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Bank account verification systems
Joselyn Secker International Development Consultant at Joselyn Secker Consulting Ltd Posted 8 months ago
Good afternoon all, I would like to ask a query concerning bank account verification systems. I'm currently working with a grant giving organisation and we want to employ a system that checks if bank account details provided by an organisation actually matches the the account holder to the org.
Is anyone familiar with these systems such as Experien and Truelayer which offer this service.
I know that some banking systems offer this verification but this is usually limited to domestic payments.
As fraud is becoming more sophisticated we don't want to depend on traditional means by asking for bank statement which can be falsified or making a call where the other user can still be able to correctly confirm the details they've provided and the actual bank may be a personal one or not associated with the entity.
It would be lovely to hear from you all, any experiences or recommendations in this area?
Many thanks
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