Orum is excited to announce the launch of Verify, our first-of-its-kind technology – built on FedNow and RTP – that verifies bank accounts in 15 seconds or less.
Verify covers 100% of U.S. bank accounts, both business and consumer, so you’ll no longer get slowed down by customers searching for account credentials or taking days to confirm microdeposits.
Orum can get you set up in as fast as two days, replacing antiquated and expensive solutions used by most businesses. Plus, Orum’s API solution now gives you access to even more major payment rails, including RTP, FedNow, Same Day ACH, ACH, and Wires.
- Determines within 15 seconds if a bank account is open and valid — before initiating payments. Patent pending.
- Built on RTP and FedNow and leverages information sent via the payment rails so end users don’t have to do a thing.
- Covers 100% of all U.S. bank accounts through RTP, FedNow, and ACH.
- Utilizes instant and reliable data 24/7/365 to verify accounts.
- Immediately sends notifications via a webhook, creating a secure, seamless, and frictionless experience for you and your customers.
What is Instant Account Verification (IAV)?
For money to successfully change hands, the recipient’s bank account must be open and valid. Sounds simple, right? But the current verification process is so antiquated, slow, and unreliable that failed payments cost the global economy over $100 billion each year.
Instant account verification or IAV is a process used by businesses to quickly confirm the validity of financial account details. It’s commonly employed during account setup, recurring ACH payments, merchant transactions, and Pay by Bank (bank-based payments). IAV provides near-instant validation of account information, contrasting with slow manual verification processes or deposits.
That’s why we’re thrilled to unveil Verify, a new technology from Orum that determines within 15 seconds whether an account is open and valid before initiating payments.
Verify is a first-of-its-kind innovation, and it covers 100% of U.S.-based consumer and business bank accounts—seamlessly, instantly, and with no involvement needed from the end user.
Why is Orum’s Instant Account Verification The Best Solution?
Our API-based solution – Verify – is completely changing the way the world verifies bank accounts. To understand the difference, let’s briefly review how traditional account verification works and why it’s so clunky.
Businesses have historically used a number of outdated solutions to verify bank accounts:
- Drop a penny or two into an account via ACH and wait 3-5 days to see if it goes through.
- Use historical account data from banks that are batched nightly, and hope that there were no intraday changes like the account being closed or frozen for fraud.
- Put the onus on the end user and force them to manually enter their bank login credentials — an approach that doesn’t work for everyone.
Each of these processes can take days, leading to millions in lost revenue. And traditional Address Verification Service (AVS) covers only 67% of U.S. business bank accounts.
In summary, traditional instant account verification solutions, especially for businesses, are slow, expensive, and antiquated.
Benefits of Instant Business Account Verification
At Orum, we feel strongly that payments are only as safe as the authentication of the recipient’s account. We’re also obsessed about optimizing money movement to reduce the time it takes businesses and consumers to access their money. That’s the driving force behind Verify and its design.
With Verify’s instant bank verification, you’ve confirmed before the payment is initiated that the recipient’s account is open, valid, and ready to receive the funds. Verify uses up-to-the-moment data, 24/7/365, rather than outdated information from the night before that might not reflect an account closing that day.
The whole process is days faster than traditional verification, plus it’s safe, seamless, and frictionless for your customers. You won’t have to ask them to find their bank login credentials. They won’t need to confirm that a micro-deposit did indeed land in their account days later, or figure out which d.b.a. business name they should be looking for.
Instead, Verify just does the job—transforming an industry still plagued by invalid credentials, friction, and fraud.
Account Validation in 15 Seconds or Less
When you lose time verifying accounts, you lose revenue and ultimately customers.
Orum is the simplest API for fast, reliable payments, and our mission is to efficiently move money in the way you need it at any given time. That’s why we deliver access to major payment rails including RTP, FedNow, Same Day ACH, ACH, and Wires.
As your business grows, you’ll benefit from our API’s flexibility to meet your changing needs. You’ll also get early access to new payment rails and tools like Verify as soon as they become available.
Five easy steps to get set up
- Step 1: Introduction to Orum. To kick things off, we’ll meet to chat about your payment needs, discuss how Verify fits within the Orum platform, and share how we can help your business achieve its goals.
- Step 2: Technical review. Within the first week, we’ll complete a review of our API documentation and your business’s flow of funds, and you’ll get access to a sandbox environment to test.
- Step 3: Compliance review. In Week 2, we’ll work with you on KYC/KYB compliance and review account verification.
- Step 4. Commercial review.
- Step 5. Go live! Congratulations—you’re up and running with Verify and connected with our customer success and delivery team.
Get the Instant, Accurate, and Efficient Account Verification You Need Now – And In the Future
Orum’s new instant account verification solution:
- Immediately and seamlessly verifies bank accounts. Our first-of-its-kind technology — utilizing FedNow and RTP — determines within 15 seconds whether a bank account is open and valid before you initiate payments.
- Delivers 100% coverage of all bank accounts – both business and consumer across the U.S. Payments are only as safe as the authentication of the recipient’s account. Solve this problem without any gaps and do it in real time.
- Eliminates customer friction. Don’t get slowed down by your customers looking for credentials or verifying antiquated, slow micro-deposits.
We’ll get you set up today, without costly bank integrations or prolonged compliance. Ready to learn more?