Bank Account Verification

Round off your due diligence with our bank account verification solution. Verifying whether the bank account details provided by your client are correct, valid and belong to the account holder in question.

Mitigate financial and reputation risk associated with fraud, use DocFox’s instant bank account verification service:

Real-time Verification

Real-time, instant verification of a South African bank account for all real-time participant banks.

Simply input the provided client banking details to get an instant verification of clients South African banking details, for both natural persons and juristic entities.

The DocFox bank Account validation capability as a value added service addresses the prevalent business E-mail compromise or the change of banking details scam that has plagued the Financial services industry with a particular target on Conveyancers, Real estate agents and Wealth managers.

This type of fraud happens when fraudsters hack into an e-mail account with the intention to intercept e-mails sent to a payer in a bid to change invoices or payment details to redirect a payment to the fraudsters’ account. This strains business relations as neither legitimate parties feels they are responsible for the fraud.

As a business you can pre-empt this type of fraud by telephonically verifying any e-mail notification of a change of details or by simply making use of the DocFox Account instant verification capability.

Bank account verification isn’t enforced by FICA, but it is prudent to ensure that the bank account you are paying money to, or collecting from, is correct and valid.

Account Validity

Using DocFox you can quickly determine if your clients bank account is valid, active and/or has been open for longer than 3 months.

DocFox further protects your business by letting you know whether or not the bank account accepts credits and debits.

Account Matching

This enhanced check will enable you to match on the account number, the identity number / company registration number, the surname / company name, and the account type – giving you complete peace of mind that money is being paid into the correct account.

How Does DocFox Work?

DocFox simplifies FICA compliance and ensures you are audit ready at the touch of a button. We provide Accountable Institutions with the software and the expertise to be compliant, always.

What our partners say

"DocFox is a one system solution that meets all our needs when verifying clients and has become even a greater asset with the advent of the new FICA amendment act."

"DocFox is the only service provider that could really meet our needs"

"DocFox gives our clients less hassle and puts us at less risk"

"DocFox is not a nice to have, it's a must have"

"DocFox genuinely wanted to understand the requirements of the business rather than just forcing a product on us"

"We feel like we are in a much stronger position than what we were prior to DocFox"

"The whole onboarding process is much easier now because it's streamlined and there is no room for doubts or questions anymore"

"DocFox is very user friendly and we love working on it"

"DocFox has made it far easier for us to handle the complexities of compliance"

"DocFox handles everything and you can focus your time on things that are going to be revenue generating, because admin is not revenue generating. When onboarding time is free’d up, it becomes streamlined, it becomes very profitable."

"DocFox is making our FICA process more efficient. FICA documents are being checked against third parties, clients are being screened on all relevant sanctions lists and risk assessments are being done according to our requirements – all in one step! It’s a great tool to assist in aligning our Risk Management Compliance Programme with our business processes."

"Incompass has been using DocFox since November 2017. We started looking at different providers as soon as the FICA Amendment Act came into place. Docfox was the best solution for us: The process is easy to handle from our side, involves a “4 eye” principle, which we already had in place and find necessary, and the process can be audited at any time."

"DocFox allows us to apply a consistent approach to our investor AML risk assessments and with the built in reminders, we won’t forget to refresh our ratings and Customer Identification and Verification information. Everything is in one place, with a full audit trail, which enables us to easily demonstrate compliance."

"DocFox is a one system solution that meets all our needs when verifying clients and has become even a greater asset with the advent of the new FICA amendment act."

"DocFox is an innovative, extremely user friendly application which enables us to FICA and verify client details at the push of a button!"

"Our experience around DocFox so far has exceeded expectations. The product is very easy to use, intuitive and comprehensive. The administrative burden has been reduced significantly on our business which has allowed us to focus on our core competencies more. This is hugely important for a small business and cannot be understated. It has made adherence to the stricter compliance and FICA regimes we find financial services businesses have to operate in today far more achievable without having to distract ourselves unnecessarily."

"DocFox has revolutionised our client on-boarding process and compliance systems. We can now relax in the knowledge that potential clients are being screened according to our risk framework and that we are no longer heavily exposed to human error in the accepting of new clients. DocFox is truly user-friendly and provides almost instantaneous results that allows us to on-board clients in minutes. We could not be happier with the system and are excited for future upgrades."

"DocFox makes non face-to-face FICA simple, improves our daily operations and makes opening a bank account a dream for our clients."

"The technology solution offered by DocFox around the KYC Application for Personal Trust will in the long run save the business and clients time, in addition it also helps to ensure the data and document quality is maintained."

"The FIC can come through, we have everything in order. We wouldn’t have felt this way prior to DocFox. We would’ve had that feeling at the back of our minds saying ‘what if we missed something’ and at least with DocFox we know, we are in comfort."

"I feel now that we are using DocFox we would definitely pass a FIC audit. In my personal opinion, I don’t think a law firm can actually go without DocFox. It covers all of the requirements for the FIC and it’s so easy to use that you don’t need to put a lot of time or effort in!"

"Every feature within DocFox makes my life easier. Especially the fact that we don’t have to manually go and search the sanctions lists. The fact that DocFox automates it, is really massive time saving."

"DocFox is customisable which makes life easier as we are able to use it according to our requirements"

"We had a FIC audit this year, it went very well especially in terms of our Risk Management Program, so everything was in order. Since we use DocFox we are able to provide an audit trail to the bank and then they are 100% happy with that."

Bank Account Verification

Mitigate financial and reputation risk associated with fraud, use DocFox’s instant bank account verification service:

Real-time Verification

Account Validity

Account Matching

How Does DocFox Work?

DocFox simplifies FICA compliance and ensures you are audit ready at the touch of a button. We provide Accountable Institutions with the software and the expertise to be compliant, always.

What our partners say

We are the only FICA partner you will ever need.

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Follow us on social media

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Please note:

Bank Account Verification

Mitigate financial and reputation risk associated with fraud, use DocFox’s instant bank account verification service:

Real-time Verification

Account Validity

Account Matching

How Does DocFox Work?

DocFox simplifies FICA compliance and ensures you are audit ready at the touch of a button. We provide Accountable Institutions with the software and the expertise to be compliant, always.

What our partners say

We are the only FICA partner you will ever need.

Subscribe to our newsletter

Follow us on social media

Solutions

Industries

Company

Redirection Notice

Please note:

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