Mastering Compliance and Efficiency with Digital Reverifications
Historically, getting responses from banks to satisfy the federally mandated 10% reverification requirement has been slow and manual. The case for digitizing reverifications is strong:
- Elimination of paper letters that are easily lost or ignored
- No manual verification of bank addresses
- Decrease in labor and material costs
Completing an audit without a bank’s data verification response is less thorough and may conceal instances of fraud. Embracing modern technology solves this. But practically, what does the transition to digital reverifications look like?