Bank account verification

• March, 2024

After reviewing quantitative and qualitative signals, we detected serious friction and an opportunity in the area of incorrect bank accounts within our product.

Within the US, we had functionality that detects to which bank, added account belongs (from the routing number). However, we were missing a feature where the user can actually check if such a bank account is valid and operational. By adding this functionality, we could drastically reduce the chances of user adding an invalid bank account for the vendor, thus eliminating the failed transactions.

Another aspect of this project is that clients were willing to pay for each verification, creating an opportunity for an additional revenue stream.