Third-Party Verification - TPV

AAA

DEFINITION of 'Third-Party Verification - TPV'

When an outside organization reviews a customer's information to ensure that it is accurate, and to confirm intent. Third-party verification is often used with sales departments to verify that a potential customer has interest before passing the customer on to a salesperson. TPV is also used in situations in which a customer wants to provide or update information but cannot readily deliver a contract or physical copy of that information because the update is occurring over the phone or online.

INVESTOPEDIA EXPLAINS 'Third-Party Verification - TPV'

Third-party verification allows a company to reference the interaction history of an independent third party in the case that a customer says that he or she did not authorize an account change or transaction to take place. In order to move out of the verification process, the customer must agree that a transaction is going to take place, which demonstrates that the agreement is legally binding. It is sometimes required by law, especially with the advent of the internet and do-not-call phone lists.

RELATED TERMS
  1. Third Party

    An individual or entity that is involved in a transaction but ...
  2. Customer

    An individual or business that purchases the goods or services ...
  3. Identity Theft

    The crime of obtaining the personal or financial information ...
  4. Transaction

    1. An agreement between a buyer and a seller to exchange goods, ...
  5. Customer Relationship Management ...

    The principles, practices, and guidelines that an organization ...
  6. Occupational Safety And Health ...

    Law passed in 1970 to encourage safer workplace conditions in ...
Related Articles
  1. Insurance

    Credit Scams To Watch Out For

    More than 30 million people were victims of fraud in 2007. Will you be next?
  2. Insurance

    Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  3. Credit & Loans

    Identity Theft: Who To Call For Help

    If your identity is stolen, it's critical to act fast. Find out what to do if it happens.
  4. Options & Futures

    Shopping Online: Convenience, Bargains And A Few Scams

    Shopping from the comfort of your couch has major benefits - and some unpleasant side effects.
  5. Professionals

    Master Limited Partnership (MLP)

    A master limited partnership, also referred to as an MLP, is a publicly traded partnership, where the limited partnership interests are traded much like shares in a corporation.
  6. Professionals

    Human Resource Planning

    Just as companies must plan ahead to ensure a steady supply of raw materials, machinery and office space, they must also plan ahead to maintain a steady supply of quality employees. Human resource ...
  7. Professionals

    Value Proposition

    A value proposition is a company’s promise to its customers of a unique and relevant benefit. The value proposition is often the heart of a company’s advertising campaigns.
  8. Fundamental Analysis

    Work In Progress (WIP)

    Work in progress, also know as WIP, is an asset on the company balance sheet. WIP is the accumulated costs of unfinished goods that are currently in the manufacturing process.
  9. Fundamental Analysis

    Capital Budgeting

    Capital budgeting is a planning process used by companies to evaluate which large projects to invest in, and how to finance them. It is sometimes called “investment appraisal.”
  10. Professionals

    Porter's Five Forces

    Porter’s Five Forces is an analysis scheme created by Harvard Business School professor Michael E. Porter. Using this analysis tool, business managers can gauge the level of competition within ...

You May Also Like

Hot Definitions
  1. Command Economy

    A system where the government, rather than the free market, determines what goods should be produced, how much should be ...
  2. Prospectus

    A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details ...
  3. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  4. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  5. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  6. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
Trading Center