Bank Account Verification
Our Bank Account Verification (AVS) service offers a real-time enhanced solution that aims to help businesses streamline payment processing by ensuring that the bank account details provided by customers are accurate and valid.
By verifying bank account information upfront, businesses can reduce payment rejections, prevent fraud, and lower administrative costs.
Bank Account Verification offers additional Debi Check validations.
This service is ideal for businesses that rely on debit orders for payments, such as financial services, telecommunications, utilities, and insurance providers. It's perfect for organisations that want to improve payment processing efficiency and reduce fraud risks.
The benefits at a glance
Key Features
- Bank Account Holder Verification: Confirms the account holder's name and surname (or company name).
- Account Number and Branch Code Validation: Ensures the accuracy of account numbers and branch codes.
- Account Status: Indicates whether an account is active or dormant and can accept debits or credits.
- Account Maturity: Verifies how long the account has been open, helping assess its reliability.
- DebiCheck: Determines whether the account allows DebiCheck
- Real-Time Payment (RTC): Determines whether the account allows real-time Payment.
- DebiCheck Collections on Sunday: Determines whether the account allows collections on Sunday.
- Access to Major South African Banks: Verifies bank details from Nedbank, FNB, Standard Bank, Absa, and Capitec.
- ID Verification: Cross-checks the account holder’s identity against Experian’s extensive database, verified with Home Affairs.
- Fraud Detection: Utilises the Detect fraud indicator to highlight potentially fraudulent activity.
- Secure Data Transfer: Ensures data security through secure FTP or password-protected email for file transfers.
How It Works
Businesses can submit individual or batch bank accounts to be verified through the AVS solution. Experian validates key account details such as the account holder’s name, account number, branch code, and status against records from all central South African banks. Additional features, like fraud detection and ID verification, enhance the security and accuracy of the process, ensuring a seamless payment experience.
