• Companies, public administrations and individuals may now access, via their banks, to Iberpay’s Account Ownership Confirmation Service.

• Banks have a new business opportunity, especially relevant for companies and public administrations, which strengthens the relationship with their clients.

Iberpay’s Account Ownership Confirmation Service is a high value digital service that enables the instant ownership-verification of any Spanish bank account, in real time and available 24x7. The service has been developed by Iberpay and is based on the same innovative technology which enable instant credit transfers. All entities in the Spanish banking system are connected to the service, which allows the confirmation of over 80 million payment accounts (99% of Spanish bank accounts)

Its commercialisation now to bank clients (individuals, companies and public administrations), represents an excellent business opportunity for banks. This service expands the range of services available to their clients and may strength their business relationship with a high-value digital service that; helps reduce fraud in account-to-account payments, reduce errors in commercial transactions, payments and collections, as well as facilitate client’s digital onboarding in all business sectors. In addition, it significantly enhances the bank's operational efficiency, since the bank: reduces fraudulent or erroneous transactions received from its clients, avoids exceptions or manual processes, and improves the automatic “end-to-end” payment process.

Features:

• Confirms the ownership of any payment account, National ID card (NIF) or VAT number (CIF) against the IBAN code of an account
• Avoids fraud: it verifies the beneficiary of an account in real time, for example, before sending a payment or a receipts, or in a new customer’s digital onboarding process.
• Reduce errors: over 5 million returns and more than 0.38 million payment transaction rejections are registered per year.
• Certifies ownership: it digitally substitutes the ownership certificate for an account.
• Reliable, real-time updated information .
• Universal and frictionless: +80 million verifiable accounts (≈ all in Spain), with no friction and in less than three seconds.
• Commercialization and access to the service through banks.