B2B App Platform Relish Adds GIACT to Authenticate Bank Information

B2B app platform Relish has added GIACT solutions to validate and authenticate bank information.

With this partnership, Relish will enhance the supplier data onboarding and cleansing process, the B2B app development and platform company said in a Wednesday (April 12) press release.

“Partnering with GIACT is a significant milestone for Relish,” Relish CEO Ryan Walicki said in the release. “By integrating GIACT’s proven solutions, we are able to provide our customers with enhanced capabilities to validate and authenticate bank information, making the supplier data onboarding and cleansing process faster, more efficient and more secure than ever before.”

The collaboration will integrate GIACT’s gVerify and gAuthenticate solutions within Relish Data Ensure, helping to reduce the risk of fraud and non-payment and ensure compliance, according to the press release.

This news comes about a month after GIACT, which is a subsidiary of the London Stock Exchange Group (LSEG), and Mastercard joined forces to offer customers secure account validation.

The partnership expands on GIACT’s digital identity and fraud solutions and enables it to use Mastercard’s open banking technology to offer account verification solutions to its customer and third-party risk businesses.

Making sure that account owners are who they say they are — at all stages of the lifecycle — is critical, Ramesh Menon, group director, product management of LSEG Digital Identity/Account Verification and Fraud Solutions, told PYMNTS in an interview posted on March 29.

Open Banking Account Verification uses consumer-permissioned authentication to create a secure, direct connection between companies and their customer’s financial institution. In doing so, GIACT’s customers will be able to more easily verify bank account data and reduce payments risk with minimal friction, Menon said at the time.

Account verification must include onboarding to ensure that regulatory mandates are being met and that, in Menon’s words, “you can be sure you are doing business with the good guys and not the bad guys.”

Onboarding processes also play a key role in building a user-friendly experience, Gareth Walker, global head of client and digital onboarding at Refinitiv (an LSEG business), told PYMNTS in an interview posted in December 2022.

“[On one hand] there’s a landscape in which fraud is rampant and the numbers are rising, but also a world where expectations are changing such that an overbearing onboarding experience is going to push good customers [away] and with it good revenue away from your organization,” Walker said at the time.

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