| 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 Information can be outdated |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 |
Minimal - users share their account info directly within your app |
More
Read more about our Verification API in our documentation.