Instant Account Verification

Instant account verification (IAV) is a convenient and automated method that helps consumers connect to and fund new accounts. By enabling lenders and financial service providers to verify and access bank account data in a matter of seconds, IAV allows consumers to open accounts more quickly. Narmi partners with the company MX, a top data aggregator, to provide IAV.

Some benefits of using IAV are:

• Increase account openings
• Reduce orphaned account costs
• Integrate accounts seamlessly
• Boost customer engagement
• Deliver a delightful onboarding experience
• Provide quick fund transfers

IAV in Account Opening

During the Business Account Opening or Consumer Account Opening workflow, an applicant chooses a funding method—either an external bank account or a debit/credit card. To fund with a bank account, there are two options: 

• IAV – The applicant logs in with their banking credentials and gets instantly verified using our partner MX.
• Manual verification – The applicant enters the routing and account numbers of the bank account and gets verified by either Authorize.net or Microbilt (depending on how your institution handles ACH transactions) after passing identity decisioning.

If the applicant chooses IAV and the account is verified by MX, the payment is processed by Authorize.net or Narmi AO ACH Service, depending on how your institution handles ACH transactions.

If payment processing is successful, the application will proceed to the core banking system and open an account(s) on the core. 

IAV User Workflow in Account Opening

When selecting to fund the account by linking a bank account in the Account Opening workflow, the user is given the option to link via instant account verification or manual verification.

Once a user selects Log in with your bank, they can search for and select the financial institution of their external account.

The user enters the login credentials for their external bank and selects Continue. 

MX will connect with the external institution to authenticate the user's credentials.

Once the applicant has successfully connected their bank information, they automatically go back to the application and will be notified in the Account Opening flow if their application has been approved. These transactions will automatically go into "Pending" status, as they are waiting for the next ACH cutoff time.

For more information on funding in Account Opening, go to Funding Workflow.

IAV in Digital Banking

A customer/member can also use IAV in the Digital Banking product to add external accounts to their Digital Banking profile to be used for transferring funds.

IAV User Workflow in Digital Banking

Consumer and Business Digital Banking web users can go to their profile Settings and link an external account from the Linked accounts tab. 

Upon selecting Link a new account, a dialog appears to select Instantly add via IAV or manually add by entering the account and routing numbers. For full details on this flow, go to Linked Accounts.

Once a user selects Instantly add, they can search for and select the financial institution of their external account.

MX will connect with the external institution to authenticate the user's credentials.

Once the user successfully connects their bank information, they automatically go back to the Linked accounts tab where the new account is visible. For more information on the web flow, go to Linked Accounts. 

For more information on linked accounts for the mobile app, go to Mobile Linked Accounts.