New API-based service will integrate anti-fraud and error checks into existing back-office systems
Today we reaffirm our commitment to fraud and error prevention with the launch of its new API-based Account Name Verification (ANV) service. The ANV API is a valuable fraud prevention tool that enables companies onboarding payees (such as customers or suppliers) to verify beneficiary details within their own back-office systems.
By embedding ANV within their workflows, AccessPay customers benefit from streamlined processes and reduced potential for losses due to fraud and error. The launch of the API-based ANV service follows AccessPay’s successful $24m fundraise in March 2024, which is fueling a new wave of R&D.
Fraud continues to be a significant threat for UK corporates and PSPs. The Annual Fraud Report 2024 from UK Finance shows that although total fraud losses decreased by 4% in 2023, the overall level remains high. APP fraud, where victims are tricked into sending money to the wrong bank account, is a particular concern, with the number of cases increased by 12% and total losses standing at £459.7m.
To combat the issue, the PSR is introducing a new mandatory reimbursement scheme in October 2024, which will compel PSPs to reimburse victims of APP fraud. This regulatory step change mandates that PSPs improve fraud prevention measures, including via the use of ANV.
ANV enables businesses to cross-check the account holder’s name against the account number and sort code and provides an alert where there is a mismatch. In 2023, AccessPay launched the first iteration of its ANV service with a dedicated UI in its Fraud and Error Prevention Suite. This latest release further enhances the effectiveness of the ANV service by providing an API to integrate the checks with a company’s own back-office systems.
Anish Kapoor, CEO of AccessPay, comments:
“For businesses that have large numbers of customers or suppliers to onboard, performing ANV checks at scale is challenging. AccessPay’s new API-based ANV service is a game-changer for these organisations, as it embeds checks within a company’s back-office infrastructure. This removes the need for finance teams to log into separate systems to verify details when onboarding customers, eliminating the potential for app fatigue and lapses in employee concentration as they switch between systems. It also means the checks can be automated throughout a beneficiary’s lifecycle, providing protection against scams or errors if bank details are changed post-onboarding.”
National care group Maria Mallaband has successfully used the ANV service to take a proactive approach to fraud prevention. David Baggley, Treasury Accounts Manager at Maria Mallaband, comments:
“Like many organisations, we were faced with the growing challenge of phishing attacks. By using AccessPay’s ANV service, we can now verify a customer’s details at the point of onboarding or when updating their details. This means we can prevent fraudulent payments before they are processed, saving us from fraud losses and the costs of rectifying errors.”
The launch of our enhanced API-based ANV service further signals AccessPay’s commitment to helping companies prevent losses and reduce reputational damage due to fraud and error. The new API-based service can be bought on a standalone basis or as an upgrade to the standard AccessPay platform for existing customers.
