Financial Institution Benefits
Participating with VerifyValid™ is easy. Whether your financial institution offers a wide range of treasury management services, or you’re just thinking about getting started, VerifyValid™ offers an innovative solution to add to your treasury management suite of offerings. You have a new service to offer, and your commercial customers save time and money! Our banking partners enjoy a new fee income opportunity and use VerifyValid™ as a business development tool.
Issuing one or thousands of checks at once can be done easily by having your business customers upload a CSV file into the VerifyValid™ system. Their recipients who are VerifyValid™ users will be able to print the check or deposit the funds via RDC (Remote Deposit Capture) image capture process (conversion to X9.37 check image).
Imagine being able to offer your business customers an RDC service that does not require any new equipment (no check scanner), does not require software installation and has no maintenance or service calls. You can activate your account holders in minutes. What a great way to get business account holders exposed to the value and efficiency of RDC. For existing RDC customers, adding the VerifyValid™ remote deposit is described by our participating FIs as a “no-brainer”. Best of all, whether your account holders are a brand new or long-time RDC user, you can offer these customers a combined Virtual Lockbox™ and RDC combined solution not available anywhere else. Your customers can be using the VerifyValid™ Virtual Lockbox™ in minutes. Best of all offering these services does not require your bank or credit union to add any staff or labor.
And the best part is there is no investment in a new IT system. Your bank or credit union can be up-and-running in less than 24 hours. No significant capital expenditure for hardware or software. No long IT implementation required. In fact, getting started with VerifyValid™ is as quick and easy as signing-up via the Web. VerifyValid™ takes care of the rest!
Reduce Risk and Prevent Fraud. Since VerifyValid™ is built on a fraud prevention platform, VerifyValid™ delivers the industry’s first practical and usable Universal Positive Pay system, so your bank or credit union can deliver a value-added service to commercial account holders that eliminates costs for them while reducing risk and helping prevent check fraud for them and you.
Has a VerifyValid™ check been presented at your bank?Verify Check
Did you receive a check printed on normal paper? If so, it may be a VerifyValid™ check. Legacy paper checks rely on easily-forged, physical characteristics like special check stock (6 cents per checks at the local office supply) and magnetic ink (3 cents per check at the same store) to persuade you that the check is genuine, even though anyone can easily produce any check they want on their home computer. VerifyValid™ checks instead use robust cryptographic technology to validate that the crucial contents of the check were created and approved by the verified account holder. That's real assurance.
To verify the check you have received, enter (or confirm) the data in the fields below and click “verify”. The information will be cryptographically verified against the set of checks created by the account holder. If it claims to be a VerifyValid™ check but does not verify, then it is not valid.
How does it work?
Here are the steps that lead to a VerifyValid™ check. The creator securely registered their checking account with the VerifyValid™ service (details) so that only they (or their delegates) can created the check. When they request a particular check
- The creator authenticates with the VerifyValid™ service
- The creator presents the information comprising the check to the VerifyValid™ service
- The VerifyValid™ service creates a secure digital timestamp to confirm the account holders request to create the specific check
- The VerifyValid™ service sends the validated electronic document to the recipient
- The recipient prints it and presents it to you
A few important notes:
- Because the original recipient of the check printed and authorized checks directly from the electronic document, the result is a check and not a Check 21 “image replacement document”
- The secure timestamp cannot be forged. Thus, the record of the payor‘s authorizing action cannot be forged or retroactively created (i.e., if we have a timestamp record, then it was necessarily generated at the time the record asserts).
Attract new corporate customers and boost your treasury management offerings. To learn how please contact a representative at firstname.lastname@example.org.