A Vancouver-based financial technology firm is launching a service that it believes is the first of its kind in Canada.
BC-born VoPay this month unveiled VoPay Verify, an “Instant Bank Account Verification solution.” VoPay says the solution empowers enterprises to rapidly authenticate and confirm any US or Canadian bank account, eliminating protracted waiting times of up to 24 hours, for micro-transactions to finalize.
“This initiative gives our clients an out-of-the-box method for account verification,” says VoPay founder Hamed Arbabi.
Micro-transactions, a common tool for confirming bank account ownership over the years, offer advantages for businesses, according to VoPay—including heightened security, improved user experience, regulatory compliance, and reduced chargebacks.
However, the slow-moving aspect of the process remains a major flaw.
VoPay says its real-time transaction capabilities reduce the risk of reversals and transaction failures, improving a business’ bottom line.
“It means that they don’t have to stitch together a solution and can utilize an optimized set of endpoints for micro-transaction verification,” explains Arbabi, who serves as chief executive.
Arbabi says this latest offering strengthens his company’s position as a leading provider of Fintech-as-a-Service tools for businesses looking to integrate embedded services.
“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,” the entrepreneur stated. “VoPay’s new Instant Micro-Transaction Verification tool does just that.”
VoPay Verify will be available to new and existing customers starting in February.
VoPay was founded in Vancouver in 2015.