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Agile Payments Blog




The ability to verify checking account ownership is a pivotal element of reducing the risk of enrolling a new customer with potentially bad check information.

Recent tech advances have now made a Checking Account Owner Authentication Service (AOA) available. A Checking Account Owner Authentication Service provides a fraud mitigation tool that gives real-time insight into the business/person whose check payment you are looking to accept, or enroll in a recurring billing plan. Real-time checking account verification and account owner authentication services can confirm a consumer or business owns the account AND is authorized to transact.

Key account owner and status information can help authenticate the consumer or business dda information, such as:

  • Name
  • Address
  • Social security number
  • Driver’s license
  • Date of birth

Benefits of a Checking Account Ownership Authentication Service include:

Eliminating the need for account-owner login credentials
  • Reduced unauthorized and administrative ACH and check returns
  • Improved customer experience and reduce abandonment rates

Additionally, false positives can be reduced or even eliminate by providing additional customer intelligence around business and consumer names, such as birth dates, nicknames/maiden names, typos, or other data entry errors. Additional customer insight information is available, providing the ability to either confirm submitted data, or query and receive correct information to update your customer info records.

Imagine that a customer is who they say they are, but there is a data entry error or the client is purposef
lly using an account that has been closed/in an NSF status/doesn’t belong to them.The customer’s insurance policy is bound, and they now have car insurance. They are involved in an accident that day [they are at fault] and a $5,000 claim is made. The insurance company is obligated to pay out the claim, but have yet to discover the checking account that was used for payment has no money, is closed account, or did not belong to the insured. The insurance company now has a substantial loss with potentially no way to recover the initial premium payment. Had a Checking Account Owner Authentication Service been utilized at the point of enrollment, these issues would have been discovered.

An AOA service also validates other data elements such as DOB, drivers’ license numbers and phone numbers among others. There is no other service available today that matches and validates data against records held at the customers Financial Institution.