Digital bank account verification and confirmation of payee. Reduce fraud, increase customer satisfaction.
Book a DemoRaytio reduces payment fraud
Out of date processes
Current processes for making bank account transfers are out of date and subject to human error.
Fraud is increasing
Both the incidence and sophistication of fraud is increasing.
Customer dissatisfaction
Customers expect both convenience and security. Existing bank transfer methods are neither.
Regulation is coming
Regulators are demanding urgent action which requires industry-wide co-operation and threatens competitive advantage.
Book a demonstration to discuss how Raytio reduces authorised push pay fraud for bank customers.
Confirmation of Payee Benefits
Reduce fraud
Mitigate the risk of authorised push pay ("APP") fraud. Lead the way in fraud prevention.
Avoid regulation
Minimise the risk of intervention as regulators increase their focus on escalating fraud. Reduce reputational risk.
Improve security
Enable secure bank account details sharing without revealing private bank details to any third party (including Raytio).
Rapid go-to-market
Simple integration requires minimal development and enables rapid implementation.
Better customer outcomes
Offer additional convenience features such as pay by phone number or email to enhance customer satisfaction.
Work together
Enhance cross-industry co-operation whilst maintaining competitive advantage.
How Raytio confirmation of payee works
1. Payee setup
Payer begins setting up a new payee on their bank's website or app by entering account details.
2. Check details
Obscured bank details are sent to Raytio for checking.
3. Raytio verifies
Raytio returns a result indicating whether the details match or not.
How Raytio verified deposit slip works
1. Bank deposit slip
Payee produces bank details accompanied by a QR code using their banking app or website.
2. Payee sends
Payee sends payer the bank deposit slip by email or chat.
3. Payer confirms
Payer confirms that the details are correct by scanning the QR code.
How Raytio bank account lookup works
1. Payee setup
Payer begins setting up a new payee on their bank's website or app by entering the payer's email address or phone number.
2. Find matching bank
The contact details are sent to Raytio which searches for a match.
3. Request sent to owning bank
Raytio sends the request to the bank that is associated with the contact details together with the public key of the requestor.
4. Owning bank replies
The owning bank returns the account details (name and number) encrypted using the public key of the requestor.
5. Raytio forwards the response
Raytio forwards the response to the requestor. Note that Raytio cannot read the contents of the response.
6. Requestor decrypts
The requestor decrypts the response using their private key and populates the bank account details for the payer.
Contact us to understand how Raytio can help you reduce fraud & confirm more secure guest bookings for your business.
Account verification and lookup features
Simple and fast
Verify bank account details quickly and easily
Privacy assured
No private information ever leaves the bank
RESTful APIs
Simple and highly performant RESTful API for bank account detail verification
Secure and robust
Uses NIST-compliant memory-hard and compute-hard hashing
Always available
Built on AWS to provide a highly available and scalable service
Rotate hashes
Enables regular rotation of hashes to enhance security
Optional delegation
Raytio can perform all hashing for the simplest possible integration
Batteries included
Includes SDKs and tools to generate, validate and transmit hashes
