Bank Account Services
DataX Ltd.™ Bank Account Services has a two-fold verification process. It first verifies the validity of an ABA number and then verifies the validity of the bank account. In addition, it can identify whether or not the account accepts ACH transactions and assigns a negative or positive account status indicator.
Accounts would receive a negative indicator for any of the following reasons:
- Items drawn on a closed account
- Items drawn on an account currently in overdraft status
- Identified inactive or retired routing numbers due to bank merger or acquisition
- Identified financial institution with valid routing number that does not accept ACH transactions
These services increase efficiency and improve the bottom-line through the following benefits:
- Reduced administrative returns: ability to identify bad routing numbers and make the correction at the point of acceptance instead of after the sale
- Reduced cost
- Reduced "Account Closed" and NSF returns
- Ability to recognize potentially fraudulent transactions
- Reduced cost associated with return items and collections
- Ability to look up bank name by routing number
- Quick identification of data entry errors on routing number
DataX Ltd.™ provides these services in real-time through their simple XML API interface. Using Bank Account Services coupled with DataX Ltd.™'s other Identity Verification products can streamline your on-line business applications.
For more information please contact us.
