VerifyNow

Overview

As more people use the Internet and "apps" on their computers, tablets and smartphones to access banking services, financial institutions face a complex, increased need to verify accounts and ownership before providing access or allowing money to move.

VerifyNow from Fiserv leverages proprietary and third-party account verification tools to help financial institutions reduce fraud exposure in connection with funding new accounts and transferring funds directly to or from your online banking site safely and seamlessly. An industry-leading solution, VerifyNow provides account ownership verification, identity authentication and watch list scanning.

Balancing user experience while minimizing exposure and regulatory compliance creates a challenge for any institution. Sophisticated, advanced online fraud prevention technology is available for financial institutions of all sizes. Give your customers the convenience of online and mobile applications with the tools you need to reduce fraud.

Features

• Verifying Account Ownership: Aids you in proactively identifying and authenticating account owners for account funding and account-to-account transfers using one or more of the following methods:
  • Instant verification: Fiserv provides access to Early Warning^SM,  which significantly increases verification success while reducing the opportunity for fraud
  • Real-time verification: VerifyNow performs real-time account verification by comparing data entered by a user with data collected from the website of the financial institution that services the account
  • Trial deposit verification: After the user initiates trial deposit verification, Fiserv makes two small trial deposits to the external account. The accountholder is instructed confirm the amount of the two deposits
• Identity Verification: VerifyNow provides financial institutions access to multiple third-party data sources and the ability to verify customer identity in real-time
• Watch List Scanning: VerifyNow compares financial institutions' customer lists against multiple watch lists, including OFAC's SDN and Sanctioned Countries lists in real-time to help you streamline, simplify and comply with complex OFAC and USA PATRIOT Act compliance efforts