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Verified Payouts
Introducing Nuapay’s Account Owner verification service
Our Verification service uses the Open Banking Account Information Service (AIS) as a tool to verify customers prior to making payouts.
Benefits of account verification
Fraud prevention
Effectively combat fraudulent activities like unauthorised transactions, scams, and identity theft.
Risk reduction
Reduce the risk of funds being sent to the wrong account, verification serves as a protective barrier for both the bank and the account holder
Security
Verification enhances the security of financial transactions
Use Nuapay’s AIS license
We are a regulated AISP in the UK, and in Europe soon.
How it works
1
Receive a verification request
When you initiate a payout, Nuapay will send a verification request to your customer. This request will ask your customer to provide their bank account details via an Open Banking AIS process.
2
Request consent to retrieve account details
Nuapay will then request your customer‘’s consent to retrieve their account details directly from their bank, using AIS. This ensures that the account details are accurate and error-free since the customer is being authenticated via their bank
3
Retrieve and match account details
Your customer grants consent via their banking app and Nuapay securely retrieves their account details from their bank. Nuapay then compares the account name provided by your customer with the account name retrieved from the bank to ensure the details match.
4
Calculate
Based on comparing account names, Nuapay will calculate a matching score. This score indicates the likelihood that the account details provided by your customer are accurate.
5
Payout
If you as a merchant are satisfied with the score provided by Nuapay, a payout can then proceed using our Credit Transfer products.
