Account Verification Services

Account verification between banks

Account Verification Services (AVS) is provided by BankservAfrica to allow participating banks to validate certain account details of customers who hold accounts at different banks.

The industry supports two types of AVS transactions:

Real-time Account Verification Service (AVS-R), which obtains validation for one account at a time and delivers the result within seconds
Batch Account Verification Service (AVS-B), which obtains validation for multiple accounts at a time and can take up to an hour or more to deliver the results.

In each case, the service validates the identity of an account holder against the bank account supplied and the validity of the account.

In addition, the requesting bank can specify a number of optional attributes that they wish to validate, including:

Whether debit and/or credit transactions can be processed against a bank account
The account type (e.g., check or savings)
The status of the account (e.g., open or closed)
Whether or not the account has been open for longer than three months

It should be noted that AVS is not a ‘lookup’ service; that is, a bank processing an AVS request will not return any additional information related to that account, but will perform a check against all parameters included in the request message and return a ‘yes’ or ‘no’ response for each parameter.

Learn more about why banks should participate in AVS

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Banks

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New Banks

Rapidly implement future-fit clearing house payments

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Electrum’s Solution

How Electrum solves for AVS

Electrum’s AVS-R and AVS-B payment solutions allow banks to validate customers' accounts either in real-time or in batches.

Note that Inbound AVS-R and AVS-B and Outbound AVS-R are independent services offered by Electrum. It is therefore possible to implement one or the other as per your requirements.

Incoming and outgoing

Processing of incoming and outgoing account verification transactions between a bank and BankservAfrica.

Account Mirror

Electrum’s Account Mirror overlay allows integration and synchronisation with the bank’s account information, which enables the solution to perform account validation for inbound requests on behalf of the bank.

Trusted Implementation

Existing integration with BankservAfrica

Electrum’s solution comes standard with a single, simplified integration into all payment schemes, allowing you to adopt new services and quickly cater to your customer’s demands. Electrum’s proven integration with BankservAfrica provides access to all NPS-regulated transaction processing.

Electrum’s Solution

Overlay services to bolster your offering

Choose from Electrum’s overlay services, including fraud and risk management services, QR code management, and cash voucher issuing and management.

These are designed to help you meet consumer demands for fast, innovative payment solutions and become an industry leader in the changing ecosystem.

Future Proofing

Keep up with the latest trends

Built with the agility to support new and emerging transaction types, specifically when it comes to handling high-volume, low-value transactions.
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