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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 |
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.
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.