LSEG Risk Intelligence has launched a Global Account Verification API to help address the challenges of authorised push payment (APP) fraud and facilitate seamless cross-border payments. Authorized Push Payment (APP) scams happen when someone/a company is tricked into sending money to a fraudster posing as a genuine payee. GAV API helps prevent APP scams

The Global Bank Account Verification API allows users to validate bank accounts, ensuring that the provided details match those in the bank's records. The API supports both business and consumer bank accounts, offering various validation mechanisms, including IBAN validation. This API is crucial for companies that have the need to verify bank account information before processing transactions, reducing the risk of errors and fraud.

Technology

The Global Account Verification API is a standard REST-based API that uses HTTP requests to POST data. The production endpoint is supported solely on HTTPS. The API uses built-in HTTP features, such as HTTP authentication, errors and verbs which are understood by standard HTTP clients. 

The API uses Basic Authentication to secure API requests. To authenticate you will require your Username and Password. Request and response body data are in standard JSON format.

Purpose and Use Cases

The API is designed to be used in scenarios where the verification of bank account details is necessary. Common use cases include:

•      Validating bank account information before initiating a financial transaction.
•       Confirming that an entity is linked to a bank account by matching provided details.
•      Reducing the risk of processing transactions with incorrect or fraudulent account information.

Version Information

•  Current Version: 1.0 (aligned with OAS 3.0)
•  The API is documented using the Open API Specification 3.0, ensuring a standardised and wellstructured approach for API definition.