ValidiFI

Community Bank & Trust Leverages ValidiFI to Verify Bank Account Information

Community Bank & Trust Leverages ValidiFI to Verify Bank Account Information
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, ValidiFI
  • Community Bank & Trust selected ValidiFI to help verify bank account ownership and possession for prospective borrowers.
  • Community Bank & Trust will leverage ValidiFI’s vAuth to verify bank account status and account ownership and possession for its Tax Refund Advance loan program.
  • ValidiFI was acquired by alternative bank and payment data firm Ribbit last June.

Risk mitigation and compliance solution provider ValidiFI announced this week that Community Bank & Trust selected its technology to help verify bank account ownership and possession for potential borrowers.

Community Bank & Trust will leverage ValidiFI’s vAuth to verify bank account status and account ownership and possession for its Tax Refund Advance loan program. Using vAuth will allow Community Bank & Trust to make real-time, accurate approval decisions. The bank will also have more visibility into scams from fraudulent bank accounts, and will ultimately allow Community Bank & Trust to meet customer lending needs quickly.

“Partnering with ValidiFI and implementing their vAuth technology is a natural progression in enhancing our Tax Refund Advance loan program,” said Community Bank & Trust President & CEO Steve Jefferies. “This collaboration allows us to verify account ownership and possession with unparalleled accuracy and speed, ensuring our customers can access their funds quickly and securely while we mitigate the risks associated with fraudulent accounts.”

ValidiFI was founded in 2014 to offer predictive bank account and payment intelligence. The Florida-based company leverages workflow automation company Omni Platform to offer organizations and financial institutions actionable insights. ValidiFI analyzes connections between bank accounts, consumers, and payment performance to help validate bank accounts, detect fraud, and assess credit risk.

“We are excited to be able to help Community Bank & Trust ensure applicants have current authorized access to an account leveraging our real-time microdeposit solution,” said ValidiFI CEO Greg Rable. “This cutting-edge technology enhances the accuracy and security of the verification process, helping to ensure that every applicant is properly validated.”

ValidiFI was acquired by alternative bank and payment data firm Ribbit last June. Greg Rable is CEO.

Photo by Monstera Production

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Alternative Bank and Payment Data Firm Ribbit Acquires ValidiFi

Alternative Bank and Payment Data Firm Ribbit Acquires ValidiFi
By David Penn Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, ValidiFI
  • Alternative bank and payment data company RIBBIT has acquired risk mitigation and compliance solution provider ValidiFi.
  • The amount of the transaction was not immediately available.
  • ValidiFi made its Finovate debut at FinovateFall in 2019.

ValidiFi founder and CEO Oscar DiVeroli noted the “commonality of entrepreneurial grit and innovation” among upsides of the newly-announced acquisition of his company by RIBBIT, an alternative bank and payment data provider.

Reported late last week, the acquisition will combine RIBBIT’s predictive analytics and data assets with ValidiFi’s verification and compliance solutions. The goal is to create the largest alternative database of bank and payment data in the market. “I’m excited about the enormous opportunity to bring these two dynamic, industry-leading companies together,” RIBBIT CEO Greg Rable said. “The combination of talented people, robust data, and best-in-class products makes this a win-win for our customers and for us.”

Existing investor ABS Capital supported RIBBIT in the acquisition, along with new investor MissionOG.

ValidiFi made its Finovate debut at FinovateFall in 2019. At the conference, the company demoed its Payment Risk Optimizer (PRO) technology. PRO is a Platform-as-a-Service solution that scrubs payment files for ACH and card payments. The technology leverages proprietary payment instrument data services to assess the likelihood of a successful payment. PRO can be used to schedule recurring payments for customers, or to create a subscription service, on-demand marketplace, retail store, or gateway.

“Today there are 22 billion dollars of bank overdraft and NSF fees that are charged to merchants and to consumers each and every year,” ValidiFi Chief Operating Officer Jesse Berger said from the Finovate stage in September. “The PRO all but eliminates NSF overdraft fees to consumers and return fees to the merchants. It uses automated workflows and real-time AI source data from the banks directly to verify and validate how much funds are available in the bank account. The PRO solves that age-old question of whether or not a payment transaction will go through successfully.”

Founded in March 2015, ValidiFi is based in Sunrise, Florida. The company began 2023 as a Nacha Preferred Partner for Account Verification, earning the certification in January.

Photo by Pixabay

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FinovateFall Sneak Peek: ValidiFI

FinovateFall Sneak Peek: ValidiFI
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2019, FinovateFall 2019 Sneak Peek, ValidiFI

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

ValidiFI is redefining how financial services measure risk and process payments. With innovative data and technology the company increases client acquisitions, reduce processing fees and facilitate payments.

Features

  • Validate a payment will be successful before submitting for processing
  • Eliminate the cost of overdraft and NSF fees
  • Create velocity, transaction type, and address filters to fight fraud

Why it’s great
The PRO provides ALL the tools you need to increase your payment processing success rate AND validate that there is money in a bank account before you process a payment.

Presenters

Oscar DiVeroli
DiVeroli serves as the CEO of ValidiFI. He has an extensive background covering 30 years of progressive management and business ownership experience in different industries.
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Finovate Alumni News

By David Penn Posted on
Categories: BlytzPay, Cinchy, Illuma Labs, Mambu, nCino, NYMBUS, PaySend, Stratifyd, Tinkoff Bank, ValidiFI

On Finovate.com

  • Mambu and nCino Co-Create Banking Solution for B-North.
  • Kabbage Acquires Radius, Adding Insights of Millions of SMEs to its Platform.

Around the web

  • Paysend reaches one million customer mark for its card-to-card money transfer service, Global Transfers.
  • Tinkoff goes live with Pulse, a free social network for investors.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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