Reduce Rejected Debits and increase your collection rate with MyGate’s Bank Account Verification and Account Validation services.
Save time and reduce bank fees by verifying an account holder against the account number and verifying that a branch code and bank account number are valid.
Bank Account Validation
MyGate’s Bank Account Validation Service verifies that a bank account and branch code are valid thus reducing debit costs, as no invalid account returns take place after debit order submission.
When uploading a debit order batch file, bank account validation can be done in real-time, ensuring all of the bank account details are correct before submission. Results are delivered in real-time identifying which bank account details are invalid.
Bank Account Validation verifies account holder’s name, ID / company registration number, bank account number, bank branch code, account status, length of time the account has been open, account type and whether the account accepts debits or credits. Verification fields may differ from bank to bank.