Moneyhub, the market-leading data and payments platform, today announced the launch of its account verification service. Powered by open banking, Moneyhub account verification enables better payment security through bank-level security controls (including PSD2 SCA) and biometrics.
Moneyhub Account Verification leverages Moneyhub’s AIS API to improve the security and integrity of online financial transactions. It provides a robust method to ensure that payment details and account names exactly match the registered account information.
Key features of verification technology include significantly reducing the risk of financial fraud by ensuring that all transactions are sent to or received by the correct and verified recipient. Additionally, it helps streamline the process of setting up new accounts by using confirmed bank details as additional identity verification, making the payment process easier for both the sender and the customer.
With the introduction of Moneyhub account verification, financial institutions can expect greater accuracy across various use cases. For their customers, it can be used for new account openings and loan applications – reducing the amount of form filling in the process and, when combined with Moneyhub’s decisioning and categorization solutions, can deliver greater accuracy and affordability.
When it comes to subscription services, Moneyhub’s account verification service can be used to verify ownership of the banking details submitted during the sign-up process, including for direct debit payments. This eliminates the need to manually enter account numbers and sort codes. Additionally, it reduces the risk of human error and serves as a fraud reduction mechanism when creating direct debits.
Additionally, when making payments to customers, Moneyhub account verification, supported by mobile banking authentication, can ensure that the customer owns the account into which payments are made, while also acting as a deterrent to fraudulent withdrawal requests by ensuring that The account details provided belong to the customer.
Mark Munson, MD of Payments at Moneyhub, comments: “With fraud costing the UK a record £2.3 billion in 2023, the launch of Moneyhub account verification is a timely reminder of the power of Open Banking, great solutions for to offer modern problems.”
“As payee confirmation remains a service available only to account-holding financial institutions, many organizations struggle to ensure that the account from which a payment is received or to which a refund or payment is directed belongs to their customer. Our account verification service uses consent-based Open Banking to verify that the customer is the true owner of an account by using the bank’s own authentication services to confirm whether the customer is accessing an authorized bank account.
“Moneyhub Account Verification not only increases the security of everyday transactions, but goes one step further and streamlines processes for both financial institutions and their customers. This increase in convenience goes a long way to increasing trust among customers and partners.”