Instant Account Verification (IAV)
Overview
Instant Account Verificationconfirms bank account ownership and status in real time via APIs or secure user-consent flows (e.g., OAuth to bank portals). IAV retrieves account metadata (name, number, status) and sometimes balances/transaction history to establish ownership and affordability. It accelerates onboarding, payouts, and underwriting while reducing manual microdeposits and their delays.For compliance, log consent, minimize retrieved data, and secure storage. Name matching should support normalization and thresholds to handle initials or ordering differences. When IAV isn’t available, fallbacks like penny drop or microdeposits apply. IAV is widely used by lenders, brokerages, payroll, and fintechs to lower fraud and improve user experience.
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