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Use Cases/Verification

Finance personnel

Finance personnel use Lucra to streamline their payments processes, deliver back-office efficiencies and reduce error risks.

Benefits of using Lucra

  • Ultra secure protection of client data. Lucra captures bank account data using Open Banking, which is the most secure way for clients to share sensitive payment and financial data.

  • Free up time. Lucra's streamlined and automated processes liberate time to focus on strategic initiatives and revenue generation, such as implementing new finance systems or chasing down outstanding invoices.

  • Confidence over your payments. With verified banking information coming directly from the source, have confidence that you’ve capture the correct details to make your payments.

  • Reduce cost and workload. Automation and digitalisation not only deliver accuracy and precision, but efficiency too. Lucra streamlines manual processes to cut down time spent on controls and checks.

How does Lucra achieve this?

  • Information delivered with precision. Lucra harnesses Open Banking technology to source bank account information directly from a client or third party’s bank. Procuring data from this primary source enables real-time verification using a trusted external party.

  • State-of-the-art fraud detection. In addition to payee/payor name checks, Lucra analyses transaction data to determine how long an account has been opened and its levels of activity. Low activity may be a fraud red flag – with Lucra this is immediately detected.

  • Designed for hybrid work environments. Our cloud-based platform enables secure usage from anywhere in the world.

  • Exportable data. Export accurate and verified information directly from the Lucra platform for onward use with other systems and processes.

  • Versatility and global reach. Whether you're verifying a payor or payee, business or individual, Lucra can verify them all. Our technology is process independent, meaning you can deploy it on any transaction, at any time, for any client or third party. With access to over 1,800 financial institutions across the UK and EU, Lucra provides comprehensive coverage for  local and global transactions.

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