The service validates if the account is open and in good standing and that the payee is an owner or authorised signer on the account. It enables clients to better manage the growing compliance requirements to pre-validate payment data prior to making payments or requesting funds.
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.
“We are very pleased to work with Early Warning Services to bring this integrated solution to our clients,” said Michael Bellacosa, Global Head of Payments and Transaction Services at BNY Mellon. “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.”
“Early Warning Services has collaborated with BNY Mellon in the past, assisting corporates and banks to adopt new digital services,” said Lou Anne Alexander, Chief Product Officer at EWS. “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.”