shimself
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Post by shimself on Feb 9, 2017 12:40:14 GMT
I cannot for the life of me why ABL ask us to input bank details every time as it is
What other platforms do, which I think is the right approach, is they place a high hurdle to changing bank accounts - phone call, letter, transfer in (of £0.01) from new bank first, copy of id document kind of thing. Not an automated process.
Especially now as moving banks in uk is easy and the banks are obliged to forward moneys if they arrive in the old account it doesn't really inconvenience customers much
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Post by ablrate on Feb 9, 2017 17:35:53 GMT
I cannot for the life of me why ABL ask us to input bank details every time as it is What other platforms do, which I think is the right approach, is they place a high hurdle to changing bank accounts - phone call, letter, transfer in (of £0.01) from new bank first, copy of id document kind of thing. Not an automated process. Especially now as moving banks in uk is easy and the banks are obliged to forward moneys if they arrive in the old account it doesn't really inconvenience customers much We initially had the bank details inputted each time for security - no details stored meant that someone who had your password would have to input their details and they would not match... further due diligence starts etc etc... Some people were even giving us grief for 'storing' debit card details, when actually it was their browser doing this not our system, so we didn't want to store bank data within our platform. I don't want to go into too much detail on the new system for security, but the basics are we will match your account details to you, store those details on the banks' system, not on ours, so all you will need to do is input how much to withdraw and the funds will be sent to the verified account, subject to the normal checks and balances we do now. The 'high hurdle' will be that if you want to change accounts you have to re-verify that account. If it doesn't match the withdrawal is blocked until further due diligence is satisfied in the normal way. Regards Ablrate
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james
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Post by james on Feb 9, 2017 18:30:57 GMT
the basics are we will match your account details to you, store those details on the banks' system, not on ours, so all you will need to do is input how much to withdraw and the funds will be sent to the verified account, subject to the normal checks and balances we do now. The 'high hurdle' will be that if you want to change accounts you have to re-verify that account. If it doesn't match the withdrawal is blocked until further due diligence is satisfied in the normal way. Overall for me that looks like a convenient change, since I normally choose to use the same one of my accounts. Is it really with every change, even a couple of times a month, that it has to be re-verified? Seems like quite a bit of work for those who don't choose to normally just use one of their accounts. But maybe the automated re-verification is trivially fast and easy so it'll be painless. Putting things on the bank system looks like a nice move.
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stevio
Member of DD Central
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Post by stevio on Feb 9, 2017 18:46:46 GMT
I appreciate verified accounts - means someone can't just hack your account and withdraw to their account as easily - give ablrate a break, there just looking to improve security for us! |
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james
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Post by james on Feb 9, 2017 18:49:18 GMT
I appreciate verified accounts - means someone can't just hack your account and withdraw to their account as easily - give ablrate a break, there just looking to improve security for us! Makes no difference for that, Ablrate were already doing extra checks if the account wasn't known to them and those checks would have stopped unknown accounts from being used.
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stevio
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Post by stevio on Feb 9, 2017 18:50:45 GMT
I appreciate verified accounts - means someone can't just hack your account and withdraw to their account as easily - give ablrate a break, there just looking to improve security for us! Makes no difference for that, Ablrate were already doing extra checks if the account wasn't known to them and those checks would have stopped unknown accounts from being used. Ok, just makes me feel warm and fluffy then  or automates the process to stop human error
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james
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Post by james on Feb 9, 2017 18:52:52 GMT
Ok, just makes me feel warm and fluffy then or automates the process to stop human error What I assume it does help to do is get the CEO out if the payment loop, or at least cut the amount of work, so potentially helping with faster withdrawing and more CEO time for all of the other things a CEO has to do. That's clearly a good thing. Lets pretend that the bank needs additional authorisation for every change in payee stored on the account, as is often done on consumer accounts. That could greatly reduce the risk of letting someone else make those payments, requiring both employee and one or more customer accounts to be used to steal money.
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mason
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Post by mason on Feb 9, 2017 19:36:28 GMT
We initially had the bank details inputted each time for security - no details stored meant that someone who had your password would have to input their details and they would not match... further due diligence starts etc etc... So even with the current system, miskeyed account details would not result in money flying off into the ether?
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Post by ablrate on Feb 28, 2017 12:53:35 GMT
We initially had the bank details inputted each time for security - no details stored meant that someone who had your password would have to input their details and they would not match... further due diligence starts etc etc... So even with the current system, miskeyed account details would not result in money flying off into the ether? Correct.. Your details either match those on the template within our bank (which has its own checks and warnings on input) or it's new details which would then be checked via a 'bank match' system we have. We haven't implemented the bank account system yet we are still testing as we want it to be secure but painless. Regards Ablrate
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horda
New Member
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Post by horda on Mar 4, 2017 22:10:02 GMT
What about the withdrawals via Transferwise? Or better question, what if I want to withdraw money but don't have a GBP account, or even if I have one but outside the UK. The fees would be rather huge.
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