Accuity has acquired Apply Financial, a UK-based provider of automated payment validation solutions to the financial services industry.

The financial terms of the deal have not been made public.

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Accuity offers financial crime screening, payments, and know your customer (KYC) solutions.

Apply Financial acquisition is part of Accuity’s strategy to offers its clients in the financial services industry with global and domestic payment and account validation solutions that reduce payment processing costs and boost the speed of transactions.

Its clients include banks, corporates, non-banking financial institutions (NBFIs), and fintechs.

Accuity global payments and KYC EVP David White said: “In the near term, Apply Financial’s advanced technology will enable us to offer clients cloud-based, real-time payments and account validation solution to dramatically increase customer STP rates and provide payments certainty.

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“In the longer-term, the technology will fuel our innovation and enable us to deliver the next generation of payments intelligence solutions to meet our customers’ requirements.”

Apply Financial’s flagship solution, Validate, uses cloud and API technology. It ensures correct bank account and payment details are submitted by the clients while making payments.

It is known to enhance payments processing and reduce the risk of transaction failing.

Apply Financial director and founder Mark Bradbury 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.”