MyGate's Bank Account Verification Service (AVS) verifies the identity of an account holder against the account number supplied. This aids to ensure t account holder information is correct before debit submission.
What does information is verified?
- Account holder’s name
- ID/company registration number
- Bank account number
- Bank branch code
- Account status (open or closed)
- Length of time the account has been open
- The account type
- Whether the account accepts debits or credits. * Verification fields may differ from bank to bank.
Why use it?
- Account Verification ensures that the bank account being supplied by the individual matches their ID
- Reduce Fraud and potential losses
- Ensuring Consumer Confidence
- Preserving company reputation
How is this Service Accessed?
This service can be accessed through the MyGate Web Console.
How is a Bank Account Verification Query Submitted?
It can be processed through an online interface or by importing a file in the Web Console.
How are Results Viewed?
Account Verification Results can be viewed from reporting in the MyGate Web Console. All reports can be downloaded in CSV format. Results of the bank account number to ID match are either displayed as 'positive' or 'negative'. If the status is displayed as incomplete then MyGate is waiting for the results from the bank. Results can take up to 24 hours.