BNY Mellon has announced a strategic collaboration with risk and payments solution provider Early Warning Services, to help deliver real-time account validation services to clients.

A statement explained this could offer the flexibility to tailor a solution to meet clients’ individual needs, whether through BNY Mellon directly, or through one of its private label bank relationships.

The collaboration marks another step in BNY Mellon’s strategy to provide digital payment services to clients.

Michael Bellacosa, global head of payments and transaction services at BNY Mellon, explained: “Our goal is to support our clients’ digital journeys in the payments space and to help them achieve greater operational efficiencies, manage risk and reduce cost.”

The new solution is payment agnostic and can be used to verify the status of an account and ownership prior to sending a wire transfer, automated clearing house or real-time payment. It leverages EWS’ Real-time Payment Chek Service with Account Owner Authentication, which quickly validates if the account is open and in good standing and that the payee is an owner or authorised signer on the account.

BNY Mellon will offer clients multiple channels to access the solution based on their preference, including real-time Application Programming Interface (API) integration, batch-file services and an online user interface.

This solution will be offered in conjunction with BNY Mellon’s Real-Time Payments, Zelle Disbursements and traditional cash management services in its private label portfolio.

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