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helping agencies stop fraudsters without compromising access for underserved populations.
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A recent proposal from the European Commission aims to encourage and increase the use of instant payments in euros throughout the European Union (EU). It is hoped that instant payments will foster smoother and safer transactions to the benefit of citizens, business, and the public sector, leading to innovation and a more competitive market.
Benefits:
Users will enjoy a broader availability of affordable euro instant payments—the cost of the service will be the same as, or less than, traditional credit transfers.
Improved cash flow for businesses, especially small- and medium-size enterprises (SMEs).
Ability to receive emergency funds and pay bills or shared expenses promptly.
The European Commission proposes several regulations for payment service providers (PSPs) including:
PSPs offering credit transfer service in euros must also provide instant payment service in euros.
All instant payment providers offering this service in euros must verify that the account number (i.e., IBAN) and the name of the payment beneficiary match before authorizing the transaction and warn the payer of any discrepancy that could suggest fraud.
All instant payment providers must also screen their own clients daily against EU sanctions lists.
As such regulations come into effect, and instant payments become the norm, new bank account verification tools will be needed. We’re already ahead of the game with Socure Account Intelligence (SAI), which allows customers to instantly verify domestic bank account status and ownership prior to ACH payment transactions, funds disbursements, or money transfers. SAI takes inputs of routing and account numbers, consumer name, and additional PII (optional), then validates them against data sources and advanced analytics. The product then returns a confirmation as to whether the consumer owns the account and validation that the account is open and can process the ACH transfer—all in real time.
Request a demo to find out more about Socure Account Intelligence and other Socure products.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time.
