Bank Account Verification
Enhance your due diligence with our bank account verification solution, which ensures that the bank account details provided by your client are correct accurate, valid, and belong to the account holder in question.
Mitigate financial and reputation risk associated
with fraud, use nCino KYC’s fast bank account
verification service:
Real-time Verification
Get instant, real-time verification of South African bank accounts for all participating banks. Simply enter the provided client banking details to instantly verify both natural persons and juristic entities’ South African banking data / information.
Address prevalent fraud schemes.
The nCino KYC bank Account validation capability as a value added service addresses the prevalent business E-mail compromise or the change of banking details scam that has plagued the Financial services industry with a particular target on Conveyancers, Real estate agents and Wealth managers.
How does this type of fraud happen?
This type of fraud happens when fraudsters hack into an e-mail account with the intention to intercept e-mails sent to a payer in a bid to change invoices or payment details to redirect a payment to the fraudsters’ account. This strains business relations as neither legitimate parties feels they are responsible for the fraud.
What can you do?
As a business you can pre-empt this type of fraud by telephonically verifying any e-mail notification of a change of details or by simply making use of the nCino KYC Account instant verification capability.
Why is bank account verification important?
Bank account verification isn’t enforced by FICA, but it is prudent to ensure that the bank account you are paying money to, or collecting from, is correct and valid.
Account Validity & Matching
Using nCino KYC you can quickly determine if your clients bank account is valid, active and/or has been open for longer than 3 months. We also offer checks on account matching, this will enable you to match on the account number, the identity number / company registration number, the surname / company name, and the account type – giving you complete peace of mind that money is being paid into the correct account.
nCino KYC further protects your business by letting you know whether or not the bank account accepts credits and debits.
nCino KYC is very user friendly and we love working on it
Alexia Pretorius
KYC Officer
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Experience the full capabilities of our platform and discover how it can benefit your business.
