seconds.

Reduce Fraud: Automating checks through our single API means less work for compliance and operations, leading to  a reduction of fraud risk. 

No more manual processing: That means no more time-intensive sharing bank statements, micropayments or manual confirmation of account details or ownership. 

Reduce risk of incorrect payments: With assured ownership and account details, there will be less risk of chargebacks, fraud, operational overview, and poor customer experiences. This can apply to direct debits and card-not-present transactions.

Seconds Instead of Days: Verifying accounts in just a few clicks means a streamlined, secure process for your customers, compared to the old manual review and micropayment approach taking days to complete.

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Meet Sean

He wants to set up direct debits to pay his rent.

Sean has finally secured a one-bedroom apartment to rent and is keen to move in as soon as possible. He used to pay rent directly, but the new real estate agent wants him to set up direct debits. Sean is told that to verify his account they will deposit 2 small amounts (each between $0.01 and $0.99 AUD) into his nominated bank account, but the deposits will not show up on his bank statement for 2 to 3 business days. Sean is confused by what he needs to do once he receives these deposits, and 2 to 3 business days seems far too long to wait, he was hoping to move in immediately.  Is there not a better way?

OPEN BANKING POWERED ACCOUNT VERIFICATION SOLUTIONS

Sean’s struggle to set-up his direct debit to pay his rent is just one example of the impact on customer experience the delay in account verification has. 

With real-time account verification customers will no longer have to wait 2-3 business days to have their accounts verified and businesses will benefit from accurate and fast account verification, reducing processing time and the potential for fraudulent transactions. 

 

Moving on from legacy models

Most people can now check their bank balance and statement in seconds through an app, and are increasingly likely to have multiple banks or other financial services companies one tap away on their phone.

Despite this easy access, proving that an account is really yours has remained a relatively manual process using micropayments, statement checking, or sometimes no verification at all. 

This onerous process results in poor customer experiences, higher risk of fraud or incorrect payments and time intensive processing. 

 

WHAT PROBLEM IS THIS SOLVING FOR YOUR BUSINESS?

 

Enhanced Customer Experience. More competitive services with customers enjoying seamless experience of fast and secure account verification


Reduced Fraud Risk. Consumers will be better protected from identity theft, as well as an ease of burden on operational overheads allowing risk teams to focus on high level issues. 


Fewer failed Payments with higher quality of verified accounts using Open Banking data.


Lightning Fast. Verifying account ownership, account status or transactions for personal and business customers immediately. 

Read more use cases

Personalised Offers

Creating real-time prompts for users based on behaviours. Example used is rideshare industry

Instant Lending

Transforming lending decisions from days to minutes, powered by CDR.

Onboarding

Seamlessly onboard customers with the power of the CDR

Interested in more ways that Open Banking can be applied to different industries? 

Check out our report on 25 Ways That The Consumer Data Right Can Create Smoother and Smarter Customer Experiences


Learn More

 

ADATREE’S TURNKEY SOLUTIONS TO ACCELERATE OPEN BANKING