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ValidiFI has announced the expansion of its vAccount+ suite to include new features for authoritative bank account verification, broadening the company’s offerings in fraud prevention and payment risk management.
The enhancement enables organizations to apply a multi-layered verification strategy that draws from authoritative data sources and known transaction history. According to ValidiFI, this expansion allows for frictionless validation of up to 85% of accounts and provides actionable insights on 96% of accounts through the use of AI and machine learning.
ValidiFI connects bank account and payment insights to help companies in a variety of industries provide more confident, trustworthy and transparent transactions. Its differentiated data, sourced directly from banks, payment processors, and financial platforms helps companies to ensure compliance, mitigate risk, combat fraud, and confidently validate bank account and ownership.
Minimize false declines, reduce return transactions, and lower the burden of manual reviews
John Gordon, CEO of ValidiFI, commented, “Expanding the vAccount+ suite to include authoritative bank account verification empowers organizations in the B2B payments space to make informed decisions, optimize workflows, and improve risk management strategies. This addition reflects our commitment to delivering actionable insights that drive smarter, more efficient business operations.”
The upgraded product suite integrates data from major networks, including J.P. Morgan Payments and Early Warning, the National Shared Database custodian, which aggregates deposit performance data from over 2,500 financial institutions. This includes top U.S. banks such as Wells Fargo, Chase, Capital One, and Bank of America.
vAccount+ provides a flexible and real-time verification process. The initial step confirms the validity of the bank account and routing number, with optional features that authenticate ownership by comparing applicant details, such as name, Social Security number, and address, against account records. The platform is designed to minimize false declines, reduce return transactions, and lower the burden of manual reviews.
The suite now includes:
- vAccount+ Verify: Delivers high-accuracy results by verifying data against authoritative sources.
- vAccount+ Coverage: Maximizes verification by leveraging all available data, including historical and real-time sources.
ValidiFI positions its technology as a solution for increasing operational efficiency and strengthening fraud controls in the current payments environment. The company offers both credentialled and non-credentialled solutions through its Omni Platform, helping financial institutions and businesses assess credit risk and confirm account integrity before executing transactions.
