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Ben Turner, CEOAs businesses search for a suitable payout solution provider to lower risks, errors, and costs, one company stands out in the crowd—Verituity.
Verituity transforms payouts beyond transactions into new sources of value by delivering faster, safer, verified payments and pay-by-anything experiences, all while reducing complexity, risks, and costs and maintaining compliance. To provide banks, payers, and payees with a seamless and automated experience, Verituity connects them through its digital, intelligent platform that has holistic verification and an adaptive policy engine at the core.
“With holistic verification and intelligence at its heart, our platform ensures that every action along the payout process is verified and validated, and every payee receives their payment first-time, on-time,” says Ben Turner, CEO of Verituity. Be it payouts by banks, insurers, consumer goods providers, entertainment companies, or other payout-dependent businesses, Verituity ensures that the payment is completed successfully in the first attempt.
Following a low code/no-code approach, Verituity helps payers seamlessly modernize their legacy infrastructures and streamline payouts while reducing risks and costs. The platform’s adaptive policy engine plays a key role in enabling payers to ensure contextual verification in all aspects of every transaction.
Verituity’s platform can be custom configured for each payer’s unique business rules, orchestrating the verification of every transaction specific to the payer and payee’s identity, modality, and preferred payment method. By building intelligence into the orchestration layer, the company reduces the risks and completes payouts with higher success rates, driving customer satisfaction.
Verituity also enables payers to better understand their customers by collecting relevant information to provide them with the experience they desire. When it comes to payees, Verituity offers a range of payment options, such as ACH, Wire, Zelle®, RTP®, push to debit, virtual card, and check. This allows the company to deliver value to the payees by ensuring that they receive the payment via their preferred method.
For banks, Verituity helps extend the value of their payment rails and increase revenue while providing end-to-end visibility for reconciliation of settled payouts, enabling them to effectively compete with fintech companies.
In one instance, Verituity was approached by a bank whose corporate customers were facing high failure rates with their payout method, resulting in high costs and risks that affected the client and customers alike. Verituity offered the perfect solution to the problem and assisted the client in significantly reducing their failure rates by 60 to 90 percent.
With holistic verification and intelligence at its heart, our platform ensures that every action along the payout process is verified and validated, and every payee receives their payment first-time, on-time
Offering a comprehensive payout solution, Verituity orchestrates the entire payout process and handles various functions, such as standard conversions and data collection. The company also has cryptocurrency payment features in the pipeline to offer more variety to its customers. Backed by decades of experience in payouts, banking, tech, and security spaces, Verituity’s team continues to focus on transforming payouts into a better experience for banks, payers, and payees.
Verituity Joins Forces with Mastercard to Accelerate Secure Domestic and Cross-Border Payouts
Friday, April 12, 2024
With the integration of Mastercard Move, commercial banks and payers can leverage faster and more secure payouts via Verituity’s white label payments platform
MCLEAN - Verituity, a leading provider of intelligent, verified payout solutions, today announced the integration of Mastercard Move, Mastercard’s portfolio of domestic and international money transfer solutions, into its payments platform, enabling near real-time payouts for commercial banks and payers.
In an era where customers increasingly expect faster payments, the need for secure, accurate, and prompt disbursement solutions has never been greater. According to Mastercard’s Borderless Payments Report, one-third of consumers surveyed have experienced late or failed cross-border payments, which can result in inconveniences that impact daily life. Specifically, three-quarters of those who experienced a late cross-border payment could not support themselves financially in some way.
Verituity connects banks, businesses, and payees to verified payouts and intelligent “pay-by-anything” experiences. The cloud-based, white-labeled platform allows payers to customize the payout experience, and payees to receive payments in a manner that best suits them.
“We’re thrilled to join forces with Mastercard to bring more banks into the secure disbursement and remittance ecosystem,” said Ben Turner, CEO of Verituity. “Our innovative turnkey solution will enable banks and businesses to seamlessly use Mastercard Move, including push to card, to make secure, near real time payments while offloading the complexities of verification, integrations and payment modernization.”
With Mastercard Move, Verituity will be able to provide a streamlined path for sending and receiving domestic and international payments. It will reduce the legwork and go-to-market timeframe for banks, businesses and payees. They will also be able to ensure the immediate verification of payees and their transactions, minimizing the risk of errors and enhancing overall transaction security.
“In today’s global economy, the ability to make and receive payments quickly and easily is crucial,“ said Sherri Haymond, executive vice president, Global Digital Partnerships at Mastercard. “Mastercard Move enables secure, near real-time payment transfers to and from billions of card, bank and digital accounts globally. We’re delighted to join forces with Verituity to deliver a seamless and secure payment experience that banks, businesses and consumers can trust.”
Verituity Taps Mastercard to Enable Near-Real-Time Payments for Banks
Tuesday, April 16, 2024
Verituity has teamed up with Mastercard to enable near-real-time payments for commercial banks and payers.
This collaboration sees Verituity’s white-labeled payments platform integrating Mastercard’s portfolio of domestic and international money transfer solutions, Mastercard Move, the companies said in a Thursday (April 11) press release.
“We’re thrilled to join forces with Mastercard to bring more banks into the secure disbursement and remittance ecosystem,” Ben Turner, CEO at Verituity, said in the release. “Our innovative turnkey solution will enable banks and businesses to seamlessly use Mastercard Move, including push-to-card, to make secure, near-real-time payments while offloading the complexities of verification, integrations and payment modernization.”
Verituity’s cloud-based, white-labeled platform connects banks, businesses and payees to verified payouts and intelligent “pay-by-anything” experiences, according to the release. By doing so, it allows payers to offer a customized payout experience that lets payees receive payments the way they want.
With the integration of Mastercard Move, the Verituity platform will be able to offer users a quicker go-to-market time frame and immediate verification of payees and transactions, which reduces the risk of errors and enhances security, per the release.
“Mastercard Move enables secure, near-real-time payment transfers to and from billions of card, bank and digital accounts globally,” Sherri Haymond, executive vice president, global digital partnerships at Mastercard, said in the release. “We’re delighted to join forces with Verituity to deliver a seamless and secure payment experience that banks, businesses and consumers can trust.”
The demand for digitized ways to send money across borders has been intensified by a number of trends, Alan Marquard, head of transfer solutions at Mastercard, told PYMNTS in an interview posted in March.
These trends include migrant workers sending money home; professional workers with flexible working arrangements working across countries and remitting funds internationally; and online platforms creating a need for sellers and buyers to send payments abroad, Marquard said.
“At the end of the day, payment needs drive payment types,” Marquard said, adding that “digitized experiences like this tend to offer better value for money than multichain or ‘multiplayer’ chains of payments, where a number of people are taking a ‘slice’ along the way.”
Verituity secures $18.8m to enhance verified payout solutions
Wednesday, June 26, 2024
Verituity, a prominent innovator in the realm of intelligent, verified payouts, has successfully closed a significant funding round of $18.8m.
The investment was spearheaded by Sandbox Industries and Forgepoint Capital, with additional support from Ardent Venture Partners and MTech Capital. As part of this funding round, Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will take a seat on Verituity’s board of directors.
This latest capital injection is earmarked to accelerate Verituity’s expansion across banking and insurance sectors and into new domains such as mortgage servicing and the energy sector. The funds will also support the ongoing enhancement of Verituity’s machine learning and artificial intelligence capabilities, which underpin their Zero Trust Payout VerificationTM and intelligent payment systems.
Verituity is at the forefront of orchestrating intelligent, verified B2B and B2C payouts, enabling businesses and banks to deliver trusted payments efficiently to recognized individuals and entities. The CEO of Verituity, Ben Turner, expressed enthusiasm about continuing the collaboration with the investors to phase out checks and integrate intelligent, verified payouts more deeply into business transactions.
In conjunction with this funding announcement, Verituity has also disclosed a partnership with Mastercard Move. This collaboration aims to offer a white-label solution for commercial banks and payers to modernise their disbursements and remittances, facilitating secure, verified, and nearly instantaneous payments that surpass traditional methods in meeting customer needs.
Chris Zock highlighted the significance of Verituity’s innovations, particularly in facilitating payments for the insurance and healthcare sectors, embedding verification directly into payouts and bridging the gap between old treasury systems and modern digital payments. Don Dixon from Forgepoint Capital praised Verituity’s strategic position at the nexus of verification, intelligent payments, and trust, emphasizing the potential impact of their AI-driven solutions on the evolving landscape of digital payments and risk mitigation.
Company
Verituity
Management
Ben Turner, CEO
Description
Verituity transforms payouts beyond transactions into new sources of value by delivering faster, safer, verified payments and pay-by-anything experiences, all while reducing complexity, risks, and costs
