Prometeo FinTech, based in Uruguay, has launched a fresh verification tool, Name Match, as part of its Bank Account Verification API. This initiative targets improved accuracy in payment processing for businesses transferring funds across U.S. bank accounts. As financial ecosystems grow, companies increasingly seek automated solutions to handle payments effectively. With increasing demands on businesses to ensure greater precision in payment transactions, this feature provides a streamlined layer of security by confirming that a beneficiary’s name matches the official account holder name on record.
When Prometeo initially introduced its Bank Account Verification API, it enabled businesses to validate accounts seamlessly across both U.S. and Latin American regions. Its network encompasses the entirety of U.S. banks and over a thousand financial institutions in Latin America. This expansion in service delivery aligns with growing expectations for reliable and comprehensive payment solutions across diverse markets. The recent feature launch echoes these aspirations, broadening the scope and efficiency of the existing API.
What Does Name Match Offer?
The Name Match feature acts as a real-time identifier, helping businesses rectify potential mismatches before finalizing payments. The idea is to help organizations sidestep costly errors that can occur due to misaligned account holder names, such as misdirected funds or fraud. Prometeo’s CEO, Ximena Aleman, emphasized the importance of this tool in large-scale payment operations across real-time environments.
“Today, verifying that a bank account exists is no longer enough,” Aleman expressed. “Errors from mis-typed information, misdirected payouts, or fraud attempts using substituted account numbers become more costly at scale.”
How Does Name Match Address Current Needs in Payment Processing?
Name Match is designed to assist businesses in reducing manual interventions and preventing unauthorized transactions. By integrating this feature, companies experience enhanced security without compromising the speed of processes. The tool is particularly useful for enterprises managing numerous account verifications in one cycle, highlighting its importance for modern financial operations where rapid and reliable verification is key.
As reports on financial fraud attempts become increasingly pertinent, Prometeo’s new tool reflects the necessity for fortified pre-payment controls. Aleman articulated that companies are progressively leaning toward more advanced verification systems.
“Ownership-aware verification is an important part of that evolution,” she mentioned. “Organizations want controls that improve accuracy without slowing down their payment or onboarding flows.”
By integrating Name Match, Prometeo continues to expand its infrastructure, aiming to align corporate processes with evolving real-time payment environments. As firms pivot towards such automated frameworks, there’s a growing need for accurate and comprehensive transaction evaluations that are seamlessly integrated into existing workflows.
The introduction of Name Match by Prometeo offers companies an effective way to enhance transaction security while optimizing verification processes. Businesses are increasingly demanding robust measures that ensure accuracy without slowing down operations. This latest feature caters precisely to those needs, providing a vital layer of assurance in the financial landscape.
