Introducing Verification API – from 3 days to 3 clicks

Olga Zapata, Head of Product Marketing

22 Jun 2021

TrueLayer’s Verification API instantly verifies account ownership and matches your customer name with bank records, so you can onboard users lightning fast.

Combining open banking with machine learning, the Verification API makes onboarding effortless. Success rates are over 20% higher than credit bureaus, and results are delivered in seconds compared to days for manual bank statement checks. By pre-verifying your customer’s details, it also simplifies payment setup, meaning no more failed transactions.

Verification API also means you can:

Lighten the load on compliance by automating checks through a single API call.
Slash fraud risk by introducing Strong Customer Authentication checks from the bank into your verification flow.
End manual uploads and micro-deposits, allowing users to confirm account ownership with a simple fingerprint or face ID.
Free engineers to focus on solving core business problems, rather than building and maintaining name-matching logic.

🎧 Join TrueLayer product leads Andre Reina and Paiak Vaid, and Authologic Co-Founder Jarek Sygitowic, for a virtual chat on how open banking is changing onboarding – and the future of identity verification (22 July, 2pm BST) Register now

What problems does Verification API solve?

Old methods are ancient history.
Legacy ways of verifying bank accounts, like requesting bank statements and micro-deposits, are no longer fit for purpose. Their security is questionable, they’re prone to errors, and they take forever.
This means poor user experience, endless paperwork processing and serious security issues. So that's low conversion, high costs and greater risk. And those things are really bad for businesses.
Open banking solutions only go so far
Open banking has created a new way to onboard users, balancing speed and security for an efficient account verification process. But current open banking providers only go so far — they only provide access to your user’s raw data. This means you need to build and maintain your own logic to check that the customer’s name matches their name on file at the bank.
But designing and maintaining an accurate matching engine takes time, and requires investment in systematic data collection, data annotation and other data science resources.

TrueLayer’s solution — Verification API

We’ve built a name-matching engine on top of open banking rails. This allows you to instantly and accurately verify new users through bank-grade security checks, without having to process streams of raw bank data yourself.

The process is simple:

You ask your users to give consent to accessing their banking data.
The user is directed to their banking app where they confirm they own the account using their fingerprint, face ID or login details.
Our name-matching engine compares the user's name to their name on file at the bank to make sure everything matches up.
We immediately tell you whether or not the user has been verified.

Who is it for?

Verification API serves businesses across a number of industries, including financial services, PSPs, wealth management and trading, marketplaces, property and iGaming.

What does it mean for consumers?

Smoother onboarding experiences, since users don’t need to remember account details, manually submit bank statements or wait for a micro-transaction to settle.
Protection against identity theft, since they’re authenticating with their face or their fingerprint on their mobile device
Less hassle from failed payments — payments are less likely to fail from human error, since TrueLayer pre-verifies account details.