Accuity's Asset Verification Solution
Accuity has built a secure, automated network that has the capability to connect the United States banking community with any federal or state government agency. This allows the agency to verify the financial assets of its applicants ensuring proper stewardship in the administration of a variety of public benefit programs. As a uniquely trusted authority within the U.S. banking community, Accuity has been successful in garnering the comprehensive participation of the financial institution community across the United States. As part of the ABA Registrar role, financial institutions are required to notify Accuity of changes to their operation structures prior to their implementation. These notifications drive the exclusive reporting pipeline that enables tracking of the constantly changing dynamics of the banking industry and the accuracy of our verification message routing system.
Having operated our AVS solution at the Federal government level since 2003, Accuity is experienced in creating and implementing solutions that streamline the eligibility determination process and drive savings through reduction of improper benefit payments. Accuity’s AVS solution has a proven track record of efficiency, cost savings and return on investment producing the following successful results:
- Overall financial institution response rate of 96%
- Average financial institution response time of 7 days
- A 100% reduction in paper flow to and from the government agency
- Estimated annual savings in excess of $900 million dollars from a decline in improper payments
- Estimated Return on Investment in excess of 400%
Accuity's Asset Verification Solution has potential benefits for a myriad of government benefit programs. It has proven to be an effective stewardship tool for eliminating the costs of improper benefit payments. Whether assisting other government programs or providing the secure infrastructure to connect the government sector to the financial institution community, Accuity stands ready to combine its unique position as the preeminent source for financial institution information with a proven ability to facilitate the flow of information between the financial institution community and the government sector.
For additional information, please complete the form to the right or contact AVS@accuitysolutions.com.
Overview of the Asset Verification Solution
Accuity's Asset Verification Solution (AVS) helps any governmental agency reduce improper benefit payments. Originally designed for the Social Security Administration (SSA), AVS is a streamlined solution that verifies assets held by registrants, participants or benefit recipients.
AVS delivers the following capabilities to support program integrity:
- Unparalleled Database – A proprietary network of more than 5,700 financial institution head offices unmatched by any other entity in banking, government or the private sector enabling us to connect governmental agencies to the financial community and facilitate timely responses.
- Superior Technology – A secure Web-based application for processing asset verification requests and responses between the governmental agency and financial institutions.
- Undisclosed Asset Detection – Capabilities to detect undisclosed assets, facilitated by a partnership with Early Warning Services and our Geographic Undisclosed Account Radial Detection (GUARD) application, preventing the distribution of benefits and any requirement to recover funds from beneficiaries.
To find out more about how we facilitate the flow of information between the financial institution community and the government sector, or to discuss how we can help you, complete the form on the right of this page or contact AVS@accuitysolutions.com.
Our Secret Weapons against Undisclosed Assets
Early Warning Services
Early Warning Services is owned by five of the country's largest and most respected banks. Those institutions—as well as hundreds of other financial services organizations across the country—use Early Warning's systems to exchange information and knowledge enabling them to obtain a single view of fraud activity across the enterprise and manage fraud on a cross-institutions basis. These same systems are leveraged by the AVS to detect assets held by program applicants at undisclosed financial institutions.
GUARD
GUARD uses Accuity's proprietary financial institutions (FIs) database and message routing intelligence in combination with advanced geo-mapping technology and dynamic selection parameters to create a search logic that effectively canvasses the banking system for undisclosed accounts. Based on the location of the applicant's residence and the probability of asset discovery at FIs located within a pre-determined geographic proximity, GUARD automatically generates additional requests for asset verification. GUARD's algorithms and complex messaging logic allow it to target only those FIs that have the highest probability of servicing undisclosed accounts while preventing the generation of unnecessary request volumes that escalate operational costs.
For additional information, please complete the form to the right or contact AVS@accuitysolutions.com.