Accuity has acquired Apply Financial, the provider of automated payment validation services..

Apply Financial’s flagship product, Validate, uses cloud and API technology to help firms submit the correct bank account and payment details when processing a payment, thereby increasing efficiency and reducing the risk of a transaction failing.

The acquisition supports Accuity’s strategy of providing banks, corporates, non-banking financial institutions (NBFIs), and fintechs with global and domestic payment and account validation solutions that reduce payment processing costs while increasing the speed of transactions.

David White, EVP Global Payments & KYC at Accuity, commented, “The payments industry is in the midst of a drastic transformation, with speed and efficiency at the forefront of its evolution. In the near term, Apply Financial’s advanced technology will enable us to offer clients a cloud-based, real-time payments and account validation solution to dramatically increase customer STP rates and provide payments certainty.”

Mark Bradbury, Director and Founder of Apply Financial, said, “By joining forces, we will be able to share industry expertise, deploy our technology to a broader audience, and collaborate on innovative solutions that will support the industry now and in the future.”