How does the Verification API compare with other identity verification methods?

	Micro Deposits	Sending Bank Statements	Credit Bureaus	TrueLayer's Account Verification
Description	Two small test deposits sent from one bank to another to verify the second account info and ownership	Users send in copies of their bank statements, as a way to prove they’re listed as the account owners	Compares the customer account information entered with the records held by the credit bureau	Instantly matches account information and account name with what's on file on your user's bank
Time Taken	1-2 days	Up to 10 days	Instant	Instant
Conversion	Low	Low	Medium	High
Security	Only validates that the account can accept payments, not who owns the account	High risk of fraud - easy to falsify documents	15% - 20% verification checks fail. Information can be outdated	Real-time accurate data sourced from the user's bank Near impossible fraud
Effort	Subject to human error e.g incorrect details submission	Time-consuming, costly and subject to human error.	High effort for checks that fail - customers will have to be verified manually.	Minimal - users share their account info directly within your app

Read more about our Verification API in our documentation.

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