Movitz Launches Payee Verification Industry Pilot for North American Banks

Movitz and IBM are working together on an industry pilot for North American banks to explore Payee Verification capabilities in a real-world setting.

Global Payee Verification, developed by Movitz Payments, combines multiple verification schemes through a single service, designed to provide banks a flexible way to support payee verification across domestic and international payment flows. Built to be practical today and adaptable for tomorrow, the service is designed to help banks reduce fraud, prevent misdirected payments, improve payment accuracy, and create a stronger foundation for future payment verification requirements.

Through the collaboration between Movitz and IBM, banks in North America can join an IBM-led industry pilot for Payee Verification. In the first phase of the pilot, participating banks can access the service through a web portal, making it possible to evaluate the solution prior to any system integration or development effort. This provides an opportunity to explore the value of Payee Verification in a real-world setting.

Looking ahead, Movitz may explore leveraging their technology for API based connectivity and, subject to scheme participation, the use of domestic schemes around the world. This could create a possibility for banks to start quickly and then broaden their use of the service over time.

As fraud continues to rise and payment ecosystems become more complex, many North American banks are looking for ways to enhance security and efficiency in their payment systems ahead of any formal verification requirements. Through this industry pilot, Movitz offers banks an opportunity to gain hands-on experience exploring Payee Verification, and, build an internal business case for this technology which can support a more secure and efficient payments environment.

Interested in joining the pilot? Contact Movitz or IBM to learn more.