Business Name Match: Increase Payment Certainty By Validating Bank Account Ownership, Status, and Control Via One Solution

In a world where payment speed and security are critical, verifying bank Account Ownership is more important than ever. Orum’s name match technology already has helped top tier lending and billing platforms, financial institutions, and fintechs grow their business, reduce errors, and mitigate fraud by validating whether a first and last name matches a consumer’s bank account.

Today, we’re launching powerful new enhancements to verify Account Ownership for business bank accounts alongside consumer bank accounts. The new capabilities are part of Verify, our first-of-its-kind technology that verifies bank Account Status, Account Control, and Account Ownership via a unified solution. 

Introducing Business Name Match

Just like validating consumer bank accounts based on first and last name, you can now verify business accounts based on the business name.

With this enhancement, Verify’s Account Ownership tier will now:

• Match business names to business bank accounts 
• Match consumers’ first and last names to consumer bank accounts
• Determine whether the result is a full match, partial match, or no match
• Check Account Ownership and Account Status in a single automated workflow
• Achieve the same level of certainty and protection for business and consumer transactions
  

Plus Enhanced Verification for Bank Account Ownership Via Phone Number, SSN, and Tax ID

Validating the business name or the consumer’s first and last name matches what’s on file for a specific bank account provides a high level of confidence when determining Account Ownership. In some cases, you will want to increase payment certainty by checking additional data. This is why we’ve added more optional fields to Verify to increase the certainty of Account Ownership for business and consumer bank accounts. 

With this enhancement to Verify, you can now: 

• Verify phone number matches for consumers and businesses
• Verify Social Security Number matches for consumers
• Verify tax ID matches for businesses
• Return match, partial match, or no match results for the above fields

Getting Set Up With Verify

If you’re already using Verify Account Ownership for consumer bank accounts, the business name match feature is now available to you under your existing terms. 

If you’re interested in getting set up with Verify, schedule a demo today with our bank account verification experts. 

Check out the following case studies to read about real-world applications:

• Tranch moves money faster using Orum’s payment and bank account verification APIs — all of which help Tranch enable the largest professional services firms in the world get paid 40% faster by providing their clients a frictionless experience from invoice to payment. 
  

• RepRally leveraged Orum’s first-of-its-kind technology to instantly verify bank accounts and increase their payout speed to minutes instead of weeks — bringing fast, reliable payments to their innovative platform that bridges the gap between specialty merchants and local retailers.