Compliance and KYC firm purchases Apply Financial

Accuity, a global provider of financial crime screening, payments, and know your customer (KYC) solutions has acquired Apply Financial Limited (Apply Financial). 

With the proliferation of faster payment schemes around the world raising consumer and business expectations, Accuity sees the acquisition as a tool for improved payment and account validation, reduced payment processing costs and increased speed of transactions. 

Apply Financial’s flagship solution, Validate, uses cloud and API technology to help firms submit the correct bank account and payment details when processing a payment, thereby increasing efficiency and reducing the risk of a transaction failing. 

David White, EVP Global Payments & KYC at Accuity, commented: “The payments industry is in the midst of a drastic transformation, with speed and efficiency at the forefront of its evolution. In the near term, Apply Financial’s advanced technology will enable us to offer clients a cloud-based, real-time payment and account validation solution to dramatically increase customer STP rates and provide payments certainty.”

Mark Bradbury, Director and Founder of Apply Financial, added: “By joining forces, we will be able to share industry expertise, deploy our technology to a broader audience, and collaborate on innovative solutions that will support the industry now and in the future.”