VoPay Launches VoPay Verify, Pioneering Real-time Bank Account Verification in Canada and the United States.

VoPay, a trailblazing provider of embedded financial technology solutions, has unveiled VoPay Verify, a groundbreaking Instant Bank Account Verification solution through microtransactions. This marks the first-of-its-kind service in Canada and the United States, setting a new standard for swift and reliable bank account verification.

The increasing popularity of bank account payments as an alternative to credit cards and paper cheques has created a demand for a rapid and steadfast verification method. VoPay’s innovative solution allows enterprises to instantly authenticate any US or Canadian bank account, eliminating the traditionally time-consuming process that could take up to 24 hours or more for microtransactions to conclude.

Microtransactions, a proven method for confirming bank account ownership, involve crediting or debiting a nominal amount into the account. They offer multiple benefits for businesses, including enhanced security, improved user experience, regulatory compliance, and minimized chargebacks. However, the current process is notorious for its sluggishness and disruption to user experience, with transactions often taking at least a day to complete. By harnessing VoPay’s real-time transaction capabilities, companies can mitigate the risk of reversals, non-sufficient funds (NSFs), and transaction failures, ultimately improving their financial performance.

Hamed Arbabi, VoPay Founder & CEO, emphasized the significance of this initiative, stating, “Fast and easy account validation has become a crucial component in customer onboarding, and enterprises are struggling to find a fast, reliable, and cost-effective way to validate new accounts. VoPay’s new Instant Micro-Transaction Verification tool does just that.”

VoPay Verify offers a fully managed account verification experience by providing a pre-built user interface and intelligent logic that determines the transaction amount based on various risk criteria. This initiative aligns with VoPay’s commitment to providing Fintech-as-a-Service tools, solidifying its position as a go-to provider for businesses seeking to integrate embedded financial services into their offerings.