Account verification is a crucial step in ensuring secure and seamless transactions for businesses. Withour open banking solution, merchants can verify customer accounts quickly and efficiently, reducing fraud and payment failures. Here’s everything you need to know about how Pay by Bank simplifies account verification and benefits your business.
Why account verification is important for merchants
For merchants, account verification plays a key role in preventing fraud, reducing chargebacks, and ensuring that transactions are authorized and successful. By confirming that a customer has access to the bank account they are using, businesses can lower the risk of payment disputes and streamline their payment processes.
How Pay by Bank enhances account verification
Pay by Bank leverages open banking technology to verify customer accounts in real time, removing the need for outdated and manual verification methods. Here’s how it works:
Key benefits of account verification with Pay by Bank for merchants
Common questions we have received from merchants about account verification
Is account verification required for every transaction?
It depends on the bank, transaction type, and whether Account Information Services (AIS) or Payment Initiation Services (PIS) are used. AIS enables businesses to retrieve and verify account details without requiring repeated logins, making future transactions more efficient. PIS, on the other hand, directly facilitates payments from a customer’s bank account. If an account has already been verified through AIS, subsequent PIS transactions may proceed faster without requiring additional verification. However, some banks may still request re-authentication based on their security policies or transaction risk levels.
Does using Pay by Bank store customer banking information?
No, it does not store banking details. All verification is conducted securely through the bank’s open banking interface.
What are the benefits of account verification when using Pay by Bank?
By reducing payment failures, chargebacks, and fraud, account verification with Pay by Bank helps businesses optimize their payment processes and increase revenue.
Pay by Bank makes account verification seamless, secure, and merchant-friendly. By leveraging open banking technology, businesses can reduce payment risks while offering a reliable and efficient way to process transactions. If you're looking to enhance your payment strategy, we've got you covered.
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