Bank Wizard Absolute. Account verification in real-time

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1 Bank Wizard Absolute Account verification in real-time

2 Why verify payment details for Direct Debit, Direct Credit and card transactions Transaction failure Direct Debit and Direct Credit are popular payment methods in the UK, with overall figures forecast to rise to 7.2 billion transactions by However, as the number of transactions rises, so too does the number of failures. With the expense of rectifying a single misapplied payment costing up to 35 1, even at today s volumes this problem is set to cost UK industry around 3 billion a year. Payment fraud Since the introduction of Chip and PIN there has been a shift in fraudulent activity from cloned payment cards to Direct Debit, Direct Credit and to Cardholder Not Present (CNP) transactions. Identifying these fraudsters can be difficult, posing as legitimate customers they often take advantage of the fact that you cannot check that the bank account data they supply is correct, current or belongs to the name and address provided. Where goods and services are offered prior to the collection of the first Direct Debit or card payment (i.e. mobile phones), it is imperative to ensure that customer bank account and card details are correct at the point of sign-up to prevent loss of stock, income and wasted time spent dealing with indemnity claims and incorrect payments. Fraud prevention Preventing payment fraud is a labour intensive, often paper based process that costs you valuable staff time to perform manual checks, process referrals and follow up failed payments. This costs your business through slow customer takeon processes and poor customer experience. 1 Based on research carried out by Experian Payments using feedback from our customers 2 - Bank Wizard Absolute - Account verification in real-time

3 What is Bank Wizard Absolute? Bank Wizard Absolute is the only real-time verification service that enables you to make the connection between your customer and their bank account details in near real-time. By implementing Bank Wizard Absolute, you can dramatically improve profitability and customer service by reducing failed transactions and improving your Straight-Through-Processing rates. By confirming the ownership of a bank account up-front, Bank Wizard Absolute can help you to minimise payments fraud and improve the efficiency of your acquisition process by negating the need for paper-based verification measures, allowing you to take on more customers with less effort and begin making collections from your customers earlier. Bank Wizard Absolute minimises the potential for payment fraud by confirming in near real-time that the bank account details provided actually belong to your customer, that card details are in the correct format and are linked to your customer s address and that the card is in your customer s possession for CNP transactions. For debit cards, Bank Wizard Absolute will also confirm that the card and the associated bank details are issued by the same banking group. Customer ID Bank Wizard Absolute Confirms the account exists Matches to the correct owner Address Account Details Debit/ Credit card Issuing bank (for debit cards) Bank Wizard Absolute - Account verification in real-time - 3

4 Why Bank Wizard Absolute? Bank Wizard Absolute can help you to: Control operational costs significantly lowering expense by: Reducing the number of failed transactions and collections Reducing the number of misapplied payments Reducing the number of customer service calls Reduce payment repair costs by extending checking to confirm th existence of a bank account Minimise the potential for payment fraud by confirming the connection between an individual and their account details and validating card information Improve customer service and reputation by promoting customer confidence through crediting and debiting payments first time Increase efficiency in your customer acquisition process by enabling you to carry out Know Your Customer checks online or over the phone, reducing the need for paper based proofs and allowing you to increase customer take-on Bank Wizard Absolute in detail Uses a unique methodology for the validation of bank account details Confirms the existence of a bank account Confirms the connection between the account and the customer Identifies payments that would fail due to account closure, non-existent account or deceased account owner Validates the structure and format of card numbers Gives confidence that the customer is in possession of the card for CNP transactions Connects the card to the customer address Confirms debit cards and their associated account information were issued by the same bank Integrates via Bank Wizard, our comprehensive bank account validation solution Is charged based on usage To find out more about Bank Wizard Absolute please contact Experian Payments on 44 (0) [email protected] Bank Wizard Absolute - Account verification in real-time

5 Automated payments are increasingly becoming the payment methods of choice for UK businesses and their customers. Accuracy and efficiency are essential. With the enhanced Bank Wizard Absolute, corporate customers can expect greater levels of data accuracy, greater levels of STP and therefore more efficient processing. Martin Wilson Chief Marketing Officer VocaLink

6 Experian Payments Swift Park, Old Leicester Road Rugby, Warwickshire CV21 1DZ United Kingdom T +44 (0) T (Sales) +44 (0) F +44 (0) Experian Payments All rights reserved. This document does not form any part of a contractual commitment. Whilst every effort is made to ensure accuracy, Experian Payments accepts no responsibility for errors or omissions.