Overview

Embed Inverite in your forms to verify and collect financial information automatically from your users.

What you need

• An active Feathery account and form
• An active Inverite account

Background

Inverite Verification is a Canadian company that specializes in providing real-time financial verification services. Its platform allows businesses to verify the financial information of their customers or clients quickly and securely. Inverite primarily focuses on verifying bank account information, such as account ownership, balance, transaction history, and account status.

Businesses in various industries, including financial services, lending, insurance, and e-commerce, use Inverite's services to streamline their onboarding processes, mitigate fraud risks, and make informed decisions based on accurate financial data.

Inverite's platform integrates with financial institutions across Canada to access and verify bank account information securely. It offers APIs and SDKs that enable seamless integration with existing systems and workflows, allowing businesses to automate the verification process and enhance the overall customer experience.

Overall, Inverite Verification helps businesses verify the financial credentials of their customers efficiently, reduce manual effort, and improve risk management practices.

Benefits

1. Efficiency: Inverite Verification enables businesses to quickly verify the financial information of their customers or clients in real-time. This reduces the time and resources required for manual verification processes, streamlining customer onboarding and account opening procedures.
2. Accuracy: By accessing real-time financial data directly from financial institutions, Inverite Verification provides accurate and up-to-date information about bank accounts, including account ownership, balance, transaction history, and account status. This helps businesses make more informed decisions and reduces the risk of errors or inaccuracies.
3. Fraud Prevention: Inverite Verification helps businesses mitigate fraud risks by verifying the authenticity of bank account information provided by customers. By confirming the validity of bank accounts and detecting any discrepancies or irregularities, businesses can prevent fraudulent activities such as identity theft, account takeover, and unauthorized transactions.
4. Compliance: Inverite Verification helps businesses comply with regulatory requirements and industry standards by verifying the financial credentials of their customers or clients. This includes requirements related to anti-money laundering (AML), know your customer (KYC), and customer due diligence (CDD) regulations.
5. Enhanced Customer Experience: Inverite Verification enables businesses to offer a smoother and more convenient onboarding experience for their customers. By automating the verification process and eliminating the need for manual documentation, businesses can reduce friction and improve customer satisfaction.
6. Integration: Inverite Verification offers APIs and SDKs that allow seamless integration with existing systems and workflows. This enables businesses to incorporate financial verification capabilities into their applications, websites, and backend systems with minimal effort.
7. Cost-Effectiveness: By automating and streamlining the verification process, Inverite Verification helps businesses reduce operational costs associated with manual verification procedures. This includes savings in terms of time, labor, and resources required for manual data entry and verification.
8. Risk Management: Inverite Verification assists businesses in managing risks associated with customer accounts by providing accurate and timely financial information. By identifying high-risk accounts or suspicious activities, businesses can implement appropriate risk management measures and safeguards.

Considerations

When evaluating Inverite Verification or any similar financial verification service, several factors should be considered to ensure it meets the specific needs and requirements of your business. Here are some key considerations:

1. Data Coverage and Sources: Assess the breadth and depth of financial data sources supported by Inverite Verification. Ensure that it can access and verify bank account information from a wide range of financial institutions, including major banks and credit unions.
2. Data Accuracy and Reliability: Evaluate the accuracy and reliability of the financial information provided by Inverite Verification. Look for evidence of data validation processes, data quality controls, and measures to ensure data integrity.
3. Security and Compliance: Verify that Inverite Verification follows industry best practices for data security and compliance with relevant regulations, such as GDPR, PSD2, AML, KYC, and CDD. Request information about their security protocols, data encryption methods, access controls, and compliance certifications.
4. Integration and Compatibility: Determine how easily Inverite Verification can integrate with your existing systems, applications, and workflows. Assess the availability of APIs, SDKs, documentation, and support for integration with your software stack.
5. Performance and Scalability: Evaluate the performance and scalability of Inverite Verification's platform, especially if your business operates at scale or expects rapid growth. Consider factors such as processing speed, latency, throughput, and the ability to handle large volumes of verification requests.
6. Customization and Flexibility: Assess the level of customization and flexibility offered by Inverite Verification to meet your specific business requirements. Determine whether the platform can be tailored to support custom verification workflows, data fields, and business rules.
7. Cost and Pricing Model: Understand Inverite Verification's pricing structure and evaluate the total cost of ownership, including subscription fees, transaction-based charges, implementation costs, and any additional fees for premium features or support services. Consider whether the pricing aligns with your budget and expected return on investment.
8. Customer Support and Service Level Agreements (SLAs): Evaluate the quality of customer support provided by Inverite Verification, including the availability of technical assistance, response times, and SLAs for issue resolution. Consider factors such as the vendor's reputation, customer reviews, and references from existing clients.
9. User Experience and Documentation: Assess the usability of Inverite Verification's platform and the availability of comprehensive documentation, tutorials, and training resources. Consider factors such as ease of use, intuitiveness of the user interface, and accessibility for both technical and non-technical users.
10. Vendor Reputation and Track Record: Research Inverite Verification's reputation in the financial technology industry, including the vendor's track record, experience, and credibility. Consider factors such as the company's history, financial stability, partnerships, and customer success stories.