Bankinter innovates with the introduction for corporates of Iberpay's new Valitic service to verify account ownership in real time
Developed by Iberpay in partnership with various entities in the Spanish banking sector, the system allows corporates to check in a matter of seconds whether the holder of an IBAN account matches the reference tax ID number, TIN or NIE.
The new service will help prevent fraud in account-to-account payments, reduce transaction errors, eliminate manual tasks and significantly improve payment processes for Bankinter customers.
Bankinter takes a new step forward in innovation and security. The Bank's website now includes Valitic, a new bank account ownership verification service developed in collaboration with Iberpay that allows corporates to confirm in real time whether the holder of an IBAN account matches the tax ID number, TIN or NIE linked to the account. The aim is to strengthen security in account-to-account payments, reduce fraud and minimise errors in business transactions.
User-friendly and available 24/7, the service delivers an instant, unequivocal response: “OK” if the account holder matches the tax ID provided, and “KO” if it doesn't match. With participation from various entities in the Spanish banking system, Valitic guarantees broad coverage and high reliability in the checks.
Greater security and efficiency for corporates
The introduction of Valitic means that Bankinter's corporate customers can verify the ownership of destination accounts in a matter of seconds before making a payment, both in their recurring business relationships and in the onboarding of suppliers and employees. The advantage for corporates is that they can use the verification at any time – for example, to prepare supplier databases – not just when executing a transaction.
Direct benefits of the new service:
- - Avoids fraud attempts in account-to-account payments, especially in contexts of identity theft or fraudulent modification of bank details.
- - Reduces errors in commercial transactions, avoiding payments to incorrect accounts and the operational costs associated with returns, claims and corrections.
- -Optimises reconciliation and internal control processes for corporates, which can integrate owner verification as a routine procedure for account onboarding and validation.
Joining and using the service is very simple: ownership verification doesn't require a signature and registering for the service is free for customers. Thereafter, a monthly settlement based on usage is generated in the debit account selected by the corporate.
A strategic move for the Bank
For Bankinter, the launch of Valitic represents a new step in its strategy to further strengthen the security of payment methods and improve the experience of its corporate customers.
The new service permits:
- - Reduction of fraudulent or erroneous transactions through the early detection of discrepancies in account ownership.
- - Fewer exceptions and manual tasks associated with the management of payment incidents, resulting in greater operational efficiency.
- - Significant improvement in end-to-end payment processes, from the onboarding of bank details to the final execution of the transfer.
The launch of the Valitic service reaffirms Bankinter's commitment to innovation and the development of solutions that provide greater security, confidence and efficiency for the transactions of its corporate customers.
In terms of individuals, a few months ago Bankinter launched account ownership verification through the account holder's name. As well as complying with regulations, this represents another step forward in bolstering the security and efficiency of transactions between individuals.