The offering will include flexibility, according to a press release, allowing clients to either choose BNY Melon's services or one of the company's Private Label Bank relationships.
With the new updated solution, BNY Mellon will let clients validate statuses and owners of accounts in real time across the U.S. Due to the real-time factor, fraud can be mitigated, the release states. The service is also payment-agnostic, able to verify accounts for payments including wire transfers, automated clearing houses (ACH) and real-time payments.
By leveraging EWS' Real-time Payment Check service with account owner authentication, BNY Mellon's solution will aid in speeding up validation, so long as the account is open and in good standing, and the payee is authorized to sign on the account.
By doing that, clients will be able to reduce risk associated with payment processing across many use-cases, and will be able to work better with the numerous new compliance requirements for pre-validating data before payments or funds come through, the press release says.
In addition, the release says BNY Mellon's new updates will also include multiple channels for clients, like real-time application programming interface (API) integration, batch-file services and an online interface for users, with the API feature including full integration with clients' past treasury and vendor management systems. That will have the effect of streamlining customer enrollments and payment processing.
Lou Anne Alexander, chief producer officer for Early Warning Services, said the service would be innovative in its adoption of digital services.
"The extension of this relationship addresses an increasingly important need for clients who are seeking real-time account validation to further reduce the risk of fraud and misdirected payments — which reduces costs and delivers a better user experience for clients," she said, according to the release.