Fraud disrupts payments and trust. Trustpair’s bank account ownership verification ensures compliance, and prevents financial losses while protecting company reputations.
Bank account ownership verification proves that an account belongs to the right person or company. It cross-checks the account holder’s name and bank account number with trusted records. This process helps businesses confirm ownership accurately and avoid costly errors.
This process helps minimize vendor fraud and errors while strengthening compliance with financial regulations. With the rise of open banking, businesses can access real-time account data from banks, streamlining verification and enhancing payment security.
Verifying account ownership is key to preventing fraud, ensuring that payments are sent to the correct recipients while protecting sensitive information. It also flags potential issues before they escalate, reducing the chances of errors and fraud.
Flags Discrepancies
The process detects mismatched names or unusual activity, allowing businesses to address potential fraud before it occurs.
Blocks Fraud Attempts
Verifying bank account ownership ensures payments go to the correct recipient, blocking unauthorized transactions and reducing fraud risks.
Secures Data
Verification protects sensitive financial information by ensuring only legitimate transactions are processed.
Trustpair’s automated account validation service offers the most advanced fraud prevention by combining cutting-edge technologies to ensure accuracy, security, and efficiency in verifying account ownership.
AI, machine learning, and blockchain are changing bank account verification. They make checks faster, more accurate, and more secure.
These technologies bring:
With open banking APIs, financial institutions can verify new accounts and recurring payments instantly. The future of verification is seamless, compliant, and built for better customer experience.
Experience Seamless Security in Action. Request Your Demo Today !
To verify bank account ownership, financial institutions may request official documents or use secure digital checks. You may need to provide:
Many companies now use open banking APIs or instant verification tools to confirm accounts in real time. This verification process minimizes fraud, improves customer experience, and ensures compliance with regulatory requirements.
To confirm who owns a bank account, check the account holder’s name and account number against verified financial data. Open banking technology allows real-time access to secure data and helps validate customer details quickly.
Some systems also connect to a credit bureau to confirm identity and detect inconsistencies. Automated bank account verification strengthens confidence in transactions, reduces risk, and helps companies protect customer information from misuse.
Trustpair provides bank account ownership verification by leveraging advanced technology to ensure accuracy, efficiency, and security. The platform cross-checks account details such as the owner’s identity and bank information (bank account number, routing number, etc) against trusted data sources in real time. With features like automated anomaly detection, API integration, and compliance support, Trustpair streamlines the verification process, reduces risks, and enhances payment security.
"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."
"With Trustpair’s verification methodology, it's no longer just a consistency check but an exact confirmation of the validity of the third party: there is no longer any risk."
"With Trustpair, we are able to automatically and quickly monitor our third parties and ensure the security of that very data over the long term."
“I would definitely recommend Trustpair to finance departments. It makes adding and modifying beneficiaries more reliable, without resorting to manual processes that are cumbersome, time-consuming and fallible.”
“The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier's bank details.”
"Trustpair adapts very well to the specifics of our market and our way of working. Several features are developed as we work together. That's a real plus."
"Trustpair has become more than a reflex; it has become an obligation. The team no longer validates an IBAN unless Trustpair has confirmed it to us."
Thanks to Trustpair, we’ve made a significant shift in our security processes and filled the gaps we needed to fill. Trustpair has proved to be a committed and trustful partner and we’ve appreciated the support and transparency.
We’ve gone from manual and time-consuming fraud controls to automated bank account validation done directly in SAP. The workload has been drastically reduced and payment security is now guaranteed.
Related Content
