J.P. Morgan Payments has teamed up with predictive bank account/payment intelligence company ValidiFI.
The collaboration, announced Monday (Oct. 28), is designed to give businesses greater security and confidence in validating bank accounts and conducting transactions.
“For organizations conducting digital transactions on the ACH network, having a reliable bank account verification service is essential in order to mitigate risk and help detect fraudulent transactions,” the companies said in a news release provided to PYMNTS.
By integrating J.P. Morgan Payments’ validation services into its network, ValidiFI can now provide customers with expanded coverage and bank account insights via its vAccount+ solution, thus helping ensure transaction security.
According to the release, J.P. Morgan’s validation services include account and identity verification solutions, aimed at helping to reduce fraud and financial crime such account takeover, synthetic identity and business email compromise.
“Fraud prevention continues to be a top priority across the industry, and we’re committed to leverage technology along with our trusted network to help clients mitigate fraudulent activities,” said Ryan Schmiedl, head of Embedded Payments & Trust & Safety at J.P. Morgan Payments. “Collaborating with ValidiFI is another way we’re empowering clients through friction-free and highly reliable account validation capabilities to counter fraud and help protect their business.”
The partnership comes at a time when — per PYMNTS Intelligence research — 30% of American consumers and/or households have lost money in a financial scam in the past five years. That means scams have affected around 77 million people, often with severe financial implications: Most victims lose upwards of $500, with many losing thousands of dollars.
“Banks and other financial institutions (FIs) serve as the frontline defenders and advocates for victims of financial scams,” PYMNTS wrote recently. “We find that consumers are much more likely to recover funds if they have reported the losses to their FI. That said, more than half of scam victims consider switching FIs after their traumatic experience, and 30% actually do so.”
In related news, PYMNTS explored the concept of embedded identity, which refers to integrating identity verification within platforms so that the process becomes invisible to consumers.
“The growing reliance on identity verification across financial transactions isn’t just about security — it’s about transforming the customer experience,” PYMNTS wrote. “Whether you’re swiping your phone at the register or transferring funds internationally, the way your identity is managed could soon be the difference between a seamless transaction and a stalled one.”
We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
