The pain of verifying account ownership

Many businesses might panic when they think about their account verification process. Digital solutions in the market can be riddled with account coverage challenges and delays in receiving timely account data for swift verification checks. Organisations that rely on manual processes may experience additional complexities, inefficiencies and costs. In both instances, delays in setting up Direct Debits directly impact cash flow, staff resources and the customer experience.


Paperless & painless account verification

At Bottomline, we’ve leveraged bank-grade services like Confirmation of Payee (CoP), a name-checking service for banks introduced in 2020, to protect against Authorised Push Payment (APP) fraud and misdirected payments. This can help solve this all-too-common business pain to deliver better efficiency, security and customer experience.

Receivables teams can ensure that the bank account details provided belong to the named business or individual, giving companies greater confidence that the Direct Debit is being set up by the actual account holder. This helps to lower the risk of an indemnity claim, where the payer can claim back their payment if taken in error or without authorisation.

Payables teams can check and verify that the owner of the bank account where the funds are being paid matches those of the payee, ensuring payments are delivered swiftly and frictionlessly.

The not-so-technical bit…

The solution is embedded at the point where account details are captured via a simple API (Application Programming Interface), whether that’s via…

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Mobile app

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Web browser

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Call centre

The real-time benefits

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Increase the number of digitally verified accounts by identifying errors in near real-time.

Reduce the costs associated with manually checking customer accounts. 

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Help prevent Direct Debits from being set up against compromised accounts or incorrect account details.

Add a layer of protection at the point of account capture.

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Customer experience

Reduce customer dissatisfaction by identifying errors at the point of account capture.

Provide greater assurance that invoices and employees are paid on time. 

"By October 2023, the Payments Systems Regulator (PSR) projects that banks and corporates will see 99% account verification coverage due to mandates driven by the PSR for Confirmation of Payee."


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