Verify Payment Risk

VERIFY PAYMENT RISK

PRODUCTS / PAYMENTS & DEPOSITS

 

 

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FORMERLY KNOWN AS PAYMENT CHEK® SERVICE

Identify account status and risk scores with a single inquiry, in real-time.

Verify Payment Risk helps mitigate the costly problem of check or ACH returns by using timely, cross-industry account data contributed by a vast network of financial institutions. Leveraging the National Shared DatabaseSM Resource, Verify Payment Risk allows users to accurately identify account status and risk scores in real-time with a single inquiry.

Key Benefits

| Improve the customer experience | Reduce losses due to fraud | Improve operational efficiency | Balance risk, efficiency, and compliance | Streamline reporting and analysis with batch inquiries |

Discover how Verify Payment Risk works to support your organization. 

Financial Service Organizations Corporate Customers Government Agencies

 

How it works in real-time for FSOs

Step 1: A customer presents a payment in person (check) or online (ACH).

Step 2: The receiving FI submits an inquiry to the Early Warning®National Shared DatabaseSM Resource in real-time to determine its risk score

Step 3: Early Warning® responds with insight on: Account Status, Type of Account, Account Owner, Potential risk of accepting.

Step 4: The receiving FI makes an informed decision on the payment based on the Early Warning® response and its own risk tolerance

How it works in real-time for Corporate Customers via Treasury Resellers

Verify Payment Risk facilitates your customers’ ability to mitigate fraudulent disbursements while identifying account status and risk scores.

Step 1: A corporate customer receives payment for their consumer customer in person (check) or online (ACH).

Step 2: The treasury bank submits a single inquiry to the Early Warning®National Shared DatabaseSM Resource in real-time to confirm the consumer customer’s account ownership and status.

Step 3: Early Warning® responds with insight on: Account Status, Type of Account, Account Owner, Potential risk of accepting.

Step 4: The receiving FI makes an informed decision on the payment based on the Early Warning® response.

How it works in real-time for Government Agencies via Treasury Resellers

Step 1: A corporate customer receives payment for their consumer customer in person (check) or online (ACH).

Step 2: The government entity submits a single inquiry to the Early Warning®National Shared DatabaseSM Resource in real-time to confirm the claimant’s account ownership and status.  

Step 3: Early Warning® responds with insight on: Account Status, Type of Account, Account Owner, Potential risk of accepting.

Step 4: The government entity uses the data provided by Early Warning® to make a decision on the claimant/payer.

Verify Payment Risk provides advance notification of high-risk deposits and verifies whether or not the person making a deposit or funding a new account is an authorized account user.

Download product brief

The Early Warning Advantage

Leverage 30 years of experience to enhance your new account opening strategy.

Unbeatable data

Early Warning is the Trusted Custodian® of the National Shared DatabaseSM Resource which contains a rich set of data, ensuring our information is always up to date.

Scalable technology

Grow at your own pace! Access our capability bundles through a single API. Implement once—and quickly deploy additional capabilities in a snap. 

Rich analytics

Our risk assessment algorithms incorporate comprehensive, cross-institution data sets, adding depth and perspective to insights.

Let’s talk about how our Real-time Verify Payment Risk can work for you.

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