MerchantBoost Launches Bank Account Validation Service Suite
SUNRISE, Fla., April 5, 2018 /PRNewswire/ -- MerchantBoost, the live data solution provider, has launched Bank Account Validation (BAV), a comprehensive service suite that addresses all aspects of verification associated with consumer bank accounts. This suite is designed to combat fraud, ensure compliance and improve lenders' overall business performance.
MerchantBoost's BAV solution is the only suite offered by a single vendor, that can impact the challenges that lenders face with consumer bank account information, ID, fraud and compliance. The innovative suite is made up of non-credentialed services that can be combined and configured according to the lender's needs, based on the following components: Ownership, Balance, Funds and Status. Together, these services can establish consumer account ownership, validate consumer risk, determine funds availability and the overall risk of the bank account.
The BAV suite is vital to the lending industry because it provides critical information on a consumer's bank account. If a bank account is not valid, does not belong to the person applying for a loan, or is known to have negative characteristics, then the lender's operations and overall business performance are impacted. This suite is one of many solutions MerchantBoost offers to help lender's make better decisions on their borrowers, providing them with the key information they need to know their prospective customer's.
"We've always been about providing innovative and game changing solutions at Merchant Boost. By putting the power of bank information into businesses, the BAV suite of services has the ability to be a groundbreaking technology for fintech and the lending industry," said MerchantBoost COO Jesse Berger.
MerchantBoost has long provided cutting-edge solutions integrating payments and data. BAV fuses data from multiple sources to provide the widest coverage of information on consumer bank accounts. The integrated advanced analytics and scoring technology of this solution, allows it to be used throughout the lead acquisition, marketing, underwriting and repayments processes. Furthermore, it can be utilized for payment processing issues, especially where a business is experiencing return rates beyond NACHA limits.
About MerchantBoost
MerchantBoost is the live data solution provider, we equip financial service companies with solutions that fill the gap between historical, real-time and live data information to improve their marketing, underwriting, and collections.
For more information please email [email protected].
SOURCE MerchantBoost
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