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In Beta

Bank account validation done right

Lucra validates bank account ownership and details with high precision and efficiency, eliminating admin burdens, saving time and reducing risk. 

Bank account validation today is inadequate

Today, you can digitally open a bank account in minutes, but verifying that you own that account takes hours of manual phone calls and emailed bank statements.

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This causes avoidable risk, costs and inefficiencies.

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Digitising account validation reduces costs and risks and improves the process for everyone. It’s what you’d expect in 2023.

How does Lucra improve validation efforts?

1

Clients and customers receive an email invitation.

2

They create an account with Lucra (no downloads required).

3

They input their personal or corporate details. Lucra screens these details against information databases to make sure they are valid. Lucra also screens for PEP status, adverse media and sanctions.

4

They securely access their bank account using Open Banking and consent to share account details directly with you. This enables ownership verification and fraud detection.

5

Done. Details and validation results are presented in your dashboard, where you can download a validation report and a copy of their bank statement.

£

€

UK and EU
coverage

Business and personal accounts

Validate 
payors and payees

Benefits of using Lucra

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Average total time spent on validating a single bank account can range between 30 minutes to 1 hour of phone calls and emails, and evidence gathering. For some, that means 10,000+ hours each year just validating bank accounts.

 

Consider all the value-generating activities that can be done with 10,000 hours... The opportunity cost of this time is enormous.

  • Save time

  • Reduce risk

  • Enhance your compliance

Former finance director of two City law firms

“Associates would often spend over a day setting up payments from client accounts, with another day dealing with the problems of incorrect account details, closed accounts, etc. so the cost savings of using Lucra could be significant, let alone the back-office costs."
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