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Interbacs launch innovative ID check service InterPass
Leading BACs payment provider Interbacs has launched a brand new ID check service to improve security and combat fraud
In the current world, these checks are an essential step in fraud prevention. According to the most recent report from UK Finance, in 2022 UK businesses lost an astounding £1.2 billion due to fraud. This alarming statistic highlights an urgent need for reform in payment processing to safeguard organisations and their customers from substantial financial losses.
Bank account verification software combats this by verifying whether the person, account and address are related to each other. InterPass is a comprehensive and versatile service that quickly verifies any details, enabling Interbacs to assure that bank account numbers and sort codes are correct and that they belong to the individual in question.
InterPass enables the user to check whether someone is associated with a particular address and verifies the information from a few different sources.
The InterPass three-point check includes:
- Residency – for example, electoral roll, credit data, phone and court data
- Identity – DOB on the electoral roll and credit agreements, landline number and bank data
- Alerts – Deceased register, Fraud protector(SIRA), CIFAS, suspicious addresses.
Interbacs' unique software verifies both the name and address of the individual in question, including an examination of the address history. Its capabilities also extend beyond this to check the age of the account and identify the issue if the details can’t be validated.
Interbacs allows clients to save their business time and money by automating payment processes. A bespoke solution is also available which enables clients to focus elsewhere on their business.
Edward Taylor, CEO of Interbacs, said: “InterPass is a revolutionary solution for the payment process sector. Our unique service provides businesses with a robust set of tools for protection against payment fraud, allowing clients to focus on other areas of their business.”
Who is Interbacs?
Interbacs Direct Debit Company is a Direct Debit provider to which UK businesses can turn to save time and money with reliable, professional and innovative payment solutions.
Interbacs Ltd was established by Bacs software developing experts with more than 30 years of experience in Bacs and business payment software delivery. Over the years, Interbacs has developed a well-rounded team of developers, project managers and banking experts to provide the ultimate support Bacs payments processing needs.