Apply Financial, a payments validation company, has announced a partnership with payments platform Currencycloud. Using Apply Financial’s Validate API, the deal is designed to remove complexity from international payments, thereby allowing businesses to focus on the customer experience they provide.
With a network of nearly 40 currencies being paid cross-border to more than 180 countries, beneficiary account validation is key to Currencycloud to ensure that payments are not delayed or failed because of invalid account details. The Apply Financial solution validates beneficiary account details and extends its existing validation workflow, making payment processing and integration easier for clients and further enhancing the end-customer experience.
While account detail validation dramatically improves straight through payments (STP) rates over wire transfers and ACH payments, account detail validation is also important to the real-time payment initiation process. The hope is that Apply Financial’s APIs will help Currencycloud and their clients to improve STP rates, reduce frustration caused by payment delays and failures, and comply with the evolving regulatory requirements in the real-time landscape. The APIs are already live in the Currencycloud API suite, with further validation improvements promised over the coming weeks.