The Many Uses of armalytix

and how it makes your business life better

In previous articles we have talked a lot about Open Banking, with its immediate advantages and future opportunities. Now it’s time to talk a bit about armalytix, our bank account verification service, which makes use of the power of Open Banking to dramatically improve your processes, efficiencies and client interactions whilst reducing your costs and manual overheads.

 

What is armalytix and what does it do?

The fast and secure alternative to dealing with bank statements, armalytix makes your processes fast, simple, secure and cost effective by automating the verification of business and personal account holders and payments.

It’s built for businesses who need to verify their clients’ bank details, with other financial metrics such as proof of funds on the way. You can start verifying your clients’ bank details today across desktop and mobile with zero implementation.

What can I use armalytix for?

There are 4 clear reasons why your business would use armalytix:

  1. Replacing the manual of handling bank statements with an efficient digital service
  2. Meeting financial crime regulations
  3. Preventing fraud
  4. Saving time and money on resource-heavy processes

Within these reasons, there are many specific uses of armalytix – let’s look at a few of them in more detail:

Destination verification

The problem – Many organisations are required to meet the financial crime regulations laid down by the global Financial Action Task Force (FATF). They must ensure that before transferring funds to or from a bank account, they verify that ownership and control of that account matches their own verified client records. This verification is completed in many ways, all expensive, slow and frustrating, and includes requesting bank statements, phone interviews, depositing token amounts to the account or refunding via debit or credit cards.

The solution – armalytix will digitally verify ownership, control and account details of business and personal bank accounts across the UK, before funds are moved.

Due diligence

The problem – Client Due Diligence (CDD) is where relevant client information is collected by organisations and evaluated for risk and money laundering, which costs the UK an estimated £24 billion a year. Many organisations, including financial institutions, gambling firms, accountants, lawyers and real estate firms are obligated to conduct CDD. This can be manual, frustrating, costly and time consuming.

The solution – Verifying control of a bank account is an important part of CDD.  armalytix allows you to simply verify the name, sort code and bank account number, and importantly control, of bank accounts belonging to businesses and individuals.

Invoice fraud

The problem – In 2019 over £82 million was lost to invoice fraud in the UK. Businesses try to pay an invoice to a legitimate payee, but someone intervenes to convince them to redirect the payment to their own account. Criminals can pose as suppliers, solicitors, tradespeople and others claiming bank details have changed. These fraudulent scams frequently involve phishing emails, intercepting emails and / or hacked email accounts.

The solution – armalytix allows you to digitally verify bank account details and ownership across the UK before making a payment.

What are the other important things you will need to know if thinking about the service?

How do I use armalytix?

armalytix has been designed with ease of use in mind, both for your team and for your clients. It verifies the details of both business and personal bank accounts. You can start using it straight away, with a user friendly admin panel for your business and a straightforward journey for your clients to provide you their data from desktop or mobile – send them an email and with a few clicks it’s done. armalytix can also be integrated into your own systems via our API if and when you have more advanced branding or technology requirements.

What does it cost?

The cost of armalytix is based on how much you use it, leaving you in control of your costs. The speed, convenience and accuracy of the service creates a net positive benefit for your business – any costs are more than offset in savings from your current, resource-intensive processes with a range of pricing solutions.

armalytix has many immediate uses, with more as your business grows. If your business needs it, there are few good reasons not to use it. If you want to know more or you want to get started, get in touch.

The Armadillo Team. June 2020.