Specialist payments validation company Apply Financial has announced a strategic alliance with Cambridge Global Payments to deploy its Validate API to provide Cambridge customers with cross-border payments solutions.
The firms say that validating payments at payment entry using, Validate API, will allow Cambridge to continue to thrive in an increasingly competitive market by providing their customers with an intuitive payment application. Beneficiary account validation is key to Cambridge, the firm says, to ensure that payments are not delayed or fail because of invalid account details. By integrating with Apply Financial’s Validate API, Cambridge now has a service to validate beneficiary account details and extend its existing validation workflow, making payment processing and integration easier for customers and further enhancing the end-user experience.
While account detail validation dramatically improves straight-through payments rates over wire transfers and ACH payments, account detail validation has also become critical to the real-time payment initiation process with the rapid increase in ‘instant’ payment systems becoming available around the globe. Apply Financial’s APIs will help Cambridge and its customers improve STP rates, reduce frustration caused by payment delays and failures, and comply with the evolving regulatory requirements in the real-time landscape.
“We are excited about this first step which leverages their Validate API as it both creates a better UX experience for our customers, as well as drives internal operational efficiencies, says Corinne MacMillan, SVP product development, at Cambridge.
Mark Bradbury, founder and CEO, Apply Financial, adds, “Cambridge will use Validate API, to intuitively guide, validate and enrich international bank payments at payment entry, allowing Cambridge to add additional functionality for their customers and to improve their customer experience while making international payments.”