Payments validation in the cloud through new UK service
A new cloud-based payments validation, enrichment and account conversion service has been launched by UK start-up Apply Financial.
Called Validate, the service enables banks, non-banking financial institutions, corporates and individuals transferring money internationally to check and validate that international payment details are correct.
The service is accessible either through an online user portal or API integration into payments, ERP and accounting systems. IBAN numbers, check digits, BIC codes and other payments reference data are validated in the solution to deliver straight-through processing and accurate routing to ensure SEPA-compliance and global payments compliance in non-SEPA countries.
“Our aim with Validate is to disrupt and democratise payments validation tools, which are currently expensive, complicated and difficult to access, and provide a simple self-service model with no infrastructure costs for clients,” said Mark Bradbury, managing director of Apply Financial. “For banks, it delivers efficient client support by ensuring that potential payment errors are spotted before being sent. For non-banking financial institutions, corporates and individuals, it means that payment instructions will be accurately communicated to banks and will significantly reduce charges for exceptions and investigations. This will save all parties time, expense and the reputational and operational consequences of not meeting financial deadlines and commitments.”
Apply Financial is backed by True Ventures of San Francisco, a Silicon Valley-based venture capital firm that invests in early-stage technology start-ups.
