Advanced Payment Solutions selects Validate for payment data verification
One of the world’s leading international pre-paid card providers, Advanced Payment Solutions (APS), has chosen Barron McCann’s ‘Validate’ payment data verification suite as its preferred data authentication tool, as it rolls out its pre-paid card service offerings across the UK and Europe.
Validate came up against stiff competition from other established players in the payment data arena, but won through on the strength of its validation tool’s versatility and capability as well as the flexible approach to service delivery provided by the Barron McCann team.
“Validate will provide a huge benefit to APS, as a robust way of securing the risk profile of our customers, while dramatically reducing the risks associated with mis-keying and mis-routing of money transactions,” commented APS IT & Operations Director, Gary Chase. The software will also enable us to comply with the most stringent of the FSA’s anti-money laundering (AML) and know-your-customer (KYC) regulations, which are critical in the card services arena,” he added.
The cost of resolving failed debit payments is estimated by UK payments authority APACS to be as much as £35 for each transaction – amounting to around £3bn annually. Error rates in bank account details at the point of capture, where bank account validation has not taken place, can be as high as 8%, resulting in rejected payments that can have a direct impact on administration costs and customer service.
APS will be using the Validate application programmer’s interface (API) in order to seamlessly integrate the validation tools with their existing management systems. The company plans to have a fully-automated, 24/7 real-time customer registration and payment service facility implemented by the end of 2009 and fully expects Validate to form a vital and integral part of that system.
Using Barron McCann’s Validate, you can quickly and easily verify UK domestic and European payment data such as account numbers, credit card numbers, BICs, and IBANs. Validate can also be used to ID Check individuals and help you meet your Direct Debit obligations and reduce payment fraud. Validate also gives you access to a rich stream of any third party information including access to company accounts and director’s reports.
Validate can be accessed via a browser-based user interface or as a hosted service with no investment in hardware infrastructure. The tool is agnostic to customers’ existing systems. In addition, the VALIDATE API is intuitive and simple to use, enabling simple integration with strategic mainstream CRM and legacy business applications.
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