Just Launched: Verify Now Validates Account Ownership Via Name Match

You now can do even more with Verify, our first-of-its-kind bank account verification solution. We’re thrilled to make available Verify Account Ownership Via Name Match.

Verify’s first tier, Account Status, covers 100% of all bank accounts in the US and fulfills Nacha requirements by determining whether an account is open, valid, and ready to send or receive payments. 

Verify’s second tier, Account Control, ensures the end user has control of the account by sending a random code to the bank account and prompting the user to authenticate it via email. 

Today, we’re thrilled to announce the third tier, Verify Account Ownership Via Name Match, all available via the same API integration.

What Is Account Ownership Via Name Match?

Account Ownership Via Name Match determines for consumer accounts whether the first name and/or last name provided matches data tied to the account being verified — adding greater certainty that the payment is going to the right person. 

How Does Account Ownership via Name Match Work?

The Verify Account Ownership Via Name Match request happens fast — with the API response typically taking between 0.8 - 1.2 seconds. 

Account Ownership Via Name Match returns a “Yes,” “No,” or “Not Found” using fuzzy match logic to discern matches with a high level of confidence. The logic is built on a combination of soundex matching, alias name tables, and other character string match rules. All methods are implemented in a proprietary manner to optimize match rates and accuracy when comparing common name variations that occur in the real world. 

Here are some examples of what you might see returned in the Verify API response or via the Orum Portal for an account owned by account-holder “John Smith”: 

John Smith

• First name match: Yes
• Last name match: Yes

Jack Stone

• First name match: No
• Last name match: No
  

John Stone

• First name match: Yes
• Last name match: No

Jane Johnson

• First name match: Not Found
• Last name match: Not Found

The above name values can be used for testing in our Sandbox environment with the same results.

Getting Started With Verify

Our Account Ownership Via Name Match capability is available at an additional cost per verification for Verify customers. Whenever it is run, Verify customers must also first run Account Status to determine whether the account is open and valid. With Verify Account Ownership Via Name Match, you’ll only pay if we deliver a result. This means that if the result is “Not Found” you won’t be charged for the account ownership query.

Orum can get you set up with Verify in as little as two days without costly bank integrations or prolonged compliance reviews. But don’t take our word for it. Check out the following case studies to read about real-world applications:

• 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.

• Maroo increased their payments speed by more than 50%, reduced their transactional costs by 11x, and introduced instant account verification with Orum — bringing the best real-time payments solution to their innovative platform tailored to the weddings and events industry 

Ready to Transform Your Payment Technology?

Schedule a demo today to see Verify in action.