The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of Americaīank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Learn more about fraud prevention and cyber security solutions. Others launched this year include: Recipient Select, Complete AP, the Executive Explorer travel card, Virtual Account Management (VAM 2.0), and an enhanced Intelligent Receivables. “By reducing misdirected payments, companies will also save a considerable amount of time and money it takes to attempt to retrieve misdirected payments.”īacked by a team of innovators, Bank of America is a leader in business-to-consumer and business-to-business payments, with Account Validation being the latest payments innovation brought to market. “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. Additionally, Account Validation could help companies to comply with the NACHA WEB Debit Account Validation rule.Īccount Validation also assists in helping prevent misdirected payments, which occur when a payee inadvertently provides an incorrect account number. Companies can use the service prior to making payments to consumers via ACH, wire transfer, or a real-time payment. “Account Validation and other fraud prevention tools are essential for today’s treasury teams.”Ī key component of Account Validation is its ability to respond to clients’ inquiries in near real-time. “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. financial institutions, including Bank of America. Account Validation is supported by Early Warning Services, LLC (EWS), a fintech company that provides identity, risk and payment solutions to financial institutions. Prior to initiating an electronic credit or debit payment, a client using Account Validation, can verify the status of an account and authenticate the account owner. Bank of America today announced the launch of Account Validation, a fraud prevention service for corporate and public sector clients.
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