BNY Mellon, a global investments company has announced a collaboration with risk and payments solution provider Early Warning Services to deliver real-time account validation services to clients.
BNY Mellon will deliver real-time account validation services to clients, and offer the flexibility to tailor a solution to meet clients’ individual needs.The partnership is part of BNY Mellon’s strategy to provide digital payment services that support clients with all of their payment needs.
“We are very pleased to work with Early Warning Services to bring this integrated solution to our clients. Our goal is to support our clients’ digital journeys in the payments space and to help them achieve greater operational efficiencies, manage risk and reduce cost,” said Michael Bellacosa, Global Head of Payments and Transaction Services, BNY Mellon.
Through this new solution, BNY Mellon will enable clients to validate the status and owner of accounts across the U.S. in real-time to provide increased risk and fraud prevention capabilities prior to the execution of payments. It is also payment agnostic and can be used to verify the status of an account and ownership prior to sending a wire transfer, automated clearing house (ACH) or real-time payment.
The service leverages EWS’ Real-time Payment Chek Service with Account Owner Authentication, to validate if the account is open and in good standing and that the payee is an owner or authorised signer on the account. This enables clients to effectively manage risk associated with payment processing across a multitude of use cases. This service allows clients to better manage the growing compliance requirements to pre-validate payment data prior to making payments or requesting funds.
“Early Warning Services has collaborated with BNY Mellon in bringing innovative payment solutions to the market in the past, assisting corporates and banks to adopt new digital services,” said Lou Anne Alexander, Chief Product Officer, Early Warning Services. “The extension of this relationship addresses an increasingly important need for clients who are seeking real-time account validation to further reduce the risk of fraud and misdirected payments—which reduces costs and delivers a better user experience for clients.”
