Institutions across the globe experience a high number of payment returns and fraud due to the inability to verify account information prior to payment processing, resulting in additional fees, payment delays, and an overall poor customer experience. Based on J.P. Morgan’s evaluation of high value payment returns in 2020, there is an opportunity to save millions of dollars on high value payments and 3-4 days of payment related delays1.
Embed account validation within your payment operations and unlock new data driven revenue streams with Confirm.
If your institution needs to verify account information to streamline and protect its payments or has data to facilitate this verification – or both – you can potentially benefit from using Confirm.
Reduce the occurrence of payment returns due to incorrect payment information by validating account information in advance. Decrease operating costs and improve straight-through processing rates with confidence that the payment will reach the intended end client.
Mitigate fraudulent activity by pre-validating account information so participants know beforehand if the instructed beneficiary matches the owner of the account they are paying.
Securely monetize data assets by responding to information requests from institutions.
The new connections made through Confirm may open additional business opportunities in different regions and allow your bank to enter new areas.
API integration with Confirm can be used to automate the process of pre-validating account information prior to funds transfer, which may reduce the risk of return, delays, unnecessary fees, and fraud – all on a secure peer-to-peer network, with benefits across your organization:
May improve overall client experience and open new revenue streams for responding institutions.
Leverage cutting-edge blockchain technology and APIs for simple integration on to a secure platform.
Increased straight-through processing rates resulting in cost-savings, and reduced operational risk.
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