What makes armalytix different? Why should I use it instead of the existing verification services provided by credit bureaus and other incumbent services on the market?
These are questions we get asked quite a lot. Fair and reasonable questions, to which the answer is that armalytix is more accurate, more secure and simpler to use. However, we would say that. Let’s look in more detail at why we are confident that this is the case.
It is frequently a necessity, and always important, for many businesses to check and confirm the accuracy of information relating to personal, business and corporate bank accounts – this is what we mean by bank account verification. There are a number of reasons for this:
The incumbent services verify on a best guess – based upon currently held, historical information. They rely on a set of data that the end customer has to provide – via the verifying business – that is then compared to the best data that can be found about that customer to provide a confidence level of accuracy. The process will vary slightly but generally follows the flow below:
This has several disadvantages:
armalytix works in a new, and better way. It is the end customer themselves who verifies their account information directly, at that moment, via their own bank. The information is therefore:
This also removes the admin burden from the business and removes the chances of input errors on both sides. The armalytix flow is below:
Outside of the fundamental approach, let’s also look at a comparison of the features available from armalytix and the incumbent verification services:
We have seen, therefore what makes armalytix different. It is a simple, digital service built on the Open Banking technologies of the future:
If you want to know more or you want to get started, get in touch: