‘Moneyhub Introduces Account Verification Service Utilizing Open Banking’
Moneyhub, a UK-based data and payments platform, has introduced a new account verification service that utilizes open banking technology to enhance payment security. This service incorporates bank-level security controls, including PSD2 SCA, and biometrics to ensure the accuracy of payment details and account names.
Moneyhub’s Account Verification makes use of the company’s AIS API to bolster the security and integrity of online financial transactions. By verifying payment details against registered account information, financial institutions can reduce the risk of financial fraud and ensure that transactions are sent and received by the correct recipients.
Mark Munson, Managing Director of Payments at Moneyhub, highlighted the importance of open banking in addressing modern-day issues like fraud. With fraud costing the UK £2.3 billion in 2023, the launch of Moneyhub Account Verification comes at a crucial time, offering a solution to combat fraudulent activities in the financial sector.
The account verification service leverages consent-based open banking to confirm the ownership of bank accounts, enhancing security for day-to-day transactions. By authenticating customers through their bank’s own services, Moneyhub ensures that payments are directed to authorized accounts and simplifies processes for financial institutions and customers.
In addition to enhancing security, Moneyhub’s Account Verification streamlines processes for financial institutions by reducing form filling requirements for new accounts and loan applications. This service can also be used to verify bank details for subscription services, eliminating manual entry errors and reducing the risk of fraud in Direct Debit payments.
By incorporating mobile banking authentication, Moneyhub Account Verification ensures that payments are directed to the correct account holders, acting as a deterrent against fraudulent payout requests. This service not only enhances security for financial transactions but also helps build trust with customers and partners.
Overall, Moneyhub’s Account Verification service offers a comprehensive solution for financial institutions looking to improve payment security and streamline processes in the digital age.