Experian and JPMorgan Push Account Checks Into Payment Workflows
Faster payments leave businesses with less time to discover whether the account at the other end belongs to the wrong person, contains bad information or may be connected to fraud. That pressure is moving verification closer to the point where money leaves the sender. A series of August launches is putting account and payee checks […] The post Experian and JPMorgan Push Account Checks Into…
Experian and JPMorgan have partnered to expand account ownership verification into payment workflows across international markets, including the Single Euro Payments Area (SEPA) and regions such as the Americas, Africa, Asia, and the Middle East. This collaboration aims to provide U.K. businesses with a single solution for verifying accounts both domestically and internationally.
Additionally, Open Payments has integrated Verification of Payee directly into its API through a partnership with Movitz Payments, allowing payments originating from enterprise resource planning (ERP) systems, accounting platforms, treasury systems, and other business applications to check the intended recipient's account details before execution.
These moves signal a trend in the payment infrastructure industry, where verification is becoming an integral part of the payment process, occurring before the release of funds. The PYMNTS Intelligence report indicates that 65% of firms plan to adopt or expand identity verification and know your customer automation within the next year, highlighting the growing importance of these measures in combating fraud and ensuring secure transactions.
Brief written by urgent.news from PYMNTS's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
