Confirm Balances on Demand with Yodlee Balance Verification Verifying an account balance is key for reducing the risk of returned payments. Balance verification helps reduce failed payments, prevent overdrafts, and ensure compliance. With Yodlee’s advanced balance verification solution, fintechs, merchants, and banks gain the ability to confirm account balances, enhancing the payment process and preventing withdrawal failures before they occur. Additionally, customers can be alerted to low funds within the user experience, empowering them to choose alternative payment methods for a seamless financial transaction.What is Balance Verification?Balance verification is the process of confirming a customer’s bank account balance to ensure sufficient funds are available for a transaction. This is particularly essential for businesses that process ACH payments or require real-time payment confirmations. By providing an accurate, up-to-date snapshot of available funds, balance verification reduces the risk of failed payments and enhances financial stability for both businesses and consumers. On demand checks are especially vital, as they empower organizations to make informed decisions while improving the customer experience.This process is a key component of account verification, ensuring more accurate outcomes and fostering trust between businesses and their customers.How To Verify an Account BalanceThe process of verifying account balances involves secure, on demand communication between the user’s financial institution and the verifying system. Here's how it works:Customer Authorization: The user gives consent to the business to access their account information, typically via secure authentication methods like OAuth.Establishing Connection: The verification system connects to the user’s financial institution through a balance verification API. Yodlee has this solution.Retrieving Balance Data: A request is sent to retrieve either the available balance (ready for immediate use) or the current balance (which may include pending charges).On Demand Feedback: The system receives the balance information quickly.Decision-Making: Based on the balance data, using the Yodlee solution, your client's system will be enabled to evaluate whether to approve, decline, or flag the transaction for further review based on the parameters that are set/ the client’s chosen metrics.This process is a key component of account verification that not only enhances the security of sensitive customer information but also fosters trust between financial institutions and their customers.Use Cases for Balance Verification in FinanceBalance verification is indispensable in numerous financial and banking operations. Below are some of the most common use cases:ACH Payment ProcessingAvoid failed ACH debit payments by confirming sufficient funds in customer accounts before processing.Example: A utility company verifies a customer’s balance before deducting the monthly bill to ensure payment success.Fraud PreventionPrevent fraudsters from using dormant or underfunded accounts for unauthorized transactions.Example: An online marketplace confirms account balances before approving a payment for high-value items like electronics.Loan Disbursement & Credit UnderwritingValidate that borrower accounts are active and capable of receiving loan funds.Example: A digital lender verifies an account’s activity before disbursing a personal loan to mitigate operational risks.Fast Payouts in the Gig EconomyVerify the balances of gig workers’ accounts before sending same-day payouts.Example: A rideshare platform ensures a driver’s bank account is active and contains adequate funds, preventing disbursement errors.Subscription Billing & Recurring PaymentsReduce subscription declines and customer churn by checking balances prior to auto-renewals.Example: A SaaS provider confirms a customer’s available balance before processing their monthly subscription fee.By addressing these use cases, balance verification solutions safeguard financial operations, optimize payment workflows, and enhance the customer experience. How Can Yodlee’s Balance Verification Solution Benefit Your Business?Yodlee’s balance verification solution offers significant advantages for banks, credit unions, and fintech organizations. Below are the key benefits your institution can leverage:Effortless PaymentsReduce transaction risks with real-time balance verification, ensuring a smooth and hassle-free checkout experience for your customers.On Demand InsightsGet fast access to account balances, empowering smarter, faster payment decisions when it matters most.Reduce NSF RisksStay ahead with up-to-date balance data, helping to minimize insufficient funds transactions, overdrafts, and unnecessary fees.Unmatched Financial ReachWith access to over 19,000 Data Sources—from global banks to local credit unions— with Yodlee you are connected.Simple, Scalable IntegrationOur plug-and-play API is designed for quick setup, letting you seamlessly adapt as your business grows without missing a beat.All-in-One PlatformYodlee’s unified financial platform supports multiple operations, giving you the tools you need to scale, innovate, and succeed—all in one place.Yodlee helps businesses improve payments, build customer trust, and succeed in today’s digital financial world. Our solutions make it easy to stay ahead and deliver great experiences that drive growth and confidence.Ask About Our SolutionsReady to incorporate balance verification into your financial processes? Explore Yodlee’s Account Verification Solutions and see how they can drive your business forward. Get started by contacting us today and experience the benefits of accurate, real-time balance verification.
Confirm Balances on Demand with Yodlee Balance Verification Verifying an account balance is key for reducing the risk of returned payments. Balance verification helps reduce failed payments, prevent overdrafts, and ensure compliance. With Yodlee’s advanced balance verification solution, fintechs, merchants, and banks gain the ability to confirm account balances, enhancing the payment process and preventing withdrawal failures before they occur. Additionally, customers can be alerted to low funds within the user experience, empowering them to choose alternative payment methods for a seamless financial transaction.What is Balance Verification?Balance verification is the process of confirming a customer’s bank account balance to ensure sufficient funds are available for a transaction. This is particularly essential for businesses that process ACH payments or require real-time payment confirmations. By providing an accurate, up-to-date snapshot of available funds, balance verification reduces the risk of failed payments and enhances financial stability for both businesses and consumers. On demand checks are especially vital, as they empower organizations to make informed decisions while improving the customer experience.This process is a key component of account verification, ensuring more accurate outcomes and fostering trust between businesses and their customers.How To Verify an Account BalanceThe process of verifying account balances involves secure, on demand communication between the user’s financial institution and the verifying system. Here's how it works:Customer Authorization: The user gives consent to the business to access their account information, typically via secure authentication methods like OAuth.Establishing Connection: The verification system connects to the user’s financial institution through a balance verification API. Yodlee has this solution.Retrieving Balance Data: A request is sent to retrieve either the available balance (ready for immediate use) or the current balance (which may include pending charges).On Demand Feedback: The system receives the balance information quickly.Decision-Making: Based on the balance data, using the Yodlee solution, your client's system will be enabled to evaluate whether to approve, decline, or flag the transaction for further review based on the parameters that are set/ the client’s chosen metrics.This process is a key component of account verification that not only enhances the security of sensitive customer information but also fosters trust between financial institutions and their customers.Use Cases for Balance Verification in FinanceBalance verification is indispensable in numerous financial and banking operations. Below are some of the most common use cases:ACH Payment ProcessingAvoid failed ACH debit payments by confirming sufficient funds in customer accounts before processing.Example: A utility company verifies a customer’s balance before deducting the monthly bill to ensure payment success.Fraud PreventionPrevent fraudsters from using dormant or underfunded accounts for unauthorized transactions.Example: An online marketplace confirms account balances before approving a payment for high-value items like electronics.Loan Disbursement & Credit UnderwritingValidate that borrower accounts are active and capable of receiving loan funds.Example: A digital lender verifies an account’s activity before disbursing a personal loan to mitigate operational risks.Fast Payouts in the Gig EconomyVerify the balances of gig workers’ accounts before sending same-day payouts.Example: A rideshare platform ensures a driver’s bank account is active and contains adequate funds, preventing disbursement errors.Subscription Billing & Recurring PaymentsReduce subscription declines and customer churn by checking balances prior to auto-renewals.Example: A SaaS provider confirms a customer’s available balance before processing their monthly subscription fee.By addressing these use cases, balance verification solutions safeguard financial operations, optimize payment workflows, and enhance the customer experience. How Can Yodlee’s Balance Verification Solution Benefit Your Business?Yodlee’s balance verification solution offers significant advantages for banks, credit unions, and fintech organizations. Below are the key benefits your institution can leverage:Effortless PaymentsReduce transaction risks with real-time balance verification, ensuring a smooth and hassle-free checkout experience for your customers.On Demand InsightsGet fast access to account balances, empowering smarter, faster payment decisions when it matters most.Reduce NSF RisksStay ahead with up-to-date balance data, helping to minimize insufficient funds transactions, overdrafts, and unnecessary fees.Unmatched Financial ReachWith access to over 19,000 Data Sources—from global banks to local credit unions— with Yodlee you are connected.Simple, Scalable IntegrationOur plug-and-play API is designed for quick setup, letting you seamlessly adapt as your business grows without missing a beat.All-in-One PlatformYodlee’s unified financial platform supports multiple operations, giving you the tools you need to scale, innovate, and succeed—all in one place.Yodlee helps businesses improve payments, build customer trust, and succeed in today’s digital financial world. Our solutions make it easy to stay ahead and deliver great experiences that drive growth and confidence.Ask About Our SolutionsReady to incorporate balance verification into your financial processes? Explore Yodlee’s Account Verification Solutions and see how they can drive your business forward. Get started by contacting us today and experience the benefits of accurate, real-time balance verification.
