Third-Party Verification - TPV

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.

BREAKING DOWN '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. Customer Relationship Management ...

    The principles, practices, and guidelines that an organization ...
  5. Transaction

    1. An agreement between a buyer and a seller to exchange goods, ...
  6. Capital Allocation

    A process of how businesses divide their financial resources ...
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. Economics

    How Can Companies Increase Market Share?

    Companies that increase their market share enjoy a competitive advantage. They receive better prices from suppliers, and they’re able to produce goods faster.
  6. Entrepreneurship

    Up-to-Six-Figure Loans a Business Can Get – Fast

    The banking industry has invested a lot of money into shortening loan approval times from a few weeks to a few minutes, but should you dive in?
  7. Economics

    Understanding Capital

    Capital has a variety of meanings, but it generally refers to financial resources.
  8. Economics

    Calculating Economic Profit

    Economic profit is the difference between the revenue a firm earns from sales and the firm’s total opportunity costs.
  9. Economics

    Explaining Cost Of Capital

    Cost of capital is the cost of funds used to finance a business.
  10. Economics

    Where Does the Term "Black Friday" Come From?

    The term Black Friday can be used in a couple of different contexts; one positive and one negative.
RELATED FAQS
  1. Do working capital funds expire?

    Find out how and why a company's working capital can change over time, though the fund does not actually expire, and how ... Read Answer >>
  2. Does working capital include inventory?

    Learn about inventory that is part of current assets and working capital, which is the difference between current assets ... Read Answer >>
  3. How can I calculate funds from operation in Excel?

    Understand how the terms ''work in progress'' and ''work in process'' are used interchangeably to refer to items in the middle ... Read Answer >>
  4. When does Q4 start and finish?

    Learn about different financial years used by various companies. Explore when the fourth quarter begins on October 1st and ... Read Answer >>
  5. When is it useful to look at a company's fixed asset turnover ratio?

    Understand when it is useful to look at a company's fixed asset turnover ratio, and learn which industries are best suited ... Read Answer >>
  6. What is the difference between perfect and imperfect competition?

    Learn the differences between perfect competition and imperfect competition and what types of markets are considered imperfectly ... Read Answer >>
Hot Definitions
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  2. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  3. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  4. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  5. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
  6. Economies Of Scale

    Economies of scale is the cost advantage that arises with increased output of a product. Economies of scale arise because ...
Trading Center