NEW YORK, Oct. 28, 2021 /PRNewswire/ -- Bank of
America today announced the launch of Account Validation, a fraud
prevention service for corporate and public sector clients. Prior
to initiating an electronic credit or debit payment, a client using
Account Validation, can verify the status of an account and
authenticate the account owner. Account Validation is supported by
Early Warning Services, LLC (EWS), a fintech company that provides
identity, risk and payment solutions to financial institutions.
Early Warning is owned by seven U.S. financial institutions,
including Bank of America.
"With fraud on the rise, companies can no longer make
assumptions about whether the person or entity on the other end of
a payment is who they say they are," said David Kretz, head of Global Payments in Global
Transaction Services at Bank of America. "Account Validation and
other fraud prevention tools are essential for today's treasury
teams."
A key component of Account Validation is its ability to respond
to clients' inquiries in near real-time. Companies can use the
service prior to making payments to consumers via ACH, wire
transfer, or a real-time payment. Additionally, Account Validation
could help companies to comply with the NACHA WEB Debit Account
Validation rule.
Account Validation also assists in helping prevent misdirected
payments, which occur when a payee inadvertently provides an
incorrect account number.
"Account Validation can help companies prevent fraudulent
payments without compromising on speed for valid payments to
vendors and contractors," said Stephanie
Wolf, head of Financial Institutions Sales and head of
Business Banking Sales in Global Transaction Services at Bank of
America. "By reducing misdirected payments, companies will also
save a considerable amount of time and money it takes to attempt to
retrieve misdirected payments."
Backed by a team of innovators, Bank of America is a leader in
business-to-consumer and business-to-business payments, with
Account Validation being the latest payments innovation brought to
market. Others launched this year include: Recipient Select,
Complete AP, the Executive Explorer travel card, Virtual Account
Management (VAM 2.0), and an enhanced Intelligent Receivables.
Learn more about fraud prevention and cyber security solutions.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 66 million consumer and small business clients with
approximately 4,300 retail financial centers, approximately 17,000
ATMs, and award-winning digital banking with approximately 41
million active users, including approximately 32 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
"Bank of America" is the marketing name used by certain Global
Banking and Global Markets businesses of Bank of America
Corporation. Lending, other commercial banking activities, and
trading in certain financial instruments are performed globally by
banking affiliates of Bank of America Corporation, including Bank
of America, N.A., Member FDIC. © 2021 Bank of America Corporation.
All rights reserved.
For more Bank of America news, including dividend
announcements and other important information, visit
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email alerts.
www.bankofamerica.com
Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
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SOURCE Bank of America Corporation