Awards and Accolades:
- 2020 Most Innovative Technology Company
2020 Innovation Name: Instant Account Verification
Awards: Most Innovative Technology Company
Split Payments uses a modern computing interface called Application Programming Interfaces – or APIs – to make it easier for businesses to submit individual payments that Split consequently formats so that they are compatible with the broader banking system. This led to significant efficiencies in data accuracy and speed of payment. However, the real innovation happened recently, when Split Payments used emerging technology like Open Banking to connect directly with bank accounts and get a real-time insight into available funds and payments timing. This helped Split to revolutionize the payments process with Instant Account Verification. Instant Account Verification allows customers to verify their account details with 100% data accuracy using Open Banking connections and consent to ‘available funds pre-checks’ prior to processing direct debit payments.
Instant Account Verification improves the customer experience for our financial services clients – including lenders – by capturing Direct Debit Agreements in a single step but also reduces customer dishonours by 76% by ensuring there were available funds at the point of payment.