Funding source verification ensures that these accounts are legitimate and owned by the person who claims to own them.
Completed in a matter of seconds, instant banking verification validates that an account is open and in good standing while also verifying the account’s current balance and transaction history. This unique snapshot is essential for underwriting and reporting purposes while also protecting your business from a variety of risks.
With instant account verification, you can ensure that customers have provided the correct banking information and are not engaged in fraudulent activity. Transferring funds between verified accounts minimizes the chance of costly returns and reversals that could endanger your merchant account status with the ACH network or other lender networks.