Validate bank accounts with Prometeo

2023-07-03/Lia Garayalde - Prometeo/2 min
Validate bank accounts with Prometeo
  1. Account Validation: addressing the challenges of businesses in LATAM
  2. Account Validation: optimizing business processes

At Prometeo, we have developed products that enable businesses to connect with financial institutions to optimize their processes and services through various solutions. In this article, we introduce Account Validation, a product designed for companies to verify the information and authenticity of bank accounts across Latin America.

Why did we do it?

In Latin America, treasury management processes pose a challenge for companies operating at a regional level. Not only must they comply with the policies and bureaucracy of each country, but they also face complexities and obstacles when making transfers and money movements.

In addition to manual errors in transactions that can result in significant financial losses, companies must be vigilant against an increasingly common phenomenon in Latin America: electronic payment fraud.

According to Juniper Research, each fraudulent transaction costs 3.68 times the value of the lost transaction, and it is projected that between 2023 and 2027, global digital payment fraud will exceed $343 billion.

Account Validation: addressing the challenges of businesses in LATAM

This service is specially designed for companies operating both regionally and locally, carrying out payment processes or customer and partner registration. Its main objective is to ensure the validation of bank accounts to prevent rejections, incorrect transfers, or fraud. Currently, this service is available in Uruguay, Mexico, Peru, and Brazil.

The Validation process is completed in less than 10 seconds

Companies only need to create an account on Prometeo and complete the integration process on our platform. In 4 days (the time it takes for the process), the company will be integrated and can access our API, responsible for verifying the bank accounts they want to validate. This verification can be done individually or massively (up to 1500 validations per month), according to each client's needs. The API provides information such as the bank account number, currency and account type, account status and validity, and the account holder's name.

Account Validation: optimizing business processes

Our solution is ideal for companies that disperse funds, both B2B and B2C, and for those whose customer or supplier registration process requires account validation.

Companies can:

  • Validate bank accounts individually or massively in less than 10 seconds before making any transfers.
  • Perform up to 1500 validations per month.
  • Obtain clear and simple answers, without the need for complex codes or languages.
  • Eliminate reprocessing caused by manual errors.
  • Verify the validity of a bank account during the registration process of new customers or users.
  • Provide a seamless registration experience that saves customers manual processes.
  • Reduce registration processes that used to take hours or days to just seconds.

At Prometeo, security is our priority. The entire Validation process is carried out securely and under strict confidentiality standards. We have systems on our platform, including Web Application Firewalls and TLS (Transport Layer Security) 1.2, to monitor, filter, and block malicious traffic.

If you want more information about our service and discover how it can boost your business, contact us at:

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