DESCRIPTION OF BVN VALIDATION SOLUTION
This solution will tie the customers’ erstwhile verified BVN printout to a unique Transaction ID for ease of retrievals, reviews and the potential elimination of paper printing.
The solution interfaces with the NIBSS BVN Verification platform to validate the identity of customers before executing their transaction requests (e.g. ATM card requests, Funds transfer requests, cash withdrawals etc.).
It is built specifically for banks and financial institutions to meet their compliance and reporting requirements.
BVN objectives of standardising the efficiency of banking operations and effective management of identity fraud.
The BVN Validation Solution is designed to promote the convergence between customer experience and the bank’s compliance risk programme.
BVN objectives of standardising the efficiency of banking operations and effective management of identity fraud.
The BVN Validation Solution is designed to promote the convergence between customer experience and the bank’s compliance risk programme.
FEATURES
- It automatically tags each transaction using a reference number indicating that a BVN verification has been done.
- The easy-to-use application validates BVN records against all business rules and schema.
- Direct tagging of transactions in the Core Banking to successful verification of BVN.
- Maintains complete transactions trails.
- It creates records of all validation requests conducted on individual accounts and deposits the records in a database that can be accessed for convenient e-call-over actions and can be retrieved on a bank-wide level for reference.
- Robust support for existing Business Analytics capabilities.
- Delivers automated and improved internal control quality assurance by eliminating the risk of BVN Validation review omissions.
- Supports existing data assessment capabilities.
- Supports the drive for continuous monitoring of activity.