Routing Number Verification

Complexity:    

Audience: Loan Servicer or Collector, Loan Servicing/Collections Managers, Administrator, Data

Introduction

When adding a payment profile, you may have noticed that just typing in the routing number will automatically pull in the name of the bank. This feature isn't just convenient, but also a small security measure: When the system fills in the name of the bank, you know the routing number is legitimate and was entered correctly.

How Verifying Routing Numbers Works

In LMS, you can add a payment profile to customers. When adding ACH accounts, the system pulls up a window where you enter basic accountholder information, like the customer name and address, as well as the name and routing number of the bank where the account is held. Once you type in the routing number, the LMS automatically pulls up the name of the bank that is connected to that number. If you type in a routing number that the LMS does not recognize, it will say "Unspecified."

What’s Next

Add a Customer Payment Profile – How to add a payment profile to the LMS


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