Asset Verification System Automation

The Challenge

A Manual Process at Scale

Government agencies are required to electronically verify assets held at banks and credit unions when processing benefit applications. A benefit applicant signs a consent form authorizing the agency to verify their financial accounts, which can include access to account ownership data, current and historical balances, interest and dividend information, and joint owner details.

State agencies or contracted verification vendors then send encrypted requests to participating financial institutions, which must match account holders by name, SSN/TIN, and account type, then respond with the requested data. While the requirement is standard, the process at most institutions remains entirely manual.

At RFCU, the volume had become unmanageable:

• Upwards of 1,200 verification requests per month were being received
• Staff were manually comparing each request against the core banking and ancillary platforms
• The burden was significant enough that RFCU was requesting additional FTE headcount just to keep up
• Any delays in response risked benefits being denied to members who had provided consent

RFCU needed a scalable, automated solution, one that could handle encrypted government requests accurately, quickly, and with the necessary security and audit controls.