Account Verification with Name Match: Industry-Specific use cases

Prometeo's Name Match capability enhances ownership-checks with greater precision.

By comparing the expected beneficiary name (provided by the client) with the name registered on the account via reliable data providers, we help reduce errors in payment execution and KYC processes. As a result, Name Match becomes a crucial tool for mitigating risk, optimizing onboarding, and ensuring that funds are directed to the correct recipient.

The ownership-check functionality adapts to the operational flows of various industries, adding a layer of security before money is moved to an individual or another business. With its Match, Partial Match, No Match, or NA results, companies have the opportunity to anticipate potential errors in the account holder's information and take the necessary measures to avoid incorrect payments.

• Use Case: In the continuous movement of money, it’s critical to minimize transfers to the wrong accounts and ensure that funds reach the intended recipient. Name Match helps payment and remittance providers reduce misdirected payments, avoiding disputes and potential fraud.
• How Name Match Looks in the Flow: The client initiates their transfer or remittance and provides the recipient's name within the data. Before authorizing the movement, they can validate the entered data, and the system will notify them of the match type for the destination account holder, thus confirming that the entered recipient is the one who should genuinely receive the funds.

• Use Case: One of the top priorities for companies that approve and issue loans is speed. That’s why being able to confirm in real time that the borrower’s bank account is correct is essential—both at the moment of disbursement and during the KYC process.
• How Name Match Looks in the Flow: During the borrower's onboarding, the system receives their data, including the name and bank account information where the loan is expected to be received. Upon completion of onboarding, the system analyzes the information and confirms that the account ownership matches the name entered. Here, for example, a NO MATCH result could indicate an attempt at fraud or an onboarding error, pausing the disbursement until the information is verified or corrected.

• Use Case: In the event of a claim or accident, the insured person makes a claim to the insurer to receive the corresponding indemnity. Being able to verify the destination account details for that disbursement in time gives the insurer the operational efficiency to offer quality service and avoid potential legal issues due to non-compliance.
• Name Match Visualization: At the time of the insured's registration, the information can be validated to confirm that the name entered matches that of the account entered. Similarly, at the moment of disbursement, the insurer's system can verify that the account ownership details match; for example, if the result is PARTIAL MATCH, the platform can flag the account for a quick manual review, while a MATCH allows for automated payment.

• Use Case: In the dynamic of regularly paying new suppliers, users, partners, or allies, it is important to guarantee that those funds reach the correct company or person. It is important for the company to ensure payment accuracy, avoiding errors that impact the business relationship and accounting.
• Name Match Visualization: When transferring money to a new supplier, the system identifies the entered business name and cross-references it. Identifying a MATCH confirms that the account belongs to the registered entity, and the payment is made with confidence.

• Use Case: Daily, these types of entities receive cases where their clients make transfers to the wrong accounts, initiating an investigation process to confirm the error and rule out fraud attempts. Offering the option to validate the destination account details before making the payment is a step that helps banks and financial institutions provide a safer and more efficient service that shields them and their clients from reprocessing and financial losses.
• Name Match Visualization: When making one or multiple payments, the companies and individual users of the bank can validate that the destination account information is correct, real, and belongs to the intended recipient, gaining confidence in this information directly from the bank where they are performing the transaction.

While its use cases may vary, this capability is generally useful for any company that makes recurrent payments to accounts, whether new or existing. Beyond making payments that are part of their services, this solution also helps protect internal processes such as payroll or supplier transfers, as by helping to reduce the risks of mistaken transfers, it also improves the company's efficiency.

The incorporation of Account Verification ownership-check capability represents a layer of risk mitigation in modern financial operations.

• Security: It helps reduce the risk of fraud and errors by assessing account ownership before fund transfer.
• Efficiency: It optimizes onboarding and payment processes by providing a real-time response for a vast majority of accounts, thanks to its high integration with networks.
• Compliance: It supports regulatory compliance by aligning with good pre-validation practices, always operating in conformity with U.S. regulations and data privacy standards.

If you want to know more about Account Verification with Name Match, contact us and let's work together to bring more security and efficiency to your company.