Account Opening User Verification Service

Account opening user verification service is one of the most critical steps in the account creation process for many services like ecommerce, marketplaces and financial institutions. It ensures the legitimacy of a customer’s bank account and helps businesses comply with KYC and AML regulations and policies for protecting against identity theft, fraud and money laundering.

Traditional methods of verifying a bank account typically require users to travel to brick-and-mortar locations or speak with agents to provide the necessary information. These procedures take time and create a friction-filled experience for customers, increasing the risk of abandonment and conversion.

Online identity verification solutions help reduce these barriers to entry, allowing consumers to complete the account opening process from the comfort of their own home or workplace. These technologies are powered by predictive analytics leveraging dynamic data sets of identity elements, linkages and real-time behavior patterns to confidently validate users, mitigate fraud and optimize user experiences.

Account Opening User Verification Service: An Overview

One such solution is Mitek’s ID Document Verification service, which asks users to simply scan an official identity document like a driver’s license and then utilizes computer vision technology to verify the document’s authenticity. This method is highly effective in reducing the burden on the consumer while maintaining the highest standards of security for businesses.

Similarly, our Instant Account Validation (IAV) uses machine learning to quickly confirm the accuracy of a bank account number and routing number and to determine whether the person claiming ownership is actually authorized to do so. This speeds up the verification process, dramatically reducing processing times.