Global Banking Payment Validation Solutions
Apply Financial is a world-leading provider of validation solutions for global bank payments.
Since 2010, our growing global client base includes banks (ABN AMRO, HSBC, Barclays and FNB), foreign exchange organisations (Currencies Direct, World First, Caxton, Travelex and Kantox), and companies such as Ineos, GL Group, an EasyJet.
By collaborating with technology partners such as BottomLine, Payonomy, and Temenos, Apply Financial ensures that only the correct payment information is entered.
Our Validate solution enables our clients the ability to ensure faster, error-free payments. Savings are enabled in validation time and costs through the solution keeping recipient details clean for transfers, direct debits (DDs), transaction files and mobile payments.
Solving failed bank payments
Apply Financial simplifies the payment validation process by checking details on entry, allowing customers to digitally send global bank funds without any manual intervention.
Straight through processing (STP) means customers no longer have to deal with failed and returned payments, reducing the time and costs, and avoiding the lengthy process of transaction repair.
A bank payment typically fails due to incorrect or outdated banking data used. Payments will be received by the intended party on the desired date through ensuring that details are entered with the correct supporting information such as country-specific transaction purpose codes, there is no clash with national holidays, and any other key points.
The average failed payment costs £50 to rectify, but it can also damage the customer relationship when the intended recipient fails to receive funds on the agreed date.
Global banking payment validation
Apply Financial’s Validate and Validate Data Manager solutions can be consumed as application programming interfaces (APIs) and web-based browsers.
Combining global payment reference data, algorithms and web service functions, our Cloud-based platforms cut the time and cost of processing digital bank payments while enhancing the experience for the customer.
This is achieved by ensuring the customer only enters the correct transaction details, so the bank knows the payment will proceed STP and reach recipient on-time without any intervention. This will save time and money for both the business and payee, as they are given confidence that the payment will not bounce, they will avoid bank charges, and the payment will be received when intended.
Consistent payment regulation compliance
Validate’s global payments reference data is updated on a daily basis.
Our data and rules only come from official sources worldwide, which facilitate daily information gathering, payment rule updates and compliance.
Apply Financial’s management team comprise global payments solutions experts with more than 80 years of combined experience.
We aim to provide the best payment validation solutions to both financial institutions and corporations. Using the Cloud and APIs remove the need for our clients to gather and maintain global reference data, maintain and update account structure rules worldwide, worry about compliance and deal with failed payments and associated costs.
We ensure our customers have simple and easy-to-deploy global payment validation solutions.
Caxton FX CEO Rupert Lee-Browne said: “Apply Financials’ Validate API solution helps us give our clients a seamless payment experience and keeps payment errors to a minimum.”
Bottomline Technologies said: “As a leading FinTech solutions provider, Bottomline shares the same goals as Apply Financial when managing business-critical transactions:
- Improving STP rates
- Driving down costs by removing unnecessary human intervention
- Minimising payment errors in general.
All of which contribute to a vastly improved customer service. In everything we do, we think long and hard about how we want to grow and who we want to partner with. We’re always looking for new and creative ways to improve the product and service offerings we have. Our partnership with Apply Financial allows us to do just that.”
Franx an ABN Company CEO Hatim Chebti said: “We saw the immediate benefit of Apply’s Validate API and how easy it was to integrate into our digital platform. Franx provides clients with a superior, cost-efficient experience when making FX and international payments. We selected this world-class validation solution because it enables intelligent, integrated and seamless processes for businesses around FX and international payments.
“Validate API fits our business now and will scale with our business. Our clients will benefit from seamless transactions because we are using the Validate API. Apply Financial have been great to work with and have enabled us to go live with the Validate API painlessly and as part of a rapid rollout.”