PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

BofA Offers More Account Validation to Corporate and Public Sector Clients

By Sarah Grotta
November 1, 2021
in Analysts Coverage, Fraud & Security, Fraud Risk and Analytics
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
BofA Offers More Account Validation to Corporate and Public Sector Clients

BofA Offers More Account Validation to Corporate and Public Sector Clients

Fintech Magazine reported about Bank of America’s launch of an account validation tool for its corporate and public sector clients. Many think of account validation tools as a means for merchants to make sure that the card credentials they have for a purchaser are legitimate and current. This is different. The BofA solution allows the client to verify the status of a transaction account and authenticate the account owner. There are three key benefits: the first one is helping to prevent fraud; the second is to ensure payments or debit are sent to the correct account, reducing errors and expediting payments; and third is that this also will help clients to comply with Nacha’s WEB debit account rule. This could also play a role in the future as more opportunities open up for open banking.

From the article:

“With fraud on the rise, companies can no longer make assumptions about whether the person or entity on the other end of a payment is who they say they are,” said David Kretz, head of Global Payments in Global Transaction Services at Bank of America. “Account Validation and other fraud prevention tools are essential for today’s treasury teams.”

A key component of Account Validation is its ability to respond to clients’ inquiries in near real-time. Companies can use the service prior to making payments to consumers via ACH, wire transfer, or a real-time payment. Additionally, Account Validation could help companies to comply with the NACHA WEB Debit Account Validation rule.

Account Validation also assists in helping prevent misdirected payments, which occur when a payee inadvertently provides an incorrect account number.

“Account Validation can help companies prevent fraudulent payments without compromising on speed for valid payments to vendors and contractors,” said Stephanie Wolf, head of Financial Institutions Sales and head of Business Banking Sales in Global Transaction Services at Bank of America. “By reducing misdirected payments, companies will also save a considerable amount of time and money it takes to attempt to retrieve misdirected payments.”

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Account ValidationBank of AmericaFraud PreventionFraud Risk and AnalyticsMerchantsWEB Debit Account Validation Rule

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025
    agentic commerce

    The Agentic Advent: How the Next Iteration of AI is Shaping Commerce

    June 6, 2025
    payments hub, digital banking

    All in One: How a Payments Hub Eliminates the Pain Points

    June 5, 2025
    Vertical SaaS

    From Underdogs to Industry Leaders: How Vertical SaaS Powers Mid-Sized Firms

    June 4, 2025
    credit card surcharging

    A Perfectly Understandable Bad Idea: Why Merchants Should Reconsider Surcharging

    June 3, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result