The Bank Account Verification allows you to efficiently verify the bank details of a consumer or business and determine the status of the account including whether the account is currently open, closed and whether it has been open for more than three months.
It’s very useful in any instance where you need to verify the account holder, typically prior to a financial transaction. You can now match individual or company’s details as well as a bank branch code and account number and find out if there is a match.
The Bank Account Verification search works by sending the consumer or business’ details (along with the corresponding bank account numbers) to participating banks that process the information and return a result confirming the existence of the following information:
- Account holder’s name/business’ name
- ID number/business registration number
- Bank account number
- Bank branch code
- Account status (open/closed)
- Whether the account has been open for more than three months or not
- The account type
- Whether the account accepts debits and credits
Participating banks for this service are ABSA, FNB, Standard Bank, Nedbank, Capitec and African Bank.
How to perform a Bank Account Verification
- Select ‘Bank Account Verification’ under the ‘Person’ offering on the search Menu.
- Supply required search criteria and select ‘Next’. Lexis WinDeed will provide a report with matches on various criteria.
Notes:
- WinCredit activation is not required but the banks require verification that the search is done with consent or alternatively, for Fraud Prevention/Investigation.
- The Branch Code and Account number must be valid account numbers to provide match data on an individual or company.
- Our supplier charges for every query to the database; so the standard search charge applies for any Match/No Match result.