BBVA Compass Adds Corporate Payment Fraud, Accounting Tools

An announcement on Wednesday (July 18) introduced BBVA Compass’ new RealTime Positive Pay and RealTime ARP solutions for corporate customers.

The Positive Pay solution provides end users with real-time alerts of possibly fraudulent transactions related to checks or electronic payments. The bank verifies check and ACH payments when they are presented for payment, offering faster visibility into exceptions. Business users can customize alert guidelines and access an online dashboard in the BBVA Compass net cash platform to gain an overview of exceptions identified and to take action on those exceptions.

BBVA Compass noted that businesses have 34 hours to make a decision on those exceptions, which is longer than the typical industry average of two hours.

The ARP tool automates check reconciliation and streamlines reporting, providing an overview of check and electronic payment activity as it occurs. The bank also provides businesses with an online dashboard to view this information and create detailed reports on the net cash online platform and the bank’s mobile app.

In a statement, BBVA Compass Director of Multi-Channel Development Gabriel Palafox said the new solutions are part of the bank’s efforts to digitize services for its customers.

Earlier this month, small business accounting firm Xero announced an integration with BBVA Compass accounts, enabling SMBs to streamline reconciliation and data security by allowing account information to link into the Xero platform via API.

The integration is made possible via the BBVA API Market, which, according to Xero America Head of Financial Partnerships Mary Buckley, “embraces open APIs to provide small businesses and their advisors with greater control, visibility and security over their financial data.”

Last year, the company took a $60 million goodwill impairment charge related to its digital banking business, Simple.