Moneyhub introduces new Open Banking-enabled verification service

Open Finance data and payments platform Moneyhub has introduced a new account verification service enabled by Open Banking.

‘Moneyhub Account Verification’ is designed to improve the security and integrity of online financial transactions, using Moneyhub’s account information services API.

The new service ensures that payment details and account names correspond precisely to registered account information, which in turn, should reduce the risk of financial fraud.

It also speeds up the process of setting up new accounts by using “corroborated” banking details as an additional identity check.

Mark Munson, managing director of payments at Moneyhub, called the launch of ‘Moneyhub Account Verification’ a “timely reminder of the power of Open Banking to provide excellent solutions to modern-day problems”.

“With Confirmation of Payee remaining a service only available to account-holding financial institutions, many organisations struggle to ensure that the account from which a payment is being received, or to which a refund or payment is destined, belongs to their customer,” he said.

“Our account verification service uses consent-based Open Banking to verify that the customer is the true owner of an account by utilising the bank’s own authentication services to corroborate if the customer is accessing an authorised bank account.”

‘Moneyhub Account Verification’ can verify ownership of bank account details submitted during the signup process for a subscription service, removing the need to manually input details.

“While enhancing the security of day-to-day transactions, ‘Moneyhub Account Verification’ goes a step further and streamlines processes for both financial institutions and their customers,” added Munson.

“This uptick in convenience goes a long way to increasing trust with customers and partners.”

Earlier this year, Moneyhub was accepted as a supplier on Crown Commercial Service’s (CCS’s) new Open Banking Dynamic Purchasing System (DPS), meaning that government organisations and public sector entities will be able to purchase Moneyhub’s Open Banking and payment services through the DPS.