Verify bank account details with Bank Wizard

Bank Wizard helps improve Straight-Through-Processing of UK and international payments by reducing errors in your data at the point of entry to prevent failed payments.

The service makes the real-time connection between a customer and their bank account details. Bank Wizard checks the existence of an account by comparing a customer’s information with that held by their bank. In addition, it helps to dramatically reduce the potential for payment fraud as it allows you to verify information about the owner of the account.

Key features

  • Confirms the existence of a bank account
  • Validates the connection between the account and the customer
  • Identifies payments that would fail due to account closure, non-existent account or deceased account owner
  • Is charged based on usage

Key benefits

  • Verify bank account details
  • Control operational costs
  • Increase payment success rates
  • Improve Straight-Through-Processing rates
  • Minimising the risk and associated cost of fraud
  • Avoiding problems associated with failed transactions
  • Reduce manual intervention

Integration with forms processing software

Bank Wizard is embedded into our forms processing software to verify bank account details in real-time and validate that the account exists, is active and is connected to the customer.

Quick account and sort code lookup

Through a simple integration, TeleForm users can access the Bank Wizard interface from inside the Verifier module to validate bank account and credit card details before you submit them to an automated clearing system such as BACS, Faster Payments or EBA STEP2. Confidential payment information is exported directly into finance systems with images redacted to ensure compliance with financial regulations.

Common examples of paper forms that collect payment information include:

Credit applications

Membership renewals

Insurance claims

Employee onboarding

Loan applications

Benefit forms

Financial aid

Electronic form processing with Bank Wizard

With the Bank Wizard plug-in for TeleForm eForms, payment details are verified on submission meaning you can correct errors while still in contact with the customer, significantly reducing the number of rejected payments, which in turn improves customer service and reduces costs. This offers a great experience to the user and provides clean, accurate data for you.

In addition to Bank Wizard, our forms processing solutions can interface with QAS, GBG, credit reference agencies, and more.

Bank Wizard is sold as part of a TeleForm or ABBYY based forms processing solution. Please visit the Experian website to purchase Bank Wizard directly.

If you want to learn more about Experian Bank Wizard, please contact us.