Instant micro-deposit verification

Instant micro-deposit verification introduces a faster and easier way to verify bank account ownership. This feature enables instant account verification for RTP-enabled bank accounts, allowing users to complete the process in seconds — an improvement over the traditional, multi-day, micro-deposit method. For accounts not yet RTP-enabled, the code is sent via same-day ACH.

Use instant micro-deposit verification to:

• Instantly verify accounts for RTP-enabled banks in a single session
• Ensure broad compatibility with automatic fallback to same-day ACH for other institutions
• Meet Nacha account validation requirements
• Enhance user experience with a quick, easy verification process

How it works:

1. Moov sends a $0.01 credit to the user's bank account
2. This credit contains a unique verification code
3. Users retrieve and enter the code to verify their account instantly (for RTP) or later that day (for same-day ACH)

See our documentation for more information.

Cards API response updates

New fields, commercial and regulated, will now be included in successful responses for the link a card, update a card, retrieve a card, and list cards endpoints. Both of these fields provide additional details for a card:

• commercial indicates whether the card is for commercial or personal use
• regulated indicates whether the card's issuing bank is subject to capped debit interchange rates under the Durbin Amendment. This is determined by the asset size of the issuing bank. A value of true means the issuing bank’s asset size qualifies for the cap on interchange fees.