In today’s fast-paced financial landscape, delays in verifying bank accounts can stall operations, frustrate users, and create vulnerabilities for fraud. Enter VoPay Verify, the first-of-its-kind solution in Canada and the US, delivering real-time bank account verification to businesses.
Since its launch, VoPay Verify has transformed how businesses confirm the ownership and validity of their customers’ bank accounts. By leveraging both real-time and traditional payment rails, VoPay Verify eliminates inefficiencies in micro-transaction authentication, paving the way for faster, more secure payment workflows.
The Growing Need for Instant Bank Account Verification
As businesses increasingly adopt alternative payment methods over paper cheques and credit cards, reliable bank account verification demand has skyrocketed. However, traditional micro-deposit verification processes often take over 24 hours and introduce significant delays and operational bottlenecks.
For organizations that rely on fast customer onboarding and smooth transaction execution, VoPay Verify offers a game-changing solution:
Real-Time Verification: Reduce delays by confirming bank account ownership instantly.
Fraud Prevention: Safeguard transactions with robust verification workflows.
Operational Scalability: Handle a growing volume of bank account payment transactions with ease.
How VoPay Verify Works
VoPay Verify provides businesses with flexible, user-friendly tools to initiate and manage account verification workflows through the VoPay Portal, eLinx Payment Links, or API Integration.
Verification Workflows
Portal-Based Verification:
Create a new contact or select an existing one in the VoPay Portal.
Input bank account details (for US accounts: ABA Routing Number, Account Number; for Canadian accounts: Institution Number, Transit Number, Account Number).
Initiate a verification request, sending an email or URL to the contact for completion.
eLinx Workflow:
Use eLinx Payment Links for contacts who manually enter their bank account details.
Upon receiving bank account information, initiate the VoPay Verify process to validate accuracy and ownership.
End-User Interaction:
Contacts receive a verification request via email, URL, or embedded link.
They confirm the micro-deposit amount credited to their account, completing the verification.
The system updates the Verification Status in real-time, enabling secure transactions.
Unlike any other, VoPay's solution is instant, offering a comprehensive banking compliance solution for modern financial transactions.
Key Features of VoPay Verify
Real-Time Verification: Validate accounts instantly for most use cases.
Bi-Directional Micro-Transactions: Send and retrieve funds for verification, ensuring accuracy and fraud prevention.
White-Label Branding: Customize the verification workflow with your company’s logo and colours.
Portal Features:
Bank Verify History: Track all verification requests with detailed status reports.
Branding Settings: Apply custom branding across all VoPay components.
Nacha Compliance: Meet ACH regulatory standards to reduce fraud and transaction risks.
Industries Benefiting from VoPay Verify
The flexibility and security of VoPay Verify make it an ideal product for various industries:
Gig Economy: Quickly validate worker bank accounts for faster payouts.
Lending: Confirm borrower accounts to mitigate default risks.
Property Management: Verify tenant bank details to enable smooth rent collection.
Payroll: Ensure employee bank accounts are correct to avoid payment errors.
Account-to-Account Transfers: Authenticate unfamiliar accounts for secure transactions.
Benefits of Micro-Deposit Verification
Fast and accurate bank account verification is more than just a convenience—it’s a necessity for businesses seeking operational excellence. With VoPay Verify, organizations gain:
Improved Customer Onboarding: Verify and onboard new users instantly.
Fraud Prevention: Protect transactions with advanced security workflows.
Operational Efficiency: Eliminate manual processes and reduce delays.
Cost Savings: Minimize errors and associated transaction costs.
Get Started with VoPay Verify
Eliminate delays and errors in your financial operations with VoPay Verify. Instantly validate bank accounts, reduce fraud, and onboard customers faster—all as part of VoPay’s trusted financial stack.
