Bottomline Technologies has launched V-Series, a technology platform for real-time validation and verification of UK bank accounts.

Automated payment methods such as Direct Debits, Direct Credits and Faster Payments continue to be the most popular means for businesses to make and collect payments, with the Payments Council stating that they expect automated payment volumes to reach £7.8 billion by 2021. However, there can be time consuming administrative burdens associated with setting up and managing Direct Debits, and significant losses when the set-up process is unsuccessful. Bottomline has launched V-Series to help businesses overcome these losses. The software validates bank account and sort code details to ensure an account should exist, should be open and can accept automated payments. It also verifies accounts confirming that an account definitely exists, is open and bears a living account holder’s name, address and date of birth. Both validation and verification can be checked simultaneously at the point of data capture to enable real-time decision-making.

“Lack of bank account validation and verification at the point of data capture is a commercial blind spot for businesses,” says Jim Conning, director of payments at Bottomline Technologies. “With V-Series companies have an immediate opportunity to eliminate the dual cost of failed Direct Debit submissions and remediating errors. By having the ability to check and confirm in real-time that bank account details and account holder information is correct, organisations are able to reduce operating costs, secure revenue and ensure better control over cash-flow. In addition, they can reduce fraud, speed up customer acquisition management and deliver superior customer service.”

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