Account Ownership Verification
Overview
Account ownership verification confirms that a bank or wallet account truly belongs to the applicant or beneficiary before accepting payments or payouts. Methods include instant account verification via APIs, penny drop verification, microdeposits, and document based checks such as cancelled checks or statements. Programs match legal name strings with normalization, handle initials and order variations, and corroborate with additional attributes such as account status or recent activity when available.Ownership checks reduce misdirected funds, refund fraud, and mule risk, and they support AML controls for beneficiary due diligence. Strong implementations record consent, encrypt sensitive fields, and store minimal data. Exception playbooks resolve mismatches through attestation and supporting documents. Integrated with transaction monitoring, ownership verification raises trust in payout flows and aligns with regulatory expectations for knowing where funds are sent.
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