While the amount paid for the acquisition and other terms of the deal has not been publicly shared, Accuity management said the purchase was part of the company’s goal to develop its own software. of account validation for traditional financial institutions and fintech companies.
Validate, which is the main product offering of Apply Financial, is supported by an application program interface (API) and cloud technology. It allows financial service providers to reduce or eliminate common payment processing errors by entering correct bank account numbers and payment information.
Validate was developed to help reduce payment processing costs and to help settle transactions faster.
One of the main reasons for income inequality in the United States is delays in processing payments. The nation’s poorest have reportedly lost more than $ 100 billion to payday lenders, check cashing services and bank overdraft fees over the past decade, mostly due to slow processing of payments .
Apply Financial provides automated payment validation solutions, which help improve straight through processing (STP) rates.
The company noted:
“With the proliferation of faster payment systems around the world and the rise in consumer and business expectations, STP is no longer just about efficiency, but a competitive differentiator for businesses. “
Accuity’s Bankers Almanac for Payments wallet provides relevant banking and routing data to improve the payment process. It can also be integrated with the Validate product to reduce friction and fully automate transaction processing.
David Blanc, Executive Vice President of Global Payments at Accuity and Know Your Customer, said:
“The payments industry is in the midst of a drastic transformation, with speed and efficiency at the forefront of its evolution. “
“In the short term, state-of-the-art technology from Apply Financial will allow us to offer clients a real-time, cloud-based payment and account validation solution to dramatically increase client STP rates and ensure payment security. .
“Over the longer term, technology will fuel our innovation and enable us to deliver the next generation of payment intelligence solutions to meet the needs of our customers. “