Any bank. Any country. In real-time.
DIRO can instantly verify bank data with automated user consent and impersonation check at 44,000 banks in 195 countries.
The output is a machine-readable JSON file together with data provenance, as well as the original document for compliance.
DIRO’s open banking API allows for real-time verifications that can be directed to your decision engine for automation and improved user experience for both consumers and enterprise clients.
Statement
Bank statement into JSON file
Authenticate
Account number and source
Identity
Bank account-holder data
Balance
Real-time balance checks
Income
Bank depository data
Transactions
Up to 24 months of data
Assets
Snapshot of users’ finances
Liabilities
Credit card and mortgage
Investments
Brokerage and retirement
DIRO is the only solution that can verify international bank data in real-time. Patented technology.
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Features of DIRO’s bank account verification
Seamless user experience
With instant bank account verification, DIRO improves the user experience in onboarding. Our source of funds verification coverage 44,000 banks in 195 countries.
Reduced drop-offs
Increase conversion rate and eliminate customer drop-off due to inefficient onboarding process. Replace micro deposit verifications.
24 months of data
Get access and verify up to 24 months of categorized data in an instant. Verify customer’s financial history backed by verifiable data.
Reduced risk of fraud
Enhance customer trust by eliminating fraud. DIRO prevents fraud, such as fabricated and stolen documents, as we capture the data directly from the bank source.
Cost-efficiency
Reduce payment errors, losses due to dropped customers, and more, with DIRO instant bank account verification.
Easy integration
Plug-and-play API keys to get you started anytime, anywhere. Instant bank verification with an option for no-code integration.
Resources
Bank account verification for enhanced customer data protection…
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Bank statement verification process for mortgage lenders…
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Enabling trusted bank data and security
DIRO’s bank account verification works as an additional layer of security for financial institutions to meet obligations in KYC, KYB, and AML. Without hampering the customer experience, you can conduct bank account verification and data in real-time. DIRO’s instant bank verification leads to a reduction in customer drop-off rate while simultaneously improving the customer experience.
DIRO provides JSON files with verified bank data directly from the source. For bank statement verification, such documents gets downloaded directly from the bank’s web portal insides DIRO’s secure terminal. The data from the bank statement then gets converted into a machine-readable JSON file for real-time decisions and onboarding. The solution is easy to use and the seamless integration makes DIRO’s bank verification solution the number one choice for banks, lending and mortgage companies, payment providers, and fintech.
Comply with global KYC, KYB, and AML regulatory requirements by integrating DIRO’s technology into your existing framework. Prevent fake, stolen, and fraudulent bank statements and data by leveraging DIRO’s instant bank account verification solution across 195 countries and 44,000 banks.
Get started in minutes
DIRO instant bank verification is a feature-rich solution that can easily be integrated with your new or existing frameworks. The Open Banking API offers seamless integrations for banks and financial institutions. Get started with DIRO’s bank account verification solution in minutes with our no-code integration option.
Data from the bank source
DIRO’s patented technology is the only solution that can verify international bank data in real-time. Access over 44,000 banks in 195 countries with DIRO’s Open Banking API.
Instant bank verification
DIRO offers direct access to bank data to authenticate instant source of funds verification. The improved process can significantly reduce onboarding time and improve customer experience.
Seamless Integration
DIRO’s bank account API integration makes it easy to integrate with existing or new framework for real-time bank verifications to meet KYC, KYB, and AML regulatory requirements.
FAQs
Importance of bank verification for financial institutions
Bank verification is a crucial part of any financial institution’s KYC and KYB process. Bank verification plays an important role in reducing fraud and helping institutions to discover fraud risks. Financial institutions need to verify bank accounts and ownership to ensure that customers are who they claim to be.
Common methods of bank account verification
Bank account verification methods are the process of confirmation that an entity indeed owns and operates its bank account. Moreover, it covers not only bank account confirmation but also balance, transactional data, and indirectly tapping into bank’s KYC and KYB protocols.
Out of all the methods to verify a bank account, some notable ones include:
- Instant account verification (IAV) - IAV allows clients to verify the identity of customers within seconds.
- Micro-deposit verification - An older method of bank account verification. Takes a long time, is less convenient, and requires customers to fill in routing and basic bank account information.
- Third-party bank verification - Services like DIRO help financial institutions verify bank accounts in real-time. DIRO bank verification works by capturing consumer and enterprise bank documents directly from the bank source. It prevents fraudsters trying to bypass impersonation checks at login.
How to implement strong bank verification methods without affecting the onboarding process?
While bank verification is a strong way of identifying fraudulent activities, it also creates friction in the customer and enterprise onboarding process. Banks, financial institutions, and other businesses need to come up with onboarding methods that improve the overall user experience.
Here are some common ways a financial institution can consider to enhance the customer and enterprise onboarding process:
- Automate the onboarding process to reduce errors and speed turnaround times.
- Focus on clarity and user-friendly systems.
- Make sure customer experience is consistent at every touch point.
- Implement strong verification and ID check-ins.
- Make your digital onboarding process user friendly.
What is DIRO’s role in bank account verification?
DIRO is the new gold standard when it comes to bank account verification. Compared to other methods of verification, DIRO can instantly verify bank data with automated user consent. DIRO can verify bank account information from 44,000 banks in 195 countries. Instant bank account verification makes the onboarding process faster and more seamless for customers. For financial institutions, DIRO provides 100% proof of verification with source data, allowing businesses to prevent fraud.
Manual vs. automated bank verification
The manual process is time consuming and expensive compared to an automated process. Manual processes involve one or more human elements performing activities, which often leads to human errors. Such errors in data entry and verification can become the weak points fraudsters look to exploit. Automated processes, on the other hand, are faster, more consistent, and offer better results. Technologies don’t make the same errors as humans, also the possibility of false positives is far lower. Moreover, automated bank verification costs are lower than hiring manual teams.
Why do mortgage lenders verify bank account statements?
Mortgage lenders need to verify bank statements to ensure that the loan acquirer doesn’t use the money for fraudulent and illegal activities such as terrorist funding or money laundering. Lenders have the right to ask for bank statements, some lenders also ask for POD (proof of deposit). Some lenders ignore overdrafts if it only has happened one time on the borrower’s account during account history checks. If a consumer has multiple overdrafts the consumer might be denied as it’s considered high risk to the bank. Here’s all you need to learn about mortgage lenders and the use of bank account statements.
