Importance of bank account verification during customer onboarding

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Bank Account verification

• How Important it is for Financial Institutions?

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Whats Bank Account Verification?
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• The threat of money laundering, money
  embezzlement, terrorism funding is prevalent in
  financial industry even after all the
  regulations. Verifying Bank Account before
  allowing any kind of transaction is the key to
  deter financial fraud.
• Bank account verification consists of verifying
  customer bank account, using customer documents
  including proof of address, Drivers license,
  proof of income documents and so on.

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Need for Bank Account Verification?

• Bank account verification helps banks, financial
  institutions, payment merchants and so on to
  verify the validity and ownership of a bank
  account.
• The benefits of bank account verification for
  businesses and customers boil down to enhanced
  security, compliance with AML regulations and
  improved positive customer experience for
  legitimate customers.
• Verifying account during onboarding eliminates
  future risk of money laundering, terrorist
  funding, loan fraud and several other financial
  fraud.

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Types of Bank
ACCOUNT VERIFICATION

• Micro-Deposit Verification

• Instant Account Verification

• Micro deposit bank account verification is the
  oldest used method for verifying accounts.
• Banks send 1 or 2 small amounts to the customer
  accounts to verify the ownership and validity of
  the account.
• The process is slow, ineffective and creates
  unnecessary friction for legit customers.

• Instant Account Verification (IAV) is used in the
  industry as a substitute for Micro-Deposit
  verification.
• Requires both customers and an officer from bank
  to login using customer credentials to verify the
  ownership.
• Only verifies the validity of the account, yet
  more effective method of verification than
  Micro-Deposit.

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Verifying Bank Accounts with DIRO

• Traditional methods of verifying bank accounts
  are monotonous, inefficient, and a money black
  hole.
• DIRO Bank Account Verification Solutions
  facilitates a better bank account ownership
  verification by instantly verifying documents
  online.
• DIRO verifies customer documents by cross
  referencing them with original sources thus
  eliminating the use of fake and stolen documents
  for bank account verification.

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Steps for a Secure bank Account Verification

• DIRO lets users login to any private website
  globally and authenticate bank accounts without
  the need to share credentials with anyone.
• DIRO captures underlying website SSL that makes
  it possible to distinguish between a fake and
  original website for cross-referencing documents.
  
• It combines original source with the webpage and
  forensic data and thus generates a completely
  tamper proof, immutable proof of authentication
  thats even more secure than original doucments.

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Instant Bank Account Verification with DIROTry
DIRO for free and see how it works. Verify online
documents, proof of address, bank accounts and so
on with DIROs innovative solution.
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THANK YOU
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