Account Verification Service (AVS)
The account verification service provides a service whereby banking account information can be verified allowing business customers to verify account holder information before making payments or collecting funds.
Benefits of the Account Verification Service (AVS):
Avoid unnecessary charges – by ensuring account is open and can accept debit order transactions, to avoid transactions on non- available accounts.
Fraud prevention – through the matching of account details with recipient identity details.
Simple & efficient – batch response files will be received within an hour of submission.
Account status – AVS also confirms:
i) If the account is open for more than three months.
ii) If the account is currently active
iii) If the account accepts debit or credit.
Features of the Account Verification Service:
With the response file there will be no confidential information provided, only a “data matched” / “data unmatched” or “unable to match data” response will be returned.
AVS will also help lower the occurrence of failed debit order collections and ensures that your cash flow is not impeded.