BNY Mellon today announced a strategic collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). Through this agreement, BNY Mellon will deliver real-time account validation services to clients, and offer the flexibility to tailor a solution to meet clients’ individual needs— whether through BNY Mellon directly, or through one of its Private Label Bank relationships. This collaboration marks another step in BNY Mellon’s strategy to provide digital payment services that support clients with all of their payment needs, both now and in the future.
“We are very pleased to work with Early Warning Services to bring this integrated solution to our clients,” said Michael Bellacosa, Global Head of Payments and Transaction Services, BNY Mellon. “Our goal is to support our clients’ digital journeys in the payments space and to help them achieve greater operational efficiencies, manage risk and reduce cost.”
Through this new solution, BNY Mellon will enable clients to validate the status and owner of accounts across the U.S. in real-time to provide increased risk and fraud prevention capabilities prior to the execution of payments. It is also payment agnostic and can be used to verify the status of an account and ownership prior to sending a wire transfer, automated clearing house (ACH) or real-time payment. The service leverages EWS’ Real-time Payment Chek® Service with Account Owner Authentication, which quickly validates if the account is open and in good standing and that the payee is an owner or authorized signer on the account. This will help clients in their efforts to effectively manage risk associated with payment processing across a multitude of use-cases. This service enables clients to better manage the growing compliance requirements to pre-validate payment data prior to making payments or requesting funds.
“Early Warning Services has collaborated with BNY Mellon in bringing innovative payment solutions to the market in the past, assisting corporates and banks to adopt new digital services,” said Lou Anne Alexander, Chief Product Officer, Early Warning 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.”
BNY Mellon will offer clients multiple channels to access the solution based on their preference, including real-time application programming interface (API) integration, batch-file services and an online user interface. The API solution channel offers the added convenience of full integration with clients’ existing treasury and vendor management systems to streamline customer enrollments and payment processing.
This solution will be offered in conjunction with BNY Mellon’s Real-Time Payments, Zelle® Disbursements and traditional cash management services in its Private Label portfolio.