Data verified deposits
A system and method for verifying account ownership using verified deposits. An ACH verification platform may recognize or detect a verification process involving microdeposits. A verification platform may receive and store user login, initiate the deposits, and monitor the user's account to verify that posting of the deposits was successful. In embodiments, a dedicated web form or portal may be provided for receiving verification information.
1. A computer-implemented method comprising:
by a financial institution computing device comprising a first one or more processors and first memory storing executable instructions executable by the first one or more processors:
receiving, from a user, and storing account login credentials associated with a user account;
verifying, using the account login credentials, the user account; and
providing the account login credentials to a verification platform computing device; and
by the verification platform computing device comprising a second one or more processors and second memory storing executable instructions executable by the second one or more processors:
receiving the account login credentials from the financial institution computing device;
obtaining, by accessing the user account using the account login credentials and via the financial institution computing device, an account number and a routing number associated with the user account;
depositing an amount to the user account using the account number and the routing number;
monitoring the user account using the account login credentials and via the financial institution computing device, wherein monitoring the user account comprises periodically accessing the user account and obtaining a transaction history of the user account;
identifying, from the transaction history of the user account, the deposit amount; and
in response to identifying the deposit amount, verifying the user account.
2. The computer-implemented method of claim 1 , wherein the verifying of the user account comprises verifying the user account via at least one of: a browser plugin, system service, web widget, or mobile application.
3. The computer-implemented method of claim 1 , wherein monitoring the user account is accomplished via an application programming interface.
4. The computer-implemented method of claim 1 further comprising, by the verification platform computing device:
storing the account login credentials.
5. The computer-implemented method of claim 1 further comprising, by the verification platform computing device:
transmitting an indication of verification of the user account to a user computing device or the financial institution computing device.