Accelitas and Fiserv Add Real-Time Data to Bank Account Validation

Accelitas has added Fiserv’s real-time data to its bank account validation (BAV) solutions.

With this data from the global provider of payments and financial services technology solutions, Accelitas’ BAV solutions will help businesses grow while creating less friction for the customers, the companies said in a Thursday (Feb. 9) press release.

“Technology powered by timely and detailed data will lead to better informed decisions,” Fiserv Vice President and General Manager of Alternative Payments Charles Williams said in the release. “Real-time transactional data helps Accelitas lower risk for their clients through stronger points of validation, and also streamlines end user experiences via faster decisioning.”

PYMNTS research has found that only 38% of businesses are using document and identity authentication tools.

This leaves most organizations vulnerable to fraud attacks linked to incoming payments, according to the January edition of the “B2B Payments Fraud Tracker®,” a PYMNTS and nsKnox collaboration.

“A lot of businesses are not accustomed to having strong authentication and bank account validation procedures and are generally unfamiliar with the best practices for fraud prevention,” MidFirst Bank Vice President and Director of Enterprise Fraud Candler Eve told PYMNTS when interviewed for the report. “Lacking effective authentication, these businesses are prime targets for invoice fraud on both the accounts receivable (AR) and the accounts payable (AP) side — and criminals are looking to capitalize quickly.”

The newly announced combination of Fiserv’s real-time data from its check and automated clearing house (ACH) acceptance and processing business with Accelitas’ analytics and algorithms delivers up-to-the-minute insights on 98% of U.S. consumer bank accounts, improves ACH success rates, reduces returns and mitigates fraud risk, according to the press release.

“In today’s complex payments landscape, businesses are faced with solving for risk factors that go beyond compliance,” Accelitas Senior Vice President of Strategy and Business Development Kelly Zelenski said in the release. “They need to ask hard questions of their BAV provider. What’s your real coverage? How do you measure performance? What tools do you have to improve performance over time? How adaptive is your solution to business or market changes? Accelitas is well equipped to answer these questions.”

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