HSBC has partnered with bank account and payment intelligence specialist ValidiFi.
ValidiFi will help ensure the integrity of bank accounts used to pay credit card balances.
Headquartered in Florida, ValidiFi made its Finovate debut at FinovateFall 2019.
Banking and financial services company HSBC has selected ValidiFi to power its bank account validation and fraud monitoring operations. A leader in predictive bank account and payment intelligence, ValidiFi will help bolster the integrity of bank accounts used to pay credit card balances. The company’s technology will validate account ownership, spot fraudulent payment attempts, and detect suspicious behavioral patterns across all bank accounts. HSBC will also benefit from real-time validation of newly enrolled accounts, as well as ongoing monitoring to defend against emerging fraud threats.
“Providing customers with efficient and secure ways of making credit card payments is essential,” HSBC US Head of Retail Product and Lending John Phelan said. “Our innovation and transformation efforts in personal banking require advanced fraud services, such as those offered by ValidiFi, that protect our clients.”
ValidiFi’s technology was sought out in large part to help deal with threats like synthetic identities, mule accounts, and payment scams. The company’s comprehensive data network and advanced data intelligence analyze a wide range of behavioral and transaction data to detect anomalies before they affect customers. HSBC will leverage a number of key capabilities via the partnership with ValidiFi. These include account ownership verification, pre-transaction risk detection to spot high-risk activity before funds begin moving, behavioral analytics to spot patterns associated with scams and fraud, and ongoing monitoring to keep pace with evolving fraud tactics and security threats.
“HSBC is setting a new standard in payment security by proactively adopting technologies that go beyond traditional fraud prevention,” ValidiFi CEO John Gordon said. “Its decision to implement our intelligence platform demonstrates a clear commitment to safeguarding customer transactions and staying ahead of increasingly complex payment schemes.”
Headquartered in Sunrise, Florida, and founded in 2015, ValidiFi made its Finovate debut at FinovateFall 2019. At the conference, the company demonstrated its Payment Risk Optimizer (PRO), a platform-as-a-service (PaaS) solution that scrubs payment files for ACH and card payments to assess the likelihood of a successful payment.
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