Introduction

AVS-R (bank account verification service) is a valuable tool that makes it easy to validate your customers' bank account details. Here are some of the key benefits of this service:

Benefit	Description
Fraud Prevention	Account holder verification helps prevent fraudulent activities by ensuring that the claimed account holder is the legitimate owner of the account. This reduces the risk of unauthorised transactions or payments made to incorrect or fraudulent accounts.
Accuracy of Account Information	Verifying the account holder's details ensures the accuracy of the provided bank account information. This helps prevent errors in payment processing, such as incorrect account numbers or outdated account information, increasing your collection success rate.
Regulatory Compliance	Account holder verification aids businesses in complying with regulatory requirements, such as anti-money laundering (AML) and know your customer (KYC) regulations. It provides an additional layer of due diligence and verification of customer information.
Risk Mitigation	By verifying account ownership, businesses can mitigate the risk of potential financial losses associated with fraudulent transactions. This service helps to identify and flag suspicious or unauthorised account activities.
Enhanced Trust and Security	Account holder verification enhances the trust and security of financial transactions for both businesses and customers. Customers can feel confident that their payments are being directed to the intended recipients, while businesses can protect themselves against potential payment fraud.

Speak with your Revio account manager for more information on how to access this service via API.