Open Finance platform Moneyhub has launched a new account verification service leveraging Open Banking technology. Designed to combat fraud and streamline transactions, ‘Moneyhub Account Verification’ enhances online financial security for businesses and consumers.
This innovative service utilizes Moneyhub’s account information services API to ensure accurate matching of payment details and account names with registered account information. This significantly reduces the risk of financial fraud by verifying the legitimacy of recipients before transactions occur.
“Moneyhub Account Verification” addresses limitations in current Confirmation of Payee services, which are often restricted to account-holding institutions. Moneyhub’s solution empowers a wider range of organizations to verify customer ownership of bank accounts, minimizing the risk of fraudulent transactions.
The service operates through a consent-based Open Banking approach. Customers grant permission for Moneyhub to utilize their bank’s authentication services, verifying account ownership directly with the bank. This eliminates the need for manual entry of bank details during signup processes, further improving convenience and security.
“Moneyhub Account Verification” offers a win-win situation for both businesses and consumers. Businesses gain a robust method to verify customer identities and reduce fraud risks. Consumers benefit from a streamlined experience with faster onboarding and enhanced transaction security.
Mark Munson, Managing Director of Payments at Moneyhub, commented: “This launch underscores the power of Open Banking in delivering innovative solutions to modern challenges. Moneyhub Account Verification fosters trust and convenience for businesses and consumers alike.”
Earlier in 2024, Moneyhub was selected as a supplier on the Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS). This enables government and public sector entities to access Moneyhub’s Open Banking and payment services through the DPS framework.
