Compliance services specialist provider Accuity has confirmed the acquisition of Apply Financial Limited, as it strengthens its position within the global financial sector.
A RELX subsidiary, Accuity is a global provider of financial crime screening, payments, and KYC solutions.
The company views the acquisition supporting the strengthening of its commercial pipeline providing banks, corporates, non-banking financial institutions (NBFIs), and fintechs with global and domestic payment and account validation solutions.
Apply Financial is a specialist provider of automated payment validation solutions that enable clients to lower the cost of payment processing, by improving straight through processing (STP) rates.
Its flagship solution, ‘Validate’, utilises 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.
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.
“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.”
With the proliferation of faster payment schemes around the world and escalating consumer and business expectations, STP is no longer just an efficiency issue, but a competitive differentiator for firms.
Mark Bradbury, Director and Founder of Apply Financial, added: “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.”
