Teknowledge Corporation - Tekportal eFinance Suite
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TekPortal Identity Verification
The TekPortal Identity module allows a Financial Service Provider (FSP) to authenticate a user and verify external held-away account ownership authority. Account authority is determined for online asset accounts as well as other types. TekPortal Identity is embedded in other TekPortal eFinance suite modules providing risk reduction in the Account Opening and ACH Transfer modules. TekPortal Identity is used by the largest FSPs in the US including NetBank, service bureaus NCR, Metavante, and Fiserv, as well as small and mid-tier institutions like Pacific Capital Bank, and Kinecta FCU.
Real-Time Verification
| Unlike other authentication solutions, which require customers to mail or fax documents to prove their identity or bank account relationshiped authority (e.g. voided check), TekPortal Identity utilizes real-time online access to Equifax, Experian, eFunds (credit bureaus), and customers' online held-away accounts to authenticate customers and account authority in seconds. TekPortal collects the external account number, account owner name, and account owner address, and compares the consumers data against credit bureau confirmed data to provide a patent pending TekPortal Identity Score indicating likelihood that the user has account authority. The FSP makes an account ownership decision based on the score or configures TekPortal to accept all scores above a threshold minimum. |
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Benefits
FSP value:
- Reduce risk: TekPortal Identity’s real-time, online authentication solution eliminates the risk of document forgery or false printing when traditional verification methods are used (old statements, voided checks) supplements and can replace off-line authentication alternatives that are costly to your institution, incapable of real-time verification, and a burden on applicants.
- Reduce cost: Provides automated, real-time, online verification to eliminate the traditional process of customer service reviews of mailed documents.
- Increase customer responsiveness: Online, real-time verification provides immediate customer decisioning for new account opening, external ACH debit account, or account approval for eChecks. Empirical data shows account funding is completed in over 35% of users who first start the application process.
End user value:
- Immediate decision on account opening or account approval
- Safer method than paper based authentication reduces identity fraud or account theft.
Deployment scenarios
ACH Transfers: Real time asset account ownership verification allows the FSP to use the account for an ACH debit in an account to account ACH transfer application. The verification is done real-time to provide for a great user experience. The verification of the account owner name and account number provides for greater certainty of external account ownership.
Features
TekPortal Identity has advanced capability providing the FSP certainty about the user identity and external asset account ownership:
- User identity verification: In-Wallet and Out-of-Wallet checks by Equifax, Experian, & eFunds provide certainty about the user’s identity as history & OFAC fraud checking.
- Real-time Asset account ownership verification using the TekPortal Identity Score: The most advanced system in the industry for determining asset account ownership including:
- Real-time matching and verification of external asset account owner name and address
- Real-time matching verification of external asset account number against existing web site or POS check data.
- US Patriot Act Compliant: OFAC Checking & generation of reports to help FSPs "know their customer"
- For those accounts not able to be verified real-time online, a mechanism is provided to determine ownership in 2-3 days using ACH small dollar debits and credits.
- Each component can be optionally deployed:
- User identity
- Account ownership verification
- The raw scoring data is returned to the FSP for further decisioning.
- Easy integration into the institution's Internet application using TekPortal JSP pages or the TekPortal XML API.
- Key CSR and administrator reporting features and functions:
- All data available by user and by date.
- Authorized CSRs can review scoring, and override automated decisioning process
- Modifiable logging level by user, partner (for multi-bank implementations), aggregate, connector or system wide.
- Ability to reset the download token for a specific user
- Billing report
- Extensive and configurable logging and reporting
- Built on the TekPortal Enterprise server providing key infrastructure for the application
Why Teknowledge for Identity Validation?
- Teknowledge Aggregation supports data validation at the largest FSPs in the world, providing a high quality, robust base for TekPortal Identity.
- Teknowledge uniquely provides asset account ownership verification. Most other solutions focus on credit or loan account ownership verification.
- Teknowledge’s patent pending TekPortal Identity Score provides certainty of user identity and/or account ownership.
- Teknowledge is an established company with over 23 years in business successfully delivering solutions and supporting our customers.
Additional product information can be downloaded. 
Contact Teknowledge for additional information.
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