Payee Name Verification
Payee Name Verification is the latest addition to the FedDetect® Notification Services portfolio of risk mitigation services and is intended to assist customers in their efforts to reduce fraud and misdirected payments. It provides financial institutions with a FedLine Direct® Solution the ability to verify an intended payee’s name with an account (routing and account number) prior to issuing a payment.
Initially leveraging 12 months of historical transaction data, this service offering helps ensure the security and compliance of payments.
Service details
Payee Name Verification is payment-rail-agnostic, meaning it can integrate easily into your institution’s existing operating systems. View the Fee Schedule for associated costs around verifications per transaction.
Enhance your payment deliverability
Payee Name Verification can protect sensitive information from unauthorized access by confirming the identity of the intended recipient(s). Additionally, this will reduce the risk of errors in transaction processing.
How can Payee Name Verification work for you?
- May help to reduce the occurrences of Authorized Push Payment fraud where an imposter is impersonating an individual.
- Provides opportunities to incorporate the verification results of the service into others risk models to improve their effectiveness.
- Reduces knowledge gaps that may exist with current risk mitigation solutions.
Getting started
To get started with Payee Name Verification today, contact your relationship manager.