Question 1

What is Veripay AI?

Accepted Answer

Veripay AI is an open banking payment platform that provides faster bank payments through ACH, RTP, and FedNow with real-time customer verification. It helps businesses verify customer identities, prevent fraud, and process payments without interchange fees.

Question 2

How does Veripay's identity verification work?

Accepted Answer

Veripay uses government-issued ID verification combined with bank account verification through open banking APIs. Our AI-powered system performs real-time fraud detection and risk assessment to ensure secure customer authentication.

Question 3

What payment methods does Veripay support?

Accepted Answer

Veripay supports ACH payments, Real-time Payments (RTP), and FedNow for same-day settlements. We focus on bank-to-bank transfers that avoid traditional credit card interchange fees while providing faster access to funds.

Question 4

How does Veripay prevent fraud?

Accepted Answer

Veripay uses advanced fraud detection algorithms with machine learning to score every transaction in real-time. Our system combines identity verification, bank account validation, and behavioral analysis to provide automated risk assessment and fraud prevention.

Question 5

Is Veripay suitable for small businesses?

Accepted Answer

Yes, Veripay is designed specifically for small and medium businesses. Our platform offers enterprise-grade security and payment processing capabilities with transparent pricing and no interchange fees, making it cost-effective for businesses of all sizes.