ACHQ Verify+ combines the historical power of ACHQ’s transactional database with multiple banking, retail, and billing sources to predict the current status of the bank account.
Use Verify+ to Know Your Customer (KYC) prior to enrollment or reduce costly returns for electronic check (e-check) or ACH transactions. With over 95% coverage, you are able to deliver a frictionless experience that requires no additional customer input. Verify+ can be accessed via API, batch processing or online interface.
Why use Verify+?
Old ways of combating fraud were never designed for modern internet businesses. Verify+ adds smart, unified fraud prevention that helps improve precision while reducing manual work for your teams.
Prior to completing enrollment or accepting payment, verify—in real time—the customer’s ability to transact by verifying the status of their account and authenticating they are an authorized signer with Verify+. It is also critical to meeting the “know your customers” requirements mandated by banks in an ongoing processing relationship.
The ACHQ Verify+ database dynamically updates consumer accounts (over 1 billion records) with multiple daily input files from the user base. Each record is automated and tracked for timeliness and accuracy.
Key Features of Verify+:
- Access to database of over 1,000,000,000 real-time consumer records – including unbanked (“thin file”) consumers not available with any other service.
- Matches consumer names and provides known cleared transactions and returned/ unpaid debits
- Provides account history of prior transactions including both good and bad
- Details age of the account and last date Verify+ has seen activity on the account.
- Identifies closed, pending-closed and frozen bank accounts
- Predicts administrative and unauthorized returns and identifies them before they occur
Add an OFAC Check Verify+:
One transaction with two solutions. In response to the Patriot Act, Financial Institutions, Third Party Payment Providers and Money Service Providers are often required to check the Treasury Department’s Office of Foreign Assets Control, or OFAC list when processing financial transactions.
Adding OFAC to Verify+ is easy and requires no additional coding.