Instant Banking Verification

Verify account ownership quickly and easily to reduce fraud and minimize risk.

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How Instant Banking Verification Works

Before your business can start sending and receiving electronic transfer payments over the ACH network or through other transfer rails, you need to confirm that funds will be moving to and from valid bank accounts.

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.

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Why Instant Banking Verification Matters For Your Business

Today’s businesses need flexibility when it comes to sending and receiving payments. That means having the ability to access as many payment processing options as possible through versatile merchant gateways. But in order to utilize all the options at your fingertips, you’ll need to authenticate the bank accounts you’re working with to avoid fraud and minimize risk.

Faster, More Complete Validation

Account validation is traditionally performed by sending microdeposits to an account and then waiting to see if a “bad account” notice comes back in return. This process could take as long as three days and only verifies that the account information is good. To learn whether or not the account actually belongs to the person presenting the information, verification had to be performed by contacting the bank directly through a complicated and time-consuming manual process. With instant verification technology, you can get all of that information and more within a matter of seconds to keep your business moving forward.

Fraud Protection

No one wants to find out that their business is sending payments to a fraudulent account. With instant banking verification, you can rest easy knowing that you’re transferring funds to the proper recipient. Minimizing fraud keeps the number of return and reversal requests low, which helps you stay well below ACH return thresholds and avoid excessive chargebacks.

Enhanced Risk Assessment

Worried about a borrower’s ability to repay a loan or a customer’s ability to make recurring payments? Instant banking verification provides underwriters with a unique snapshot of an account’s status, helping your business to assess risk more accurately. By verifying an account’s current balance and its transaction history, you can create a more accurate picture of a borrower’s ability to meet loan obligations or whether your high-risk business will have difficulty collecting automatic payments from a customer. Better information translates into better decisions.

Transcend Pay Instant Banking Verification

Our revolutionary payment processing technology allows you to conduct funding source verification quickly and easily for both low-risk merchant accounts and high-risk merchant accounts. Whether you’re using our dedicated merchant gateway portal, integrating your existing payment system with our robust API, or installing the Tpay portal on your website, Transcend Pay has the payment processing solutions to make account validations easier than ever.

Get a complete overview of an account within seconds.
Validate that accounts are open and in good standing.
Confirm account ownership to minimize fraud.
Get a complete transactions history within seconds.
Validate account balance to avoid costly returns.
Evaluate account history to minimize risk.

Take Your Payment Processing to the Next Level

We’re ready to help your business transcend the competition when it comes to payment processing.