The key issues include:
- Cleansing and enriching banking and payment routing data.
- Periodic validation of internal databases, to safeguard payment information by ensuring it’s always
- Tackling consequences of changing external factors, such as bank mergers, address changes of banks’ headquarters or significant change from a payment service provider.
- Meeting customers’ expectation for real-time payment processing, while maintaining cost efficient services.
LexisNexis® Risk Solutions provides accurate and efficient payment data verification
, which is essential when payment details such as bank code, branch code, SWIFT BIC (bank identifier code), IBAN, ACHand FedWire need to be verified or populated. LexisNexis® Bankers Almanac® Validate
enables near realtime data validation in large volumes, and this accelerates MoneyMatch’s database cleanup exercise.
Explore the case study to find out how Bankers Almanac Validate API enables MoneyMatch to simplify their customers’ end-to-end payment journeys.