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

To use IAV in Account Opening:

1. On the Funding page, select Link an external bank account.
   
   

2. Select Log in with your bank to use IAV.
   
   

3. Search for and select the financial institution of the external account.
   
   

4. Enter the login credentials for the external bank and select Continue. 
   
   

5. MX will connect with the external institution to authenticate the credentials.
   

Once the applicant successfully connects their bank information, they return to the application. They will be notified in the Account Opening flow if their application has been approved. These transactions will automatically go into "Pending" status and wait 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 Consumer and Business Digital Banking products to add external accounts to their profile to transfer funds.

IAV User Workflow in Digital Banking

To use IAV in Digital Banking:

1. Select the name menu > Settings > Linked accounts > Link a new account. 
   
   

2. From the dialog that appears, select Instantly add to use IAV. For full details on this flow, go to Linked Accounts.
   
   

3. Search for and select the financial institution of the external account and enter login credentials.
   
   

4. MX will connect with the external institution to authenticate the credentials.
   

Once the user successfully connects their bank information, they return 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.