VoPay unveils micro-transaction service for bank verification in Canada & the US
By Delisha Fernandes
VoPay, a provider of embedded FinTech solutions, has launched VoPay Verify, an Instant Bank Account Verification solution via microtransactions in Canada and the United States.
Recognizing the escalating adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. VoPay’s innovative solution empowers enterprises to rapidly authenticate and confirm any US or Canadian bank account, eliminating the protracted waiting times of up to 24 hours or more for micro-transactions to finalize.
“This initiative gives our clients an out-of-the-box method for account verification. It means that they don’t have to stitch together a solution and can utilize an optimized set of endpoints for micro-transaction verification,” said Hamed Arbabi, VoPay Founder & CEO. “Fast and easy account validation has become a crucial component in customer onboarding, and enterprises are struggling to find a fast, reliable, and cost-effective way to validate new accounts. VoPay’s new Instant Micro-Transaction Verification tool does just that.”
Microtransactions, a stalwart tool for confirming bank account ownership over the years, entail crediting or debiting a nominal amount into the account. They offer several advantages for businesses, encompassing heightened security, improved user experience, regulatory compliance, and reduced chargebacks. However, the current process is notoriously slow and disruptive to users’ experience, with transactions typically spanning at least a day to complete.
By leveraging VoPay’s real-time transaction capabilities, companies will reduce the risk of reversals, NSFs, and transaction failures, ultimately improving their bottom line. VoPay Verify offers a fully managed account verification experience by providing a pre-built user experience and intellectual logic that determines the transaction amount considering many different risk criteria.
VoPay’s latest offering further strengthens the company’s position as the leading provider of Fintech-as-a-Service tools and a go-to provider for businesses looking to integrate embedded financial services into their offerings.
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