Auto-fill for direct debit
The integration of open banking technology for real-time bank account verification in direct debit setups addresses the issue of incorrect account details, reducing fraud and failures by ensuring customers use their own accounts, thereby enhancing security and efficiency.
Patent Information
- Authority / Receiving Office
- GB · GB
- Patent Type
- Applications
- Current Assignee / Owner
- CHILVERS PHILIP MICHAEL RODGER
- Filing Date
- 2024-07-16
- Publication Date
- 2026-07-22
AI Technical Summary
Existing systems lack an efficient and secure method for verifying customer bank account information during the setup of direct debit mandates, leading to potential fraud and payment failures due to incorrect account details.
An automated process utilizing open banking technology for real-time bank account verification, ensuring accurate and efficient validation of customer bank accounts through an integrated Account Information Services (AIS) solution, embedded in the direct debit signup process to prevent fraudulent activity.
Ensures accurate bank account verification, reducing fraudulent activities and payment failures by ensuring customers use their own accounts, thereby enhancing security and efficiency in direct debit setups.
Abstract
Description
Introduction This invention relates to the automated completion of a Direct Debit mandate form using data supplied by any open banking technology platform. Statement of Invention The inventive part relates to the process of the automated completion of a Direct Debit form which is a unique method for performing this particular task. It can be used with any open banking Account Information Services solution provider. It does not affect any part of the open banking process which is universally available to everyone. Invention Features By utilising open banking technology, this invention provides fora real-time bank account verification which ensures accuracy and efficiency. It allows a business such as a services supplier or any other organisation (for example, local council) to verify that their customers, consumers or any relevant public member own, and have access to, the bank accountthey are signing up with. This ensures that the customers cannot enter someone else’s details. The invention prevents incorrect bank details being set up and reduces payment failures. It is a key tool in helping to prevent fraudulent activity. The Account Information Services check is built into our direct debit sign up pages. To start the process, the customer enters their name and address details and clicks on the next step to continue. From there, the customer will be asked to select their bank. Following that, the customer will log on to their banking app. When logged in, the customer will be asked to verify that they wish to share their information with our system. Once done, the process is complete. The customer will then be redirected to a completion page, where they will see the details, they shared through our system. The customer will also be presented with a copy of the direct debit guarantee, which will complete the direct debit setup and the account information check. The AIS is embedded in the direct debit signup process. It utilises open banking technologies which are becoming a standard in the banking industry. It can be used as part of a ‘Know Your Customer’ check and play a key role in reducing payment fraud. Links to our inventive process can be embedded into a sign up page of organisation concerned or through our sign up page.
Claims
The process of the automated completion of a Direct Debit mandate form using data supplied by any open banking technology platform, which (the process) can be used with any open banking Account Information Services solution provider.A