Frequently Asked Questions about ACCOUNTworks
You may have questions about how ACCOUNTworks actually functions. We hope you find answers here!
How are accounts funded?
Institutions have several options to choose from to allow applicants to fund new accounts by electronic methods like credit card or electronic check (ACH) or lower-tech methods like mailing a check or taking in cash.
What background checks are made on applicants?
Really, it’s up to the institution to decide. In general ACCOUNTworks will process OFAC checks, perform an ID Verification or even pull credit bureau or debit fraud (ChexSystems) reports on one or all persons on each application.
Does ACCOUNTworks help with decisioning?
Yes, the system allows you to create rules that analyze the data gathered against your criteria to decide if an application can be automatically approved or should be reviewed by someone before approval.
Can we offer applications online?
You bet! Application forms can be offered directly to applicants online or can be tailored for specific areas inside your credit union.
Does ACCOUNTworks integrate with our host processor?
Yes, it does. ACCOUNTworks can be configured to board new memberships and accounts to your host processor electronically – in real time – and even give an online applicant their new member number or account information.
How does ID Verification work?
fiVISION has teamed with LexisNexis Risk Management to offer an out-of-wallet Q&A process to check the validity of an applicant’s identity.
Is ACCOUNTworks software or a service?
We offer ACCOUNTworks as a cloud computing solution so all you have to have is internet access. Your staff will log into the platform to work with applications or get reports on the process. ACCOUNTworks is available around the clock with near 100% uptime backed by the fiVISION Service Level Agreement.