Moneyhub , a data and payments platform, has unveiled its account verification service, employing Open Banking technology. Known as Moneyhub Account Verification, this service aims to enhance payment security by employing bank-level security controls, including PSD2 SCA (Strong Customer Authentication), and biometrics.

Moneyhub Account Verification utilizes Moneyhub's AIS API to bolster the security and accuracy of online financial transactions. It ensures that payment details and account names align precisely with registered account information, thereby reducing the risk of financial fraud significantly. The key features of this verification technology include a marked reduction in the risk of fraudulent transactions by ensuring accurate verification of recipients.

It also simplifies the process of setting up new accounts by employing corroborated banking details as an additional identity check, thereby facilitating a smoother payment journey for both senders and customers. Focusing on accuracy and efficiency Financial institutions adopting Moneyhub Account Verification can anticipate enhanced accuracy across various use cases. It can expedite processes such as new account openings and loan applications, minimizing the need for extensive form filling.

Moreover, when combined with Moneyhub's decisioning and categorization solutions, it can improve affordability assessments. In the realm of subscription services, Moneyhub Account Verification can verify ownership of bank details submitted during the signup process, including Direct Debit payments. This eliminates the need for manual entry of account numbers and sort codes, reducing the risk of human error and serving as a fraud reduction mechanism for Direct Debit creation.

Strengthening transaction security Furthermore, for outgoing payments to customers, Moneyhub Account Verification, supported by mobile banking authentication, ensures that payments are directed to verified accounts, acting as a deterrent against fraudulent payout requests. Representatives of Moneyhub highlighted the significance of Open Banking in addressing contemporary challenges, particularly regarding fraud prevention. They emphasized the role of Moneyhub Account Verification in verifying customers' ownership of accounts through consent-based Open Banking, thereby enhancing transaction security and streamlining processes for financial institutions and customers alike.

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