What is the full form of OSV in banking? Well, OSV can have several meanings, but in banking, it most commonly refers to On-Site Verification (OSV).
Let’s get into details now.
What Does OSV Mean in Banking?
On-Site Verification (OSV)
On-Site Verification (OSV) involves a bank representative visiting a customer’s location to verify information provided in a loan application or other financial document.
You might encounter OSV if you’re applying for a business loan and the bank needs to verify your business address and equipment.
Other Possible Meanings of OSV
While less common, OSV can also stand for:
- Our Sunday Visitor (OSV): A Catholic magazine published weekly.
- Offshore Supply Vessel (OSV): A ship used to transport supplies and personnel to offshore installations.
- Old Sturbridge Village (OSV): A living history museum recreating life in 1830s New England.
When encountering OSV in a banking context, it’s safe to assume it refers to On-Site Verification. However, if you’re unsure, never hesitate to ask for clarification from your bank representative.
