Did you know that half of Canadian businesses experience some type of eCommerce fraud? eCommerce transactions are unfortunately susceptible to fraud, but there are ways to prevent it. 

If you work in the financial industry, you know how important it is to verify your customers’ bank accounts quickly and easily. Inverite is a new service that makes instant bank verification easier (IBV) and faster. 

What Is Instant Bank Verification? 

Have you ever been asked to submit a bank statement or proof of account for an application? With instant bank verification, we can all wave goodbye to the headache. 

It allows you quickly and securely authorize access to your financial records from any device. Plus, it’s secure – so no more worries about leaked banking information.

All you need is your online banking credentials, and you are ready to go. Instant bank verification takes automation and convenience to the next level – saving us: 

  • Time 
  • Money 
  • Peace of mind 

How Does Bank ID Verification Work? 

Bank account verification online is one of the most effective tools in fighting fraud. It compares personal information against databases of known fraudulent accounts and transactions. It then blocks any suspicious transactions. 

Common forms of personal information considered include: 

  • Customer name 
  • Address 
  • Phone number 
  • Credit card number 
  • Bank account number 
  • And more 

The transaction is blocked when account information doesn’t match what is held in the databases. Shortly after, an investigation is launched to determine whether or not it’s fraudulent. 

Businesses can help protect customers daily without sacrificing convenience or time through this method. 

Benefits of Instant Bank Verification 

Bank verification has come a long way from the days of manual verification. Thanks to technology, something that used to be incredibly time-consuming and cumbersome can now be done in seconds. All with the help of instant bank verification systems. 

As a result, it is an effective tool in fraud prevention as it: 

  • Reduces errors 
  • It makes processes more streamlined 
  • Provides increased security against fraudulent activity 

It’s even facilitated major cost savings for some businesses. It verifies customer data instantly. This makes it a real game changer and helps automate tasks that would otherwise require human intervention. 

These complex yet highly valuable systems make our lives easier when handling finances safely and securely online. 

Secure Digital Experience 

Banking has come a long way since having to line up to make transactions. With new advancements in the industry, instant bank verification is one of the greatest benefits. 

It offers clients ease and convenience for any eCommerce transactions along with a secure digital experience as financial information can now be securely accessed online. 

This allows customers to complete digital banking processes quickly and accurately without requiring physical documents and manual sign-offs. In addition, with instant bank verifications, clients can rest assured that their sensitive data remains safe. 

This is because it is matched to banking institutions through 3rd party providers. It provides an advanced layer of security. 

Another great benefit of this technology is that clients are given access to perform digital transfers in real-time with instantly updated transaction records. 

Fast Validation of Your Account Access 

The ability to instantly verify your bank details and gain access to your account is a game changer! Your clients no longer have to wait for long processing times to open an account or update your details. They don’t have to worry about waiting a few days to confirm your identity, either. 

You can enjoy fast validation and seamless integration with banking systems with instant verification. This makes it simple and easy to use. Having the peace of mind of instantaneous access is invaluable, whether it is: 

  • Setting up direct debits 
  • Paying off credit card debt 
  • Transferring money between accounts 

Who Should Use Instant Bank Verification? 

Instant bank verification offers several convenient benefits for consumers, making it an invaluable tool. Anyone looking for a secure, easy way to verify their identity or finances should consider using this helpful service. 

Instant bank verification allows users to securely and quickly provide necessary information to merchants and lenders without needing physical paperwork. It also helps ensure that your financial transactions are safe and reliable. 

Individuals who value security, convenience, or both should use instant bank verification to verify their banking information. 

Why Use Inverite? 

Inverite is the perfect choice for anyone who wants to verify customer account information that is:

  • Cost efficient 
  • Secure
  • Accurate

Regardless of whether you are a personal finance app, online lender, or money service business Inverite’s Instant Bank Verification service allows you to quickly, easily and securely connect your users financial data to your business in real-time. It also works to validate all transactions with a single verification process.

This eliminates time-consuming paperwork and manual signoffs that can slow down the entire process. 

Additionally, Inverite provides an added layer of security by verifying banking information through 3rd party providers. Inverite uses customer profile information and past customer repayment history to further enhance algorithms and provide a risk score that help you reduce your acquisition costs while improving accuracy. 

Start Using IBV Today 

Instant bank verification is a great tool for ensuring financial security and accuracy when verifying banking information. 

With Inverite, you can get the information you need in real-time, so you can make decisions fast and keep your customers happy. Learn more about Inverite and how it can benefit your business, contact us today