CAPABILITY

Account Verification

Use Open Banking and the Basiq platform to instantly verify bank accounts, assist with KYC/AML and mitigate risk for a seamless user experience.

TRUSTED BY

Challenge

While fraud detection tools and techniques such as micro deposits, bank statements and credit bureaus can offer a safeguard against the risk of a business losing money, these common account verification methods used today generally miss the mark on mitigating fraud & illegal activities as well as capturing details incorrectly, due to their manual nature. They cause friction in the user experience (impacting customer interactions & conversion), they’re often costly (requiring manual processing) and overall a far less secure method of verifying accounts.

Solution

Connect by Basiq removes the need for a back and forth between the bank by streamlining user onboarding, allowing users to connect directly and securely to their bank accounts to share verified real-time account and transaction data including: Name, BSB, Account number, Income and more. Payers and collectors can enjoy a unified simple payment experience with immediate identification and verification with the added perks of reduced fraud risks and KYC/AML.

How companies like Afterpay are using

Connect for Account Verification

Basiq provides all the tools necessary to easily verify accounts.
Use our developer-friendly APIs and UI controls to integrate directly within your application.

Download Basiq’s guide to Account Verification

  • Understand existing account verification methods and their pros and cons
  • How Open Banking and the Basiq platform can, assist in cutting costs, accelerate account verification with real-time access to account and transaction data, mitigate fraud and assist in KYC/AML in real-time
  • What data can be captured via real-time secure access to your customers account and transaction details, including: Name, DOB, BSB, Account number, Account Open Date, Income and more!

More on Account Verification

What is Account Verification and why use it?

Quick, efficient, and practical, account verification provides a seamless onboarding experience for customers and merchants that protects both from mistakes and fraud.

Instantly verify customer accounts with Connect

Get to know Connect by Basiq. Discover how it can speed up and simplify the account verification process, providing easier onboarding and better conversion.

Basiq’s guide to Account Verification solutions

Understand the difference between common account verification methods, where they fall short and see why leveraging the Basiq platform provides a faster, safer and seamless experience for your customers.

Accelerate time to market with Basiq’s Developer Starter Kits

Our Developer Starter Kits provide a way to integrate the Basiq API into any application or provide a foundation to build upon. Built upon industry best practices using React, Next.js and tailwind, to easily provide configurable styling to create a native experience for partners.

All partners need is an API key to setup their app and spin it up in 5 minutes. We’ve integrated the solution so you can focus on the innovation!

Explore the Basiq Developer Hub to learn more.

Why Basiq?

+100

Connect to over 100s of banks,
super funds, BNPLs and card issuers

5 sec

Retrieve financial data including account details, balances, and transactions in real time

>150

Basiq supports +150 of fintechs, banks and lenders

+30

Basiq is used across multiple use cases in a range of industries

Explore Connect and the rest of the Basiq platform

Some of the most innovative fintechs in the world utilise the Basiq platform to provide market leading solutions.

Access account and transaction
data in real-time

Connect

Get real-time access to account details, balances and transactions from financial institutions.

Gain deep insight of your
customer’s finances

Affordability

Get a better understanding of your customer’s financials by identifying income sources, expenses, assets and liabilities.

Enhance transactions with
merchant data

Enrich

Get rich insights by identifying the merchant, expense category and location of each bank transaction.

Ready to get started?

Get in touch or create an account.