IBAN verification: a necessity in the face of the rise of bank fraud

An increasingly demanding regulatory framework

The rise of European regulations is not unrelated to this evolution. La PSD2 directive requires financial institutions to strengthen identity and authentication controls, especially when setting up new beneficiaries. La IBAN check fits directly into this framework, as a mechanism for the prevention of errors and fraud.

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This need for vigilance is also supported by the obligations related to Combating money laundering and the financing of terrorism (LCB-FT), or even KYC (Know Your Customer) procedures. In addition, there are SEPA standards, which require increasing rigor in the management of bank details.

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Ignoring or underestimating this requirement can have significant consequences, both in terms of regulatory compliance and reputational risk. An erroneous transfer to a fraudulent beneficiary does not only result in financial loss: it also affects customer relationships and trust in all of your processes.

The Meelo answer: a technological solution designed for professionals

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Faced with these challenges, Meelo has developed a IBAN verification solution, based on artificial intelligence and open data and enriched by data from specialized partners. Thanks to this trusted ecosystem, we automatically validate the bank details of your customers or partners with a high level of precision.

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The strength of this technology lies in its ability to analyze the IBAN in real time, verifying not only its structure and formal validity, but also its consistency with associated data (country, issuing bank, etc.). The engine developed by Meelo can thus detect anomalies or inconsistencies as soon as they are entered, preventing the error from spreading until the payment is processed.

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The user experience is at the heart of this solution: the tool is easily integrated into existing information systems (CRM, ERP, business solutions), thanks to Simple APIs and secure. Businesses thus benefit from a powerful tool, without having to change their internal processes..

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Concrete benefits for all teams

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The adoption of a IBAN verification solution is not limited to a regulatory or technical requirement. It is also a strategic choice with concrete and measurable impacts on the daily lives of teams.

The first benefits are operational. Thanks to thecontrol automation, manual tasks disappear, in favor of smooth and secure processing. Teams are freed from low value-added audit work and can focus on steering, analysis or customer support.

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The second impact directly concerns the security. By limiting input errors, inconsistencies and fraud attempts, the Meelo solution reinforces the robustness of financial processes and drastically reduces risk of incidents.

Finally, this approach has a direct effect oncustomer experience. Seamless payments, with no returns or rejections, increase satisfaction, trust, and loyalty. In a context where every interaction counts, the reliability of the payment process is an important differentiator.

To summarize, adopting the Meelo solution means benefiting from:

• reinforced security data and transactions,
• operational time savings for the teams,
• reduction in the costs associated with errors and fraud,
• improving the customer experience at each stage of the journey.

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Integrate IBAN verification into a global anti-fraud strategy

Meelo's IBAN verification solution does not work in isolation. It is part of a broader approach to building comprehensive financial risk protection.

As such, Meelo also offers the Identity Fraud Score.

Identity fraud solution, a complementary tool that assesses the risk of fraud linked to a customer's personal data. By analyzing criteria such as name, first name, email address, telephone number, or date of birth, this tool can detect suspicious profiles, inconsistencies, or weak signals that could indicate an attempt at identity theft.

This dual device (IBAN + identity) forms an effective bulwark against the main types of fraud encountered today in subscription, financing or reimbursement processes.

Another component of this global strategy: predictive solvency analyses.

Business solvency analysis solution, which make it possible to assess a customer's repayment capacity or risk level at an early stage. Thanks to algorithmic models enriched by open data, Meelo helps companies to better anticipate unpaid invoices, to adjust their commercial conditions, and to secure their growth.

Customer testimonies: recognized efficiency in the field

Many companies from the banking, insurance, mobility and energy sectors have already adopted the Meelo solution, with immediate and measurable results. The testimonies are unanimous on several points.

First of all, the ease of deployment. Thanks to a well-documented API and personalized support, the solution can be quickly integrated into existing tools without generating disruption or overload for teams.

Then, the visible reduction in fraud. By automating upstream checks, businesses are seeing a significant decrease in direct debit rejections, payment incidents, and fraud attempts by IBAN usurpation.

Finally, the Return on investment is fast. From the first few months, the gains in efficiency and security more than offset the costs of implementation, with savings made on the management of disputes, reimbursements or customer support.

Trusted technology for trusted payments

In a constantly evolving financial ecosystem, where digitalization goes hand in hand with the sophistication of threats, automated IBAN verification is no longer a luxury, or a simple option. It is a fundamental brick of any modern payment system.

Meelo offers technology that is reliable, scalable, and aligned with current regulatory requirements. It provides a concrete response to the challenges of security, compliance, but also operational and commercial performance.

In conclusion

By integrating IBAN verification into your processes, you are not only responding to a regulatory constraint: you structurally improve the quality of your financial flows, you protect your customers, and you facilitate the daily life of your teams. And by choosing a solution like the one offered by Meelo, you benefit from a powerful tool, designed to adapt to your challenges, today and tomorrow.

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