Yodlee Instant AccountVerification lets you instantly allow a consumer to begin transferring funds from an account via ACH by verifying ownership of a funding account in-session. Consumers choose to instantly verify their accounts 90% of the time, when instant account verification is offered.

How It Works
To verify an account, a consumer must be present on your site and will go through the following steps:

• The consumer enters their name, routing number and account number and your system uses the routing number to get the bank and information required from the consumer. Typically this will be user name and password, but some sites will require additional data such as a PIN or multi-factor authentication.
• The Yodlee system checks the account through the Yodlee Aggregation Network, which uses direct feeds with large financial institutions and for others uses scraping methods that have been perfected over the past decade and include a large team in our India office that is solely focused on maintaining the quality of the data.
• The information verified and returned includes:
  • That the consumer has access to the account
  • The name on the account matches
  • The account number matches
  • The balance on the account
• If the account is not verified successfully, the Yodlee Instant AccountVerification API will return the reason for the failure and you can appropriately message to the consumer or verify the account through another method such as challenge deposit.