Introducing TransferMate’s Account Verification Service

TransferMate is dedicated to enhancing the functionality and usability of our platform to meet our customers' evolving needs.

We know the importance of secure, efficient, and accurate payments; especially in a world where fraud risks and regulatory requirements are continually evolving.  

That’s why we’re introducing our new Account Verification Service, a powerful add-on designed to enhance payment security, improve onboarding efficiency, and give our clients greater confidence in every transaction.

‍

What is Account Verification?

Account Verification provides payers with proof of the recipient’s financial institution, account number, account status, and, most importantly, confirmation of account ownership.  

Available to both users of the TransferMate Platform and integrated partners through API, this feature verifies beneficiary details before a payment is sent.

The new service is a valuable complement to our existing Account Validation tools, offering deeper insight to help prevent fraudulent or misdirected payments.

‍

How Does Account Verification Work?

The Account Verification Service operates through a client request and a TransferMate response.  

Clients submit a verification request that includes information such as:

• Either the beneficiary’s BIC or Local Clearing System ID
• The beneficiary’s IBAN or domestic account number
• The beneficiary’s name

In response, TransferMate returns defined information including:

• Verification of the account’s existence and status
• Confirmation of the account holder’s name (jurisdiction-dependent)
• A name match score (e.g., “Jonathon” vs. “Jonathan” = 87% match)
• Currency confirmation in select countries

‍

Key Benefits of Account Verification

1. Reduce Fraud & Bounce-Backs:

Confirming account ownership helps detect fraud earlier and reduces the chance of failed or returned payments.

2. Streamlined Onboarding:

Account Verification can replace documentation and “penny test” steps, making onboarding faster, avoiding slow, manual processes.

3. Currency Insights:

Where supported, clients receive real-time confirmation of a beneficiary’s account currency. This can also be used to convert currencies at the source of payment with preferential rates.

‍

Global Reach, Growing Coverage

We currently support live verification across 22 countries, including the USA, UK, Brazil, India, China, France, and Nigeria—with many more on the roadmap for 2025, such as Australia, Canada, Saudi Arabia, and the EU region.

For a full breakdown of coverage and capabilities of Account Verification, download our factsheet.

Interested in enabling Account Verification for your business?

Speak with your TransferMate representative today or contact us to learn how Account Verification can be integrated into your existing payment processes.