Digital banking or electronic banking has changed the way banking operations work. While they improve the overall efficiency of financial operations, it also makes the financial institutions susceptible to risks of financial fraud.\
Cyber criminals try their best to find a weak point in a bank’s operating system to gain access which can lead to a loss of millions of dollars and confidential customer information breach.
To successfully complete a customer onboarding and to send payments directly from your bank account, it has to be verified. A verified bank account reduces the risk of financial crime such as terrorist funding, money laundering, and basic money stealing. Here are the main methods of account verification.
Verifying Your Bank Account
To be able to send payments from your bank account, organizations need to verify the bank account information first. It is suggested to take as much time as it is necessary to verify bank account information before the transfer of funds to avoid future complications.
Bank account verification mitigates the risk of fraud of any kind. Organizations can use these common methods of bank account information verification or they can use the latest third-party technologies. The use of traditional methods is secure but sophisticated attackers can find a way to get around the services.
How DIRO Streamlines The Bank Account Information Verification Process?
The methods mentioned above for bank account verification are for those who are already in a relationship with a banking institution. Criminals who have already gained access to a bank’s system can cause a lot of problems including ruining the organization’s reputation.
To improve their chances against financial crime and risks, banks need to verify the information of users during the onboarding process.
DIRO’s document verification technology assists banks, financial institutions, and FinTechs in verifying customer’s information like address proof, utility bills, student records, licenses, and other information.
By using the technology during the customer onboarding process, organizations can reduce the risks of getting fooled by synthetic identities. DIRO’s innovative technology can also capture information from the original web source, which means banks can verify bank account holder information of customers as well.
Using DIRO’s technology, banks can streamline their process of bank account information verification while improving efficiency and reducing costs.
Source From: https://toprecents.com/know-how-diro-helps-in-verifying-bank-account-information/
Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, today announced the launch of its cloud-based Remote Account Opening (RAO) solution in EMEA.
The solution can help banks in the region to deliver emergency funding more seamlessly to businesses and open bank accounts remotely and compliantly.Available today, this cloud-based solution can be quickly deployed to allow banks to digitally onboard new customers, while satisfying all Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) requirements, thus reducing the time to onboard dramatically, lowering the total cost of ownership and ensuring customers do not need to visit a bank branch during the current crisis.“Businesses across the region should not be delayed in accessing funding.
To help banks overcome this challenge and remotely deliver crucial emergency funding to businesses while meeting regulatory requirements, we have fast tracked the launch of our Remote Account Opening (RAO) solution.
This will enable banks to more rapidly respond to higher volume business loan and account opening applications during this period,” said Kevin O Neill, Head of EMEA Sales, Fenergo.“Industry bodies, including the Financial Action Task Force (FATF) and the European Banking Authority (EBA), have published statements outlining measures that can be implemented to mitigate the risk of financial crime throughout the pandemic.
FATF encourages the use of digital onboarding processes, including digital identity and verification measures in line with recently published FATF guidance.
Meanwhile, the Financial Conduct Authority (FCA) has outlined flexible measures that may be taken in line with a risk-based approach, including the acceptance of scanned documents and ‘selfies’.
Money laundering can encourage illegal activities and must be stopped urgently.
Sentrient helps to identify and cease potential money laundering activities, ranging from suspicious customer behaviour, international transactions, larger than normal transactions and suspicious transactions.
