Good evening / 04.12.08
Corporate Solutions
Corporate Solutions
28 September 2007
New tool matches accounts to individuals and verifies issuing bank and branch
Callcredit has developed a verification tool that will allow organisations, for the first time, to link a bank account to an individual’s name in addition to verifying the bank issuing the account and identifying the branch where the account is held.
The service will be an invaluable tool to any organisation that wants to improve their ability to do an end to end sign up of a customer and in particular in the setting up of a direct debit. Previously, it was only possible to validate that a bank account number and sort code conformed to an algorithm provided by the issuer.
The new product, part of Callcredit’s Verifications Solution Suite, now allows the lender to enter the bank details of a customer, such as bank account and sort code, should the customer offer it. Combined with Callcredit’s anti-money laundering solutions, the new product provides an end to end verification check.
Graham Lund, Deputy Managing Director at Callcredit, comments:
“Many e-tailers and online financial service providers experience large return rates on direct debits, costing over £30 per returned transaction. Understandably the number of requests received from our clients for a comprehensive ID verification check, which can save them these costs, has risen.
Being able to link the bank account directly to the applicant for the first time also provides an additional impersonation check, using real-time data from trusted sources, strengthening our clients anti-money laundering processes.
Working with our recently acquired business Legatio* has allowed us to make this exciting improvement to our Verifications Suite”.
*Legatio specialise in card and ID verification software
For further press information contact: Jane Fordham, Katie Moore or Sophie Smith at the Callcredit Press Office on 0207 067 0600 or callcreditpr@golinharris.com
