Introducing Moneyhub Account Verification: Enhancing Payment Security and Streamlining Processes
Moneyhub Launches New Account Verification Service to Enhance Payment Security
Moneyhub, the UK-based data and payments platform, has introduced a new account verification service powered by open banking technology. This innovative service aims to improve payment security by utilizing bank-level security controls, including PSD2 SCA (Strong Customer Authentication), and biometrics.
The Moneyhub Account Verification service leverages Moneyhub’s AIS API to enhance the security and integrity of online financial transactions. It provides a robust method for ensuring that payment details and account names match precisely with registered account information.
Mark Munson, Managing Director of Payments at Moneyhub, highlighted the importance of this new service in combating financial fraud. With fraud costing the UK a record £2.3 billion in 2023, the launch of Moneyhub Account Verification comes at a crucial time to address modern-day challenges.
The verification technology enables financial institutions to reduce the risk of fraud by ensuring that all transactions are sent to or received from verified recipients. It also simplifies the process of setting up new accounts by using verified banking details as an additional identity check, making the payment journey easier for both senders and customers.
By leveraging Moneyhub Account Verification, financial institutions can streamline processes such as new account openings and loan applications for customers. The service can also enhance accuracy for affordability assessments when combined with Moneyhub’s decisioning and categorization solutions.
Additionally, the Moneyhub Account Verification service can be used to verify ownership of bank details submitted during subscription service sign-ups, including Direct Debit payments. This reduces the need for manual input of account numbers and sort codes, minimizing the risk of human error and serving as a fraud reduction mechanism for Direct Debit transactions.
Overall, Moneyhub’s new Account Verification service not only enhances security for day-to-day transactions but also improves efficiency for financial institutions and their customers. By increasing convenience and trust, this service is set to make a significant impact in the fight against financial fraud.
