Methods and systems for verifying customer supplied financial account information using debit and credit transactions
Embodiment of the invention describe methods and systems for verifying customer supplied financial account information verification using debit and credit transactions. In some embodiments, these methods include electronically transmitting an electronic debit and credit transaction to the customer financial account, based on the customer supplied financial account information. The method also includes electronically transmitting a first statement descriptor, as part of at least one of the electronic debit transaction and the electronic credit transaction, that includes a first verification code. The method also includes electronically receiving, from the customer, a second verification code, and comparing, by the computer system, the transmitted first verification code with the received second verification code with respect to each other. The method also includes verifying, by the computer system, the customer supplied financial account information based on the comparison of the verification codes.
1. A computer implemented method, comprising:
randomly selecting a first verification code;
transmitting transaction information including the first verification code and an amount of a credit transaction to a customer financial account based on customer supplied financial account information;
receiving a second verification code responsive to the transmission of the transaction information; and
verifying the customer supplied financial account information via comparing the transmitted first verification code and the received second verification code.
2. The method of claim 1 , wherein the first verification code is added to a statement descriptor to be transmitted with the credit transaction to the customer financial account.
3. The method of claim 1 , further comprising receiving the second verification code via a website displayed by a web browser of a customer computer accessing a web application on a web server computer.
4. The method of claim 1 , wherein transmitting the first verification code includes transmitting the first verification code to a statement of the customer financial account.
5. The method of claim 1 , further comprising, when the credit transaction is transmitted in a first transaction representing a first amount to be credited to the customer financial account, a second transaction is transmitted to the customer financial account for a second amount representing a credit to the customer financial account that offsets the first amount.
6. The method of claim 1 , wherein, if the credit transaction is transmitted, the credit transaction is transmitted in a batch request.
7. The method of claim 1 , wherein the customer supplied financial account information includes a bank routing number, the bank routing number being verified in real time.
8. The method of claim 1 , wherein the credit transaction is a credit card transaction.
9. The method of claim 1 , further comprising at least one of:
determining, in real time, a validity of a routing number of the customer supplied financial account information using a database; or
determining, in real time, an exclusion of an account number of the customer supplied financial account information using a database.
10. A computer implemented method, comprising:
randomly selecting a first verification code;
transmitting transaction information including the first verification code and an amount of a credit transaction to a customer financial account based on customer supplied financial account information;
receiving a second verification code responsive to the transmission of the transaction information; and
verifying the customer supplied financial account information via comparing the transmitted first verification code and the received second verification code.
11. The method of claim 10 , further comprising:
receiving customer supplied financial account information;
verifying a format of the customer supplied financial account information; determining whether the customer supplied financial account information is valid;
determining whether the customer supplied financial account information is on a list of excluded accounts.
12. The method of claim 10 , wherein transmitting the first verification code and a first statement descriptor includes transmitting the first verification code and the first statement descriptor to a statement of the customer financial account.
13. The method of claim 10 , wherein the customer supplied financial account information includes a bank routing number, the bank routing number being verified in real time.
14. The method of claim 10 , wherein the credit transaction is a credit card transaction.
15. An account verification system, comprising:
at least one server configured to:
randomly select a first verification code;
transmit transaction information including the first verification code and an amount of a debit transaction to a customer financial account based on customer supplied financial account information;
transmit at least another debit transaction to the customer financial account offsetting the debit transaction;
receive a second verification code responsive to the transmission of the transaction information; and
verify the customer supplied financial account information via comparing the transmitted first verification code and the received second verification code.
16. The account verification system of claim 15 , wherein the first verification code is added to a statement descriptor to be transmitted with the debit transaction to the customer financial account.
17. The account verification system of claim 15 , wherein transmission of the first verification code includes transmission of the first verification code to a statement of the customer financial account.
18. The account verification system of claim 15 , further comprising, when the debit transaction is transmitted in a first transaction representing a first amount to be debited from the customer financial account, a second transaction is transmitted to the customer financial account for a second amount representing a debit from the customer financial account that offsets the first amount.
19. The account verification system of claim 15 , wherein the customer supplied financial account information includes a bank routing number, the bank routing number being verified in real time.
20. A computer implemented method, comprising:
randomly generating a first verification code unique to a customer financial account;
transmitting transaction information including the first verification code and an amount of a credit transaction to the customer financial account using a batch request based on customer supplied financial account information;
receiving a second verification code responsive to the transmission of the transaction information; and
verifying the customer supplied financial account information via comparing the transmitted first verification code and the received second verification code.