Apply Financial, backed by True Ventures of San Francisco, today launches their new Validate service online at applyfinancial.co.uk.
The new Validate service is designed to provide high-quality global payments validation, enrichment and account conversion in combination with data that is updated daily. It is easily accessible either through an online user portal or API integration into payments, ERP and accounting systems.
Validate is an automated, cloud-based service that allows any size financial institution, business, or individual that send international payments to check and enrich client payment data before it is communicated to, or transmitted by the bank. Not only does this minimize errors, but Validate is also much more cost-efficient than traditional data vendors, manual cross-checking or other directories.
IBAN numbers, check digits, BIC codes and other payments reference data are validated in the solution to deliver greater straight-through processing and to accurately route to ensure SEPA-compliance and global payments compliance outside of the SEPA countries.
"Validate is the first self-service comprehensive payments solution to be available. It is much easier to use than the current legacy solutions. For banks, it delivers efficient client support by ensuring that potential payment errors are spotted before being sent. For non-banking financial institutions, corporates and individuals, it means that payment instructions will be accurately communicated to banks and will significantly reduce charges for exceptions and investigations. This will save all parties time, expense and the reputational and operational consequences of not meeting financial deadlines and commitments. Our aim with Validate is to disrupt and democratize payments validation tools, which are currently expensive, complicated and difficult to access, and provide a simple self-service model with no infrastructure costs for clients. Validate will deliver accessibility in a manner that we all now expect as a result of the Internet revolution in online purchasing," said Mark Bradbury, Managing Director of Apply Financial.
He added, "Validate now offers advanced capabilities only previously enjoyed by the world's top banks to everybody; it is simple to try out, register and use. The 'pay as you go' pricing means you only pay for what you use."
"Validate brings to the cloud sophisticated validation tools and comprehensive payments reference data that is updated daily to provide not just payments validation and IBAN numbers, which are a legal requirement in the SEPA zone, but also gives depth of data such as international routing instructions to enrich the payment instruction automatically. With so many corporates and banks merging or being acquired, there are many changes that need to be incorporated into the payments database we use. Validate keeps abreast of all the changes and updates without clients having to worry. We are confident that Validate is a big step forward in payments validation, and have a number of introductory offers available as well as a free demonstration to help customers select the best solution for their needs. We believe that Validate 'does what it says on the tin' - it makes complex payments data validation simple, trustworthy, flexible and cost effective," Bradbury further added.