MerchantBoost has launched Bank Account Validation (BAV) to addresses all aspects of verification associated with consumer bank accounts.
The live data solution provider has launched the solution to combat fraud, ensure compliance and improve lenders’ overall business performance.
BAV is made up of non-credentialed services that can be combined and configured according to the lender’s needs, based on ownership, balance, funds and status. Together these establish consumer account ownership, validate consumer risk, determine funds availability and the overall risk of the bank account.
The solution fuses data from multiple sources to provide the coverage of information on consumer bank accounts. Using advanced analytics and scoring technology, allows it to be used throughout the lead acquisition, marketing, underwriting and repayments processes. It can also be utilised for payment processing issues, especially where a business is experiencing return rates beyond NACHA limits.
“We’ve always been about providing innovative and game changing solutions at Merchant Boost. By putting the power of bank information into businesses, the BAV suite of services has the ability to be a groundbreaking technology for FinTech and the lending industry,” said MerchantBoost COO Jesse Berger.
Headquartered in Sunrise, Florida, MerchantBoost equips financial service companies with solutions that ‘fill the gap’ between historical, real-time and live data information to improve their marketing, underwriting, and collections.
The company provides a combination of proprietary and best in suite database services to verify identify, detect fraud, validation payment instruments, and meet regulatory compliance requirements. Use for pre-screen, underwriting, and ongoing monitoring.
Users can search risk-based data to verify identity, detect fraud, meet compliance requirements, market more clearly, and evaluate risk of consumers and businesses. It also enables third party access to individual or business customers bank account profile and account history information.
MerchantBoost’s ‘social network boost’ leverages social network footprints, and link email and phone numbers to verify the person is who they say they are. It uses the footprints and profile information to reveal dozens of data sets and hundreds of data points to verify identity, detect fraud, predict intent, accelerate onboarding, and personalise marketing.
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