Orum recently launched Verify, our first-of-its-kind technology — built on FedNow and RTP — that verifies bank accounts in 15 seconds or less. Today, we’re thrilled to announce No Code Verify, expanding access to instant bank account verification.
Orum’s Verify solution covers 100% of all US-based consumer and business bank accounts — a meaningful step forward in an industry still plagued by invalid credentials, friction, and fraud. The new technology, launched in October 2023, makes it easy for businesses and banks to verify the status of any type of bank account. Failed payments cost the global economy over $100B each year, a problem Verify solves by completing bank account verification within 15 seconds. No Code Verify takes this a step forward, broadening access to the first-of-its-kind solution by allowing businesses and financial institutions to utilize the technology without connecting to an API or additional integrations.
Click here to see no code instant bank account verification up close.
Failed payments have plagued the industry for too long, and I’m excited to scale our impact with No Code Verify, which will help drive transformation in businesses and institutions not ready to connect to APIs. We’ve heard from so many that a button-click approach for account verification would enable in-house development teams to access the technology faster and we’re thrilled to deliver on that promise. Verify gives businesses an edge, with instant verification that enables faster, more accurate transfers and guarantees payments arrive at the intended account, safely.
Stephany Kirkpatrick, Founder & CEO of Orum
Orum's No Code Verify
- Validates Account Status instantly, determining whether a bank account is open, valid, and able to receive payments – fulfilling Nacha requirements.
- Enables non-technical support to easily upload files and validate bank accounts before issuing payments, helping fuel transformation and modernization.
- Is built on RTP and FedNow with a Same Day ACH fallback — guaranteeing coverage of all consumer and business bank accounts in the U.S.
- Offers an additional layer of verification via an Account Control option tier to ensure the end-user has control of the account — helping combat “friendly fraud” caused by Reg E abuse.
While credential-based verification has become an increasingly popular alternative in the consumer space, this approach is insufficient for B2B payments. Orum has built new technology that leverages the Fed Now and RTP payment rails to provide real-time account information to businesses. The rich data is sent automatically back to the business via a webhook, providing real-time results and eliminating the need for a customer to be involved in the account verification process.
Ready to Learn More About No Code Verify?
With Orum’s no-code solution, you can implement efficient verification in days, not months. Get in touch to discover how we can accelerate your process.
