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BNY Mellon Ready to Deliver Real-Time Account Validation Services

By CIOReview | Tuesday, July 14, 2020

Dedicated to helping clients handle and service their financial assets throughout the investment lifecycle BNY Mellon has collaborated with risk and payments solution provider Early Warning Services.

FREMONT, CA: BNY Mellon a global investments company, announces a strategic collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). By this agreement, BNY Mellon will deliver real-time account validation services to the clients and offer the flexibility to personalize a solution to meet a clients’ individual needs, via BNY Mellon directly, or from one of its Private Label Bank relationships. This collaboration is another stepping stone in BNY Mellon’s strategy to provide digital payment services that aid the clients with all of their payment needs, now and in the future, both.

“We are very pleased to work with Early Warning Services to bring this integrated solution to our clients,” states Global Head of Payments and Transaction Services at BNY Mellon Michael Bellacosa. “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.”

With the help of this new solution, BNY Mellon will allow the clients to validate the state and owner of accounts across the U.S. faster than ever to provide high risk and fraud prevention power before the execution of payments. It is also a payment agnostic and can be utilized to confirm the condition of an account and ownership before a wire transfer, real-time payment, or automated clearing house (ACH). The service leverages EWS’ Real-time Payment Chek Service along with Account Owner Authentication, which instantly certifies if the account is open and that the payee is an owner or an authorized signer on the account. This will allow the clients in their efforts to actively manage risk associated with payment processing throughout a multitude of use-cases. This service enables clients to manage the growing compliance requirements in a better way to pre-validate payment data before making payments or asking for funds.

“Early Warning Services has collaborated with BNY Mellon in bringing innovative payment solutions to the market in the past, assisting corporates and banks to adopt new digital services,” says Lou Anne Alexander, Chief Product Officer, Early Warning Services. “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—which reduces costs and delivers a better user experience for clients.”