Cyber-security fintech, Trustmi, has released Trustmi Certify, a critical innovation in its new solution for bank account validation. According to Trustmi, businesses can now benefit from its holistic approach to bank account validation. Specifically, the solution accurately verifies the account and provides full protection against business payment fraud.

Bank account validation stands as a pivotal element in the prevention of fraud in business payments. The process authenticates the identity of vendors and also validates the legitimacy of their bank accounts. However, conventional processes for bank account validation fall short in providing comprehensive protection. Trustmi argues that a more robust strategy is needed.

Leveraging Trust Network’s intelligence and AI engine

Trustmi Certify is a new out-of-band identity validation solution. In particular, it replaces the time-consuming and vulnerable call-back procedure. The solution leverages the Trust Network’s collective intelligence and AI engine to connect the dots between all the vendor’s behaviours and patterns for full assurance of validation.

“We‘ve seen hundreds of cases where fraudsters open legitimate bank accounts that appear to be owned by a real company but are not,” said Eli Ben Nun, CTO and co-founder of Trustmi. “These fraudulent bank accounts will still pass all existing bank validation and cost companies millions of dollars. When it comes to providing full identity verification for vendor bank accounts, existing processes aren’t enough.”

Traditional bank account validation is part of Trustmi’s approach. Vendors can seamlessly and securely connect to their bank account during vendor onboarding for immediate validation or extend it with penny drop validation to authenticate the bank account. Trustmi’s solution enhances the traditional validation approach with advanced cybersecurity tools, which together guarantee a trusted verification process.

“Trustmi Certify is a comprehensive vendor validation solution. It is exactly what businesses need to protect themselves in today’s threat landscape,” added Shai Gabay, CEO and co-founder of Trustmi. “We offer a robust method that accurately confirms the vendor is the real account holder and the bank account they are using for payment is correct. We make the connection between the bank account, the vendor, and the person so that businesses know their payments are going to the right place every time.”

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By GlobalData