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How does V-Series work?
V-Series delivers powerful bank validation (both domestic and international) and personal verification capabilities, enabling you to confirm the validity and ownership of your customers bank details, mitigating accidental mistakes or being targeted by fraudsters giving incorrect details.
V-Series provides structural confirmation of account details against industry standard data (EISCD), ensuring compliance with bank rules for data validation at the point of capture. V-Series validates that the bank branch exists, and then confirms the validity of the account number for that sort code. Account details are automatically transposed where appropriate and building society roll number. Information about the bank branch is also available, including branch location and its ability to accept Direct Debit, Direct Credit, Faster Payment and CHAPS.
The V-Series solution allows you to minimize the risk of payment fraud by confirming the ownership of the bank account. Using available information provided by the banks, V-Series confirms that the individual is truly associated with the home address and bank account details provided, as well as checking that the account is still open. Integrating V-Series into your systems allows you to streamline customer interactions ensuring compliance with Direct Debit Scheme rules and adhering to anti-fraud and KYC (Know Your Customer) best practices.
V-Series delivers comprehensive validation and conversion between International Bank Account Numbers (IBAN) and Domestic Account details. Unlike the basic IBAN ISO check, which can still lead to payment failure, V-Series extracts the equivalent Domestic Account details and validates this against the industry standard data of the issuing country, ensuring compliance with bank rules for data validation as well returning the Bank Identifier Code (BIC) at the point of capture. Assisting with your migration to SEPA, V-Series converts Domestic Accounts into the equivalent valid IBAN, minimising customer disruption and avoiding costly payment repair fees.
Catering to your IT infrastructure requirements, V-Series enables our customers to maximize both modern and legacy business applications, using the API (Application Program Interface). The V-Series APIs are available as:
- Local API A Microsoft .Net API or RESTful service.
- Cloud API A RESTful online web service.
Through a simple user interface - available online or locally – you can manually enter data without the need to fully integrate the service into your business applications.