Shufti Adds Bank Account Ownership Checks to Identity Platform

Shufti has launched bank account verification within its identity and compliance platform, giving businesses a single integration for checking customer identities and the bank details associated with them.

The service uses a server-to-server API connection. Shufti says an end user does not need to log in to a bank or follow a redirect to complete the check, allowing account verification to run alongside existing onboarding and payout workflows.

Coverage extends to more than 70 countries, but the available checks differ by market. In approximately 21 countries, the service validates the structure and checksum of an International Bank Account Number, or IBAN. Those checks establish whether the number follows the required format, rather than confirming who owns the account.

Other markets support checks against bank-held information. Results can include a full or masked account-holder name, a name-match status or confirmation that an account exists. Shufti lists Finland and Indonesia among markets where full names can be returned, while Australian checks can provide a financial institution’s matching result without returning the underlying account-holder data.

The platform therefore distinguishes six types of result: full names, masked names, match statuses, account existence, IBAN structure and IBAN checksum. Businesses can use the response available in a particular jurisdiction rather than assuming every country offers the same ownership verification.

Account checks can also be connected to later activity. A change to payout details can trigger biometric reauthentication and liveness verification, linking the request back to the customer whose identity was established during onboarding. Liveness checks assess whether a real person is present rather than relying on a submitted photograph alone.

Shufti’s recent analysis of coordinated fraud attempts examined the reuse of forged documents, devices and network infrastructure across applications. Its customer dataset linked separate verification attempts through shared attributes, illustrating the checks surrounding initial identity proofing.

The company has also added e-signatures, transaction monitoring and Travel Rule tools to its platform. Those services connect document signing and compliance workflows with an already verified customer identity.

Sources: GlobeNewswire

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By the ID Tech Editorial Team