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Verify corporate account ownership in real time with Business Account Check

4 min read|Published March 22, 2022
Business Account Check

No more inefficient onboarding processes, where users have to manually enter loads of data or send in physical bank statements. With Business Account Check, your customers can verify a business bank account in no time – for a better onboarding and a safer payout setup.

TL;DR – Quick summary
  • Manual account verification processes have long been a pain point for PSPs and merchants alike. 

  • With Business Account Check, customers no longer have to input loads of data manually, but can verify their accounts with a few clicks.

  • When users connect to and authenticate with their bank, their account information is pulled automatically – for a better onboarding and a safer payout setup.

TL;DR – Quick summary
  • Manual account verification processes have long been a pain point for PSPs and merchants alike. 

  • With Business Account Check, customers no longer have to input loads of data manually, but can verify their accounts with a few clicks.

  • When users connect to and authenticate with their bank, their account information is pulled automatically – for a better onboarding and a safer payout setup.

Nothing is more important than making sure you're paying out to the right business bank account. Yet up until now there has been a lack of quick and easy ways to gather and confirm account details you need.

Whether you're a payment service provider (PSP) serving merchants, or a marketplace for SMBs and sole traders, you need reliable onboarding processes. Clunky and unreliable account verification processes will lead to a high abandonment rate in the sign-up flow, and wrongful payouts in the payment flow. 

Verifying a business’s bank account is a tedious and manual process. Manual verification methods, like sending in paper bank statements or filling in the data by hand, lead to a number of problems. Such as paying money out to the wrong bank accounts because of errors, inefficient paperwork processing, and high operational costs. All this leads to lost revenue and dissatisfied customers. 

Verifying account data in under a minute – instead of days

As our followers know, Tink’s Account Check has been around for a while. But now we’re expanding this capability to business account holders in selected markets as well.

Business Account Check allows customers to instantly verify businesses’ bank account information with secure, real-time verified data – directly from their bank account. It's perfect for customers who need to verify account ownership in the payout setup for merchants, or sole traders at PSPs or Marketplaces. 

Using Tink’s Business Account Check, customers can verify a business bank account in no time for a better and safer payout setup. 

So, instead of asking customers to jump through hoops to provide their information – then spending days verifying the information – you can choose a better way. With Business Account Check, verifying account data can be done with a few clicks. When users connect to their account and authenticate with their bank, their information is pulled automatically – completing the process in under a minute, as opposed to several days.

And of course, since the information is coming straight from the banks, you know you’ll get accurate and valid data. You skip the headaches caused by photoshopped statements, as well as plain old human error (most commonly typos).

Deliver a seamless onboarding and payout setup experience for businesses by fetching the information straight from their banks, instead of asking them to send in physical documents or manually fill in forms.  

Want to get down to business?

Tink's end-to-end verification solution Account Check has been around for a while, but now we’re expanding this capability to business account holders in selected markets. If you want to take a look at how it works, try our demo. If you like what you’ve read and want to get right ahead to business – contact our sales team.

Business Account Check is currently available in the UK.

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