Eiger Systems, an Experian® company, is leading the fight against Direct Debit Fraud, by releasing a new product enabling organisations to identify when a prospective customer is providing false or incorrect bank account details for automated payments.
The new system, BANK WIZARD Absolute combines information from Experian with Eiger Systems’ BANK WIZARD software, and in an industry which is increasingly coming under attack by fraud, is the only bank data verification solution that can confirm the existence of a UK bank account and its status, and match it to the correct owner. This will enable organisations to validate customers’ payment details seamlessly at the time of application and when setting up regular or one-off payments to or from their customers, to ensure that payment details are correct at the time the transaction is set up.
Jonathan Williams, Director of Communications and Product Strategy at Eiger Systems, says, “BANK WIZARD Absolute can reduce significantly both transaction errors and payment fraud by providing certainty in real-time that customer-supplied bank account information is correct and relates to a real account, a specific individual and associated address.”
“The launch of BANK WIZARD Absolute is a clear illustration of how the breadth and variety of data, products, knowledge and skills available from across Experian division are being combined to the benefit to our clients across many different markets, enabling them to develop new, more profitable business strategies and take new approaches to customer acquisition."
BANK WIZARD Absolute is available as a service to BANK WIZARD customers on a per-usage licensing model.
Find out more about BANK WIZARD Absolute
Please note - Experian Payments was formally Eiger Systems
