How Validate Data Manager Helps Businesses to Comply with Payment Services Regulations
In today’s modern payments space and Open Banking era, businesses need to ensure that they remain compliant with new payment services regulations. The new Directive on payment services (PSD2) was introduced to standardise communication between banks and third-party service providers (PISPs and AISP) while harmonising and bolstering the authentication process.
APIs are emerging as the best way to implement the secure sharing of payment data between banks and third parties, for a variety of payment systems and FinTech solutions. Our data cleansing tool, Validate Data Manager, helps corporates and financial institutions to validate beneficiary data, manage data files and meet the requirements of global payment rules, in a compliant environment. Learn more about the tool in this blog.
What is Validate Data Manager?
Validate Data Manager, created by Apply Financial, is a payment data validation and cleansing tool designed to manage and enrich your beneficiary data and ensure that it’s up to date. Beneficiary data validation plays a key role in improving the payment experience and helps financial services to meet today’s demand for instant domestic and cross-border payments.
Available as a browser or API solution, Validate Data Manager can be integrated with your payment systems to enable seamless payment processing.
So, what does Validate Data Manager do?
Validate Data Manager maintains a global database of over 66 million bank records, pulled from trusted sources, such as central banks, the banking association, clearing houses and some of the major global banks. This is evolving data hub is used to validate payment data in real-time to help businesses to reduce failed payments, improve straight-through processing (STP) and remain compliant with global payment rules.
You can upload single and bulk files to Validate Data Manager and the tool validates the payments and flags up any errors, inaccuracies and warnings to alert you to any issues before you make payments. You’ll be able to identify and fix any issues, rerun the data and get the green light to complete payments, without the risk of failures.
And that’s not all, you can configure the system to automatically run checks on the data files on a daily, weekly, monthly basis or on particular dates - whatever suits your business and user needs.
The benefits of Validate Data Manager and its key features
Banks securely share their data with Apply Financial and our API can be integrated with a wide range of payment systems, complying with PSD2’s payment services regulations, to enable fast and reliable payment data validation.
Here is a list of the key benefits and features offered by Validate Data Manager:
- Validate your bank data for domestic and international payments
- Upload single and bulk data files containing payment details
- Securely store, monitor and manage payment data files
- Save time on data gathering by plugging into Validate Data Manager, which validates data by pulling bank data and payment rules directly from official sources
- Utilise Validate’s proactive tools for updating and enriching data
- Enhance the customer experience by implementing mandatory updates and suggested corrections to erroneous data
- Improve STP, avoid human errors and prevent failed payments
- Save time and money on fixing failed payments (which cost, on average, £50 per error)
- Integrate Validate Data Manager API with your payment system and/or use the Validate Data Manager browser solution
- Self-service management portal
- Extensive reporting features
See where the tool fits into the payments process: Validate Data Manager - How it Works.
Complying with payment services regulations
Validate Data Manager is the payment validation solution for the Open Banking era. With banks being forced to modernise their processes and payment service providers (PSP) under pressure to deliver seamless payment experiences, Validate Data Manager is the tool you need to ensure straight-through processing.
Whether you’re a bank, financial institution, corporate or PSP, it’s paramount that you comply with new payment services regulations. With new players in the market, such as challenger banks, eWallets and mobile banking apps, the payments space has diversified. This is why PSD2 had to come in. The directive set more suitable ground rules to incorporate the increasing complexity of today’s payments environment and it provided transparency around payment data sharing, processing and security requirements.
New payment services regulations hold organisations to account for their data management and stipulate that retention, processing and sharing of data remain secure. Thanks to our API, you can integrate Validate Data Manager with your payment system and plug into a global bank data source that covers over 170 countries and 225 jurisdictions. The tool validates payment data files uploaded to the system and provides users with the information they require to amend erroneous data. Our API helps you to comply with the payment services regulations set by PSD2.
Summary: Enrich your payment data Validate Data Manager
Validate Data Manager enriches payment data and offers suggestions for how to correct inaccuracies. Upload and validate single or bulk payment files and configure the system to automatically check beneficiary details and fix errors caused by human error, bank data changes and new payment rules.
For cross-border payments, maintaining compliance is not straightforward, as there are varying payment requirements for different countries and jurisdictions across the globe. Our FinTech solution enables you to keep a tight ship, abide by global payment rules and prevent payment errors before they happen.
Why not replace your manual data validation processes, improve compliance and transform your STP rate with Validate Data Manager? This powerful data cleansing tool offers a seamless real-time application for keeping all your payment data up to date and compliant, in a secure cloud environment.
To find out more, head over to our Validate Data Manager product page or request a free trial of our Validate software to explore the tool for yourself!
Apply Financial is a SaaS business, based in London, offering next-gen global payments solutions to banks, corporates, financial institutions and payment services providers. Over 700 companies around the world use our Validate tools for single payment validation and bulk payment file validation, enabling them to enhance user experience, increase straight-through processing and prevent costly failed payments. Get in touch to discuss our FinTech solutions.