In the digital age, account-to-account payments have revolutionized the way we handle financial transactions. The simplicity and efficiency of transferring funds directly from one account to another are undeniable, but what is the importance of verifying financial data in this process? In this blog, we will thoroughly explore this crucial aspect provided by Floid that cannot be overlooked.

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Online payment security: our Onboarding Process & Fraud and Identity Score

Verifying financial data in account-to-account payments is essential to safeguard security during the process. By confirming account information, you significantly reduce the risk of errors or, more critically, financial fraud.

The authenticity of the accounts involved in the transaction becomes a fundamental pillar to ensure that the payment flow is carried out securely.

At Floid, we provide a fraud score during the user identity verification process to reduce the risk of failed transactions by analyzing online behavior. This indicator strengthens our clients’ risk engines and enhances decision-making. This allows companies to make accurate risk decisions before, during, and after authorizing a transaction.

With the score, you can increase your revenue; improve approval rates; stop fraud in time; and optimize manual processes.

We know that a simple error in financial data, such as an incorrect account number or a misspelled name, can be costly and lead to unnecessary complications. Carefully verifying data before making any transfer avoids payment returns, delays, and ultimately saves you time and effort.

That’s why Floid also offers an onboarding process that identifies new customers simply and quickly. Our clients can verify users' full names, nationality, marital status, gender, and age to prevent fraud and AML in their businesses.

Trust in the payment process is a key component of any financial transaction. When our clients know that a thorough data verification is carried out before making online payments, they feel more secure and confident using this method of transaction.

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Closing the loop: account-to-account payments with Floid

In addition to validating your users’ identities in simple steps and obtaining a Fraud Score to detect the risk of an online purchase, with Floid you can receive payments from any bank without your users leaving your flow.

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How it works

The payment is made in less than a minute, and in simple steps, you can immediately validate and confirm your payments in real time, receive transfer funds instantly, and boost your cash flow.

Through a simple and secure integration, companies can offer their customers a smooth and reliable online shopping experience, resulting in higher conversions and sales for the business.

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Benefits of our account-to-account payments include:

• Elimination of Intermediaries: Instead of relying on financial intermediaries such as credit cards or third-party payment services, account-to-account payments allow individuals to transfer funds directly from their bank account to the recipient’s account.
• Efficiency and Speed: Transfers are usually made in real time or within minutes, facilitating timely financial transaction management.
• Lower Costs: By avoiding intermediaries, account-to-account payments often involve lower fees compared to other payment methods. This can be especially beneficial for both users and businesses.
• Security: Account-to-account transfers with Floid are secure, as they involve direct interaction with financial institutions and are often accompanied by robust security measures, such as two-factor authentication.

This way, we become the most complete and secure tool on the market, because with Floid you can verify user identity through secure onboarding, prevent fraud in online transactions, and with account-to-account payments, our clients can automatically reconcile their payments and focus on scaling their business.

Verifying data in online payment processes is a vital component to ensure security, prevent errors, comply with regulations, and strengthen trust in this financial transaction method.

This is where we stand out: by adopting solid verification practices, we contribute not only to individual security but also to the development and strengthening of the financial system as a whole.

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