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Bank account validation and payments made easy with MoneyChain

Posted: 10th March, 2020 Bank account validation and payments made easy with MoneyChain

Our MoneyChain solution helps you guard against laundering and takes the pain out of moving money. We've now made MoneyChain even easier to use when completing an e-chit payment request. That means users strengthen security and save time simultaneously.

MoneyChain will validate the destination bank account and sort code combination. To validate them, all users need to do is change the payment destination from 'Not Required' to 'United Kingdom':

MoneyChain bank account validation

If the sort code and account number are validated, two green ticks will show alongside these two corresponding boxes. For the bank's address, users can select the icon displayed by a pin icon:

MoneyChain bank location checking

With leading banks, cashiers can now create a validated file of destination payees and amounts in a format ready to upload to internet banking systems. The process saves cashiers time and prevents anyone re-keying payment details. Pinpoint clients can ask their cashier to do this so all payments are validated, checked and ready to authorise. This additional service is available on a pay-per-transaction basis.