Bank Wizard Absolute

Since the introduction of Chip and PIN there has been a shift in fraudulent activity from payment cards to Direct Debit and Direct Credit transactions.

Identifying fraudsters can be difficult, posing as legitimate customers they often take advantage of the fact that you cannot check that the bank account data they supply is correct, current or belongs to the name and address provided.

Particularly where goods and services are offered prior to the collection of the first Direct Debit payment (i.e. mobile phones), it is imperative to ensure that customer bank account details are correct at the point of sign-up to prevent loss of stock, income and wasted time spent cancelling invalid Direct Debit instructions.

Bank Wizard Absolute minimises the potential for payment fraud by confirming in near real-time that the bank account details provided actually belong to your customer.

Learn more about Direct Debit fraud

In the financial services sector the FSA stipulate that Know Your Customer (KYC) checks should be carried out on all new customers. Increasingly, other best practice guidelines (such as the Bacs guidelines for AUDDIS and Paperless Direct Debit) advise you to take measures to ‘know your customer’ to reduce payment failure and fraud.

By making the connection between your customer and their bank account details in near real-time at the point of sign-up, Bank Wizard Absolute can help you comply with increasing regulatory requirements, legislation and best practice for KYC. Bank Wizard Absolute allows you to make risk-based decisions on customer acquisition whilst enabling you to acquire customers more efficiently online, over the phone or in-store without the need for paper based authentication.

Learn more about compliance with AUDDIS and Paperless Direct Debit

The Faster Payments Service allows businesses to make same day UK payments in near real-time at a lower cost than CHAPS.

Where working capital management is vital to your organisation, the Faster Payments Service enables you to hold money in your accounts for longer as it allows payments to be made on the actual due date. Faster Payments can also help you deliver improved customer service and gain advantage over your competitors when making customer refunds, loan transfers or benefit payments.

As Faster Payments are irrevocable however, confirming that the beneficiary account is valid and can accept a Faster Payment before submission is critical to providing a successful service. Bank Wizard Absolute confirms the validity of account details at the point of entry and enables you to identify where a Faster Payment would fail due to account closure, non-existent accounts or deceased account owner.

The speed of the Faster Payments process also reduces the amount of time that originators have to identify potential fraudulent activity. Using Bank Wizard Absolute, you can verify that the recipient account is correct, reducing exposure to possible payment fraud.

Learn more about Faster Payments

Download the Faster Payments Guide for Corporates